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UAP INSURANCE RWANDA LIMITED Old Mutual Life Assurance | 2020 Annual Report and Financial Statements

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UAP INSURANCE RWANDA LIMITED Old Mutual Life Assurance | 2020 Annual Report and Financial Statements UAP INSURANCE RWANDA LIMITED Old Mutual Life Assurance | 2020 Annual Report and Financial Statements ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 LIVING EXCEPTIONALLY BETTER • SIMPLE • LIFE STARTS TODAY UAP INSURANCE RWANDA | 2020 Annual Report and Financial Statements contents ABOUT US 6 Old Mutual Africa Our Purpose, Vision & Values UAP Old Mutual Group East Africa UAP Holding Limited East Africa UAP Holding PLC East Africa Our History Old Mutual Limited at a Glance Uap Insurance Rwanda Our Strategy Strategy Pillars Our Story DIRECTORS 24 Board of Directors Director Profiles KEY STATEMENTS 32 Chairman’s Statement Managing Director’s Report CORPORATE REVIEW 38 Corporate Governance Report Risk Management Report SUSTAINABILITY AND CORPORATE SOCIAL RESPONSIBILITY 52 DIRECTORS’ REPORT 60 Directors’ Report Statement of Directors’ Responsibilities Statement of Corporate Governance Report of the independent auditor to the shareholder of UAP Insurance Rwanda Limited FINANCIAL STATEMENTS 70 Statement of Comprehensive Income Statement of Financial Position Statement of Changes in Equity Statement of Cashflows Notes to Financial Statement BETTER • SIMPLE • LIFE UAP INSURANCE RWANDA | 2020 Annual Report and Financial Statements ON 17 MAY 2020 OLD MUTUAL TURNED 175. This is an incredible milestone that we can be really proud of. It means we have succeeded in staying relevant to our customers and responsive to their changing needs, year after year for 175 years. East Africa • Kenya • Uganda • Tanzania • Rwanda • South Sudan OLD MUTUAL LIMITED AFRICA West Africa WHO WE ARE • Ghana Old Mutual was established in Cape Town in 1845 as South Africa’s first • Nigeria Southern mutual life insurance company, offering financial security in uncertain times. Africa • Namibia Today, the Group has grown into a premium pan-African financial services • Botswana Group that offers a broad spectrum of financial solutions to retail and corporate customers across key market segments in 14 countries, with • Zimbabwe listings on five stock exchanges. • Malawi We now employ about 30,000 people in our primary operations in South • Eswatini Africa and the Rest of Africa, and a niche business in China. • South Africa ◊ Africa (South Africa, Namibia, Botswana, Zimbabwe, Kenya, Malawi, Tanzania, Nigeria, Ghana, Uganda, Rwanda, South Sudan and eSwatini) ◊ Asia (China) BETTER • SIMPLE • LIFE 7 UAP INSURANCE RWANDA | 2020 Annual Report and Financial Statements OUR PURPOSE, VISION & VALUES Always act with integrity Agile innovation Champion the that makes a customer difference Our purpose Our vision Our values Championing To be our customers’ most trusted The power of mutually positive lifetime partner, passionate Trust and diversity and futures every day. about helping them achieve their accountability inclusion financial goals. Respect for each other and communities we serve BETTER • SIMPLE • LIFE 9 UAP INSURANCE RWANDA | 2020 Annual Report and Financial Statements UAP OLD MUTUAL GROUP UAP HOLDINGS PLC EAST AFRICA EAST AFRICA The UAP Old Mutual Group is comprised of Faulu Microfinance UAP Holdings is an East African financial services group which comprises seven subsidiaries that Bank, UAP Holdings Limited and it’s subsidiaries and the underwrite life and non-life insurance risks in Kenya, Uganda, Tanzania, South Sudan and Rwanda, a stock Old Mutual Life Assurance and Asset Management Group of brokering company in Uganda and two property companies in Uganda and South Sudan. Companies, forming one of the largest financial services groups Our customers can now with a growing footprint in East Africa. The Group was formed be assured of holistic in 2015 after Old Mutual acquired a controlling stake in Faulu solutions and unrivalled Microfinance Bank in 2014 and UAP Holdings in 2015. convenience to enable ORGANISATIONAL STRUCTURE them realise their The Group pursues an integrated financial services model that dreams. avails to customers a comprehensive range of financial solutions KENYA which include Investment, Insurance, Banking and Savings, through a wide and more accessible distribution network. OLD MUTUAL HOLDINGS PETER MWANGI LIMITED The UAP Old Mutual Group is part of Old Mutual Limited (OML). GROUP CEO, UAP OLD As part of OML, UAP Old Mutual is able to leverage technology, MUTUAL GROUP technical expertise and to offer broad career growth prospects for 61.93% its employees. KENYA UAP HOLDINGS PLC (38.07% held by other shareholders) UAP HOLDINGS LIMITED EAST AFRICA 100% 100% 100% 65% 100% 65% UAP Holdings is an East African Services Group offering Insurance, Investment Management, Property MAURITIUS KENYA KENYA