Supporting the expansion of a major player in the insurance sector

MUA, which was set up in 1948, is a major group in life insurance (3rd largest player in the Mauritian market) and non-life insurance (2nd largest player in the Mauritian market). The company, which has been listed on the Stock Exchange of Mauritius since 1993, also manages assets and pension contributions via dedicated entities. On the Mauritian market, the Group collects 68% of its non-life insurance premiums and 32% in life insurance. MUA has been operating in East Africa since 2014, following the acquisition of Phoenix Transafrica Holdings which is headquartered in Kenya.

The operation involves a USD 10m equity investment by Proparco in MUA to support the institution’s growth in Mauritius and Africa. 

Through this investment, Proparco is supporting MUA’s regional expansion and is thereby contributing to the development and consolidation of this key sector of the economy in East Africa.

This operation will provide insurance products to people who currently have very little access to them, in particular in Kenya, Rwanda, Tanzania and Uganda. The project will also support over 500 jobs at MUA and with the commercial agents/advisors who work for MUA in Mauritius and East Africa. The project will thereby contribute to the achievement of SDG 8 (“Decent work and economic growth”). 

More generally, the development of the insurance sector is an important stage for achieving maturity in the financial sector in the countries where Proparco operates, alongside the development of the banking sector. Indeed, it transforms premiums for small amounts into substantial long-term savings. These savings are reinvested in the country and finance the real economy.