U.K.’s Old Mutual Insurance to Expand in East Africa

U.K.’s Old Mutual Insurance to Expand in East Africa

From Bloomberg

Old Mutual Plc (OML), the U.K.’s third-largest insurer by market value, expects to sell more life-insurance products and begin offering general coverage in Kenya, where premium income may double by 2017.

The company, based in London, will use the 31 branches and 100 service outlets it acquired last month when it bought Faulu Kenya Ltd., a microlender, to increase sales of life-insurance policies, said Peter Muthoka, chairman of Old Mutual Asset Managers (Kenya) Ltd. Plans are being drafted to enter the general-insurance industry, he said in an Aug. 21 interview, without specifying a timeframe.

“We are talking about bancassurance, that is what is going to help in selling our products,” said Muthoka, 70, a former chairman of Kenya Commercial Bank Ltd. “The growth in the economy coupled with financial awareness is expected to increase uptake of insurance products.”

Read more at bloomberg.com