UGANDA KENYA UGANDA Development & Investments, Security Brokerage and Financial Advisory. Currently, UAP Holdings has 11 UAP Global UAP Life UAP Insurance UAP Financial UAP Properties UAP Old Mutual Businesses operating in Kenya, Uganda, South Sudan, Rwanda and Tanzania Services Assurance Company Services Limited Kenya Limited Life Assurance Limited Limited Limited (Dormant) Uganda Limited (33% held by UAP Old Mutual Insurance (35% held by other Uganda & 2% held by shareholders) other shareholders) 11 100% 55% 100% 53% 100% BUSINESS SOUTH SUDAN UGANDA MAURITIUS UGANDA KENYA UAP Insurance UAP Properties UAP Africa UAP Old Mutual UAP Investments South Sudan Limited (Uganda) Limited Insurance Uganda Limited Limited Limited (Dormant) (45% held by UAP Mutual 5 Insurance Uganda) COUNTRIES 70% 100% 60% • INSURANCE SOUTH SUDAN RWANDA TANZANIA • INVESTMENT MANAGEEMENT • PROPERTY DEVELOPMENT AND INVESTMENTS UAP Properties UAP Insurance UAP Insurance Limited Rwanda Limited Tanzania Limited • SECURITIES BROKERAGE (40% held by other • FINANCIAL ADVISORY (South Sudan) Shareholders) BETTER • SIMPLE • LIFE 11 UAP INSURANCE RWANDA | 2020 Annual Report and Financial Statements OUR HISTORY OUR JOURNEY THROUGH 100 YEARS IN EAST AFRICA & 175 YEARS IN AFRICA Expansion of private asset management Asserting presence in Expanding to A significant Old Mutual Old Mutual Asset the financial Tanzania acquisition enters the A fruitful Service Management Celebrating A humble becomes largest Organising industry UAP enters the Kenyan market UAP is merger expansion UAP makes a KES. Milestones beginning private asset the business Old Mutual Tanzanian market, 2B Corporate Bond Directed from Salisbury incorporated UAP Insurance Asset Management and Management acquires a the same year its issue and lists on UAP marks 100 Old Mutual is formed in until 1930, a branch is The Company Company is formed Investment Services are Company with KES. UAP Holdings controlling stake shares start trading the Fixed Income years in East Africa South Africa as a mutual opened in Nairobi on incorporates as Provincial after the merger of introduced to customers 30B AUM following Limited is formed in Nairobi stock over the counter. Also, Securities market while Old Mutual insurance company by Hartridge Street (now Insurance Company of Union Insurance and through the Old Mutual acquisition of to consolidate the broker Reliable Faulu converts into a segment of the Marks 175 years in John Fairbairn. Kimathi Street). East Africa. Provincial Insurance. Invesment Services. Barclays Trust. Group subsidiaries. Securities. microfinance Bank. NSE. Africa. 1845 1930 1978 1994 1997 2002 2007 2010 2013 2014 2020 1920 1973 1992 1996 2000 2004 2009 2012 2014 2015 UAP enters the Government Faulu’s Making strides Expanding A significant Bigger Kenyan Market legislation inception Exploring new in the industry to Rwanda acquisition & better affects Proudly UAP commences Faulu is born as a Micro- territories Faulu bank converts Rwanda Recapitalization Old Mutual acquires operations in Kenya. operations lending program in Kenyan UAP enters the to a Deposit Taking Business with KES. 2.7B by a majority 60.66 % Mathare Slums with a AXA acquires Old Mutual remains AXA divests and UAP Uganda Market. Microfinance, established Old Mutual, leads controlling stake in Capital of KES. 600,000. operational but is UAP is acquired by Kenyan regulated by CBK in 2012 to acquisition of a UAP Holdings. closed to new business UAP becomes part shareholders. and with a license to majority 67% stake acquisition following of AXA group, after mobilize deposits from in Faulu Bank. government legislation AXA acquires UAP the public. on income which in France. reduces concession on life assurance premiums and increases taxation on domestic life offices. BETTER • SIMPLE • LIFE 13 UAP INSURANCE RWANDA | 2020 Annual Report and Financial Statements OLD MUTUAL LIMITED UAP INSURANCE RWANDA AT A GLANCE UAP Insurance Rwanda is a member of the UAP Old Mutual Group in OLD MUTUAL IS AN AFRICAN FOCUSED East Africa, which is a subsidiary of Old Mutual Limited (OML) Africa. INVESTMENT, SAVINGS, INSURANCE & BANKING GROUP. The company was established in 2012, with a vision of being Rwanda’s revolutionary financial services company, committed to enhance the Old Mutual began in Cape Town in 1845 as South quality of life by delivering peace of mind and financial freedom. Africa’s first Mutual Life Insurance Company, offering financial security in uncertain times. Today, 174 years on, Old Mutual Limited offers a UAP Insurance Rwanda Key highlights broad spectrum of financial solutions to retail and corporate customers across key markets in 14 countries; serving a combined 11.3 million customers. 75 6 OLD MUTUAL LIMITED (OML) IS NOW EMPLOYEES BRANCHES ANCHORED IN AFRICA. WITH THE LISTING ON THE JOHANNESBURG STOCK EXCHANGE AND CROSS - LISTING ON EXCHANGES
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