The insurer offers life assurance, general insurance, health insurance, in counties including Kenya, Tanzania and Uganda

Davinder Sikand, a partner at The Abraaj Group, said: "We invested in UAP based on the Company’s strong brand and well established business lines.

"With a surge in demand driven by the rapid expansion of a young, urban middle class across Sub-Saharan Africa, UAP has developed in key African markets, and is well positioned to lead the insurance sector in the region.

"The team has a clear vision for the company’s further establishment as a leading pan-African insurance firm, and we look forward to seeing its continued growth."

Joseph B. Wanjui, chairman of UAP-Old Mutual Group,commented: "Abraaj played an important role in developing UAP’s business, enhancing corporate governance and positioning the Company for further growth. Our partnership created many opportunities for UAP and we take this opportunity to thank Abraaj for their support."

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