Old Mutual buys UAP stake

Old Mutual, Africa's biggest insurer, has taken a 23.3 percent stake in East and Central African financial services company UAP Holdings for KES8.88 billion ($97.6 million).

In Kenya, UAP has the third largest property & casualty (P&C) market share; the second largest health insurance business; a substantial property investment portfolio and a fast growing life insurance business.

Ralph Mupita, chief executive of Old Mutual emerging markets, said: "This investment is another significant step in delivering the Group's aim of becoming an African financial services champion. UAP is an ideal and complementary fit to our existing Kenyan businesses and we look forward to deepening and broadening our relationship in the future."