advertisement

Markets

AIG pulls out of Uganda in strategy to exit smaller markets

Catherine Igathe, AIG Kenya managing director. PHOTO | FILE
Catherine Igathe, AIG Kenya managing director. PHOTO | FILE 

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.