US multinational AIG, which also operates in Kenya, says it is withdrawing from the insurance business in Uganda as it reduces presence in smaller markets.
AIG, which this year announced a global strategy to retreat from some markets abroad, says it has already started a phased withdrawal from the east African nation.
“AIG is creating a simplified organisation that positions us to achieve our global strategy based on capabilities and market opportunities.
‘‘After careful consideration and an in-depth review, AIG will stop offering insurance products in the general market in Uganda,” AIG said in a statement. Officials were not immediately available to elaborate on the pullout plan.