KAMPALA, Uganda — Old Mutual Insurance Uganda, the country’s largest general insurer, has announced a change at the top of its leadership as the industry faces a new era of aggressive competition.
Stephen Chikovore, the managing director and chief executive officer who steered the company through a decade of growth and a high-profile rebranding, is set to step down on Jan. 31, 2026.
In a transition announced by the board, Andrew Makumbi, currently the chief financial officer, has been named acting managing director effective Feb. 1, 2026, pending regulatory approval.
A decade of dominance
Chikovore’s departure marks the end of an era for the insurer. Joining the firm as general manager in 2015 before being elevated to the top role in 2019, he oversaw the firm’s evolution from UAP Old Mutual to its current identity, Old Mutual Insurance Uganda Limited, in 2025.
During his tenure, the company solidified its position as the market leader:
- The insurer maintained a dominant market share averaging 21 percent.
- It achieved an average annual growth rate of 6 percent over the last five years.
- Underwriting data from the Insurance Regulatory Authority confirms the company remains the largest general insurer in Uganda by gross written premium.
Mathias Katamba, the board chairperson, described the transition as a carefully planned move. Katamba praised Chikovore’s “technical expertise” in navigating the company through multiple phases of identity and ownership.
Rising competition
The leadership shift comes at a critical inflection point for Uganda’s insurance landscape. While Old Mutual remains at the top, a major consolidation has recently changed the competitive field.
The merger of Sanlam General Insurance and Jubilee Allianz has created a new, well-capitalised number-two player, SanlamAllianz General Insurance. This new entity presents a significant challenge to Old Mutual’s long-standing dominance, boasting expanded distribution and underwriting capacity.
Ensuring continuity
As Makumbi prepares to take the helm, the company has moved to reassure stakeholders of its stability.
In a statement to the media, the board emphasized that the leadership team and staff remain focused on executing the company’s strategy without disruption. For the incoming leadership, the challenge will be to defend that market-leading 21 percent share against a more consolidated and aggressive set of rivals.
