Old Mutual Uganda has expanded its financial wellness proposition to combine investment and general insurance, allowing qualifying Unit Trust customers to access a Motor Comprehensive Insurance benefit in a bid to deepen financial protection and foster a savings culture.
Under the enhanced proposition, customers who maintain a minimum Unit Trust balance of UGX 100,000 will be eligible for the Motor Comprehensive Insurance benefit through Old Mutual Insurance Uganda, while retaining the life-related cover attached to the existing Enhanced Unit Trust proposition. The initiative brings together Old Mutual’s investment, life, and general insurance businesses into an integrated framework designed to enable clients to both accumulate wealth and safeguard their assets.
Speaking at the official launch in Kampala, Zac Kisesi, Managing Director of Old Mutual Investment Group Uganda, said the initiative was informed by the realization that wealth creation and asset protection are inextricably linked.
“Investing should be relevant to the everyday financial lives of Ugandans. It should be part of a broader financial journey that allows customers to grow their wealth, protect the progress that they have made, and plan with greater confidence,” Kisesi noted.
He revealed that Old Mutual currently manages over 93,000 Unit Trust accounts, adding that the expanding client base creates an obligation to develop solutions that respond to broader financial needs.
For many households and commercial enterprises, vehicles serve as primary income-generating assets. An accident or write-off often forces owners to liquidate savings, take on high-cost credit, or divert capital earmarked for investment.
Andrew Makumbi, Managing Director of Old Mutual Insurance Uganda, emphasized that the product bridges this vulnerability by bundling protection directly with investment accounts.
“At Old Mutual, we believe that financial wellness is more than simply growing your money. It is also about protecting what you have worked hard to build,” Makumbi explained, adding that the move rewards disciplined savers with access to quality risk cover.
The innovation comes against a backdrop of low comprehensive motor coverage across the country. Data from the Insurance Regulatory Authority (IRA) indicates that only about 15% of insured vehicles in Uganda carry comprehensive motor policies, leaving the vast majority of motorists exposed to severe financial shocks following accidents, theft, or fire.
Highlighting the sector’s trajectory, IRA Director of Supervision Benerd Obel noted that motor insurance premiums generated UGX 206 billion in 2024 and UGX 166 billion in 2025, underscoring its pivotal role in the domestic market.
“Beyond meeting regulatory requirements, motor insurance provides a financial safety net by helping individuals and businesses recover from unexpected events,” Obel said.
He commended Old Mutual for the market-led innovation, urging insurers to maintain transparency, consumer protection, and sound risk management as they rollout integrated financial solutions.
To dismantle the perception that professional investing is exclusively for high-net-worth individuals, Old Mutual confirmed that entry thresholds remain low.
“Investing is not only for people with large amounts of money. What matters most is developing the discipline and habit of investing consistently towards clearly defined financial goals,” Kisesi stressed, noting that clients can open account balances starting at UGX 100,000.
Nancy Ashaba, Acting General Manager at Old Mutual Insurance Uganda, added that lacking adequate cover exposes long-term savings to sudden disruption. She said: “Insurance provides a financial cushion that helps reduce this burden and accelerates recovery, enabling customers to stay on track towards their financial goals.”
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