On 2nd April 2025, we hosted the Chief Finance Officers' (CFