MUA Ltd (MUA), a Mauritian insurer that owns subsidiaries in East Africa, has announced plans to add its investment by up to $30 million (Sh3.05 billion) in Kenya’s insurance sector.
The announcement was made in the context of a visit by Kenyan business leaders accompanying President Uhuru Kenyatta at MUA’s Head Office in Port Louis, Mauritius. According to Bertrand Casteres, Group CEO of MUA, this will mark another key milestone in the group’s commitment in this fast-growing region and is a sign of MUA’s confidence in the Kenyan economy and the greater East African region.
This marks the company’s single biggest investment in the country, and comes five years after its initial investment of Sh2.23 billion ($22 million) in the market. MUA has been present in East Africa since 2014, when the group purchased Phoenix Trans Africa Holdings, with controlling shares in its subsidiaries in Kenya, Tanzania, Uganda and Rwanda.
“MUA aims to achieve critical mass and become a key player in this market, like we are in Mauritius. MUA is the largest insurance company listed in the Stock Exchange of Mauritius in terms of market capitalisation. Today East Africa represents about 23% of our turnover. Our aim is to significantly increase that figure over the next three years. This investment will strengthen our position in Kenya and ultimately gain market share. We are amongst the top ten general insurance players in Tanzania, Uganda and Rwanda and our focus now turns to growing our market share in the key Kenyan market,” said Mr Casteres.
MUA is currently the largest insurance company in Mauritius in terms of market capitalisation, which stands at $90 million (Sh9.14 billion). The insurance company also holds a 66% shareholding in MUA Insurance (Kenya) Limited.