Uganda Re Holds it’s 12th Annual General Meeting
Uganda Reinsurance Company Limited (Uganda Re) successfully held its 12th hybrid Annual General Meeting (AGM) at Four Points by Sheraton in Kampala. The event brought together the company’s Board of Directors, shareholders and management to reflect on Uganda Re’s performance in 2024 and discuss its strategic direction.
In her address, the Chairperson, Dr. Joyce Tamale (FCCA), expressed satisfaction with the company’s strong performance over the past year. She highlighted profitability and steady progress toward the firm’s strategic objectives, despite global economic uncertainties driven by ongoing geopolitical conflicts. Dr. Tamale urged the company to maintain this positive momentum in the years ahead.
Chief Executive Officer Ronald Musoke provided an optimistic outlook for the Ugandan economy, noting a 6.1% growth rate in the financial year 2023/24, with projections indicating a further 6.2% increase in 2024/25. He attributed this robust growth to ongoing investments in the oil sector as well as advancements in the implementation of the Parish Development Model.
Presenting the company’s financials, Chief Financial Officer Racheal Naggayi (COM, CPA, FCCA) reported that Uganda Re maintained stable financial health and demonstrated resilience in a dynamic and evolving market environment.
The AGM also saw the announcement of key board appointments:
– Mr. Paul Ankunda was reappointed to the Board of Directors and will continue serving as Chairperson of the Finance, Investments & Administration Committee, in addition to his role on the Technical Committee.
– Mr. Mark Muwanguzi was appointed to the Board under Section 84 of the company’s Articles of Association. He will serve on the Reinsurance and Claims Operations (RENCO) Committee as well as the Finance, Investments & Administration Committee, representing minority shareholders.
The meeting reaffirmed Uganda Re’s commitment to strengthening its market position, promoting good governance and supporting national development initiatives through robust and sustainable reinsurance practices.
