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Vincent Rague

BOARD CHAIR – OLD MUTUAL EAST AFRICA

Vincent Rague was appointed Chair of the Board of Old Mutual East Africa (EA) (previously UAP Old Mutual) in June 2021. Prior to this appointment, he had sat on the Board as an independent non-executive Director for three years.

As one of the largest in East Africa, Old Mutual operates an integrated financial services business model offering insurance, investment, banking, and savings solutions. It operates in Kenya, Uganda, South Sudan, Rwanda, and Tanzania.

With over 25 years of global experience in investment, corporate finance, banking and policy advisory work, Rague is an impeccable chairman. Since his election, Old Mutual EA has continued to register growth, as a result of the strategic alignment of service and product development to the projected key economic drivers.

In 2022, UAP Old Mutual successfully rebranded to Old Mutual EA. So far, the rebrand has been implemented in Kenya and Rwanda, and will later be followed by similar exercises in Uganda, South Sudan, and Tanzania which is expected to be completed this year. According to the Chair, the change signifies the company’s readiness to unlock more opportunities and more value for its customers, communities, and other stakeholders.

Following the transition, Old Mutual EA now comprises Old Mutual Holdings PLC (formerly UAP Holdings PLC) and its subsidiaries; including Old Mutual General Insurance Kenya (formerly UAP Insurance Company) and Old Mutual Life Assurance Kenya (formerly UAP Life Assurance), and Old Mutual East Africa (EA) Holdings Group (formerly Old Mutual Holdings) and its subsidiaries; Old Mutual Life Assurance Company, Old Mutual Investment and Faulu Microfinance Bank.

During the half year (HY) of 2022, despite the rising levels of inflation globally, both the Group’s long-term and short-term insurance businesses sustained strong growth. Net earned premiums were up 25 percent, in line with Gross earned premiums which were up 26 percent. Net claims payable were up 13 percent, in accordance with the growth of the book of business.

Under Vincent’s visionary leadership, the strategy for 2023 remains focused on delivering an integrated financial services offering, by leveraging the solutions provided within Old Mutual EA’s individual lines of businesses to deliver a one-stop solution, propelling improved productivity.

Vincent is Co-founder of Catalyst Principal Partners, a private equity operation based in Nairobi, and serves as a non-executive Director of the Pan-Africa Infrastructure Development Fund (PAIDF) and the JSE-listed MTN Group, an African mobile network operator. Furthermore, he serves as Board Chairman of the Nairobi International Financial Centre (NIFC), a Kenya Government initiative to promote Nairobi as a regional financial centre, and of JamboJet, an affordable airline based in Nairobi.

Rague also serves on the Global Advisory Council of his alma mater, the Darden Business School, University of Virginia in the United States of America (USA). He obtained his Master of Business Administration (MBA) degree there in 1984.

After his schooling, Vincent worked in numerous senior positions at the World Bank Group, precisely at the International Finance Corporation (IFC) in Washington, DC, with global postings in Johannesburg, South Africa. He served as IFC’s first Regional Director to South Africa from 1994 to 1998, and was responsible for establishing and managing IFC’s operations in Southern Africa. He was later appointed as Head of IFC’s financial markets and advisory operations in Southeast Europe and Central Asia, and was based in Istanbul, Turkey from 2003 to 2005. From October 2010 to June 2013, Vincent served as Senior Financial and Private Sector Advisor to the National Treasury of Kenya. Before joining the World Bank, he worked at the Central Bank of Kenya (CBK) training in credit and banking with Citibank in Athens, Greece and National Westminster Bank in London, United Kingdom (UK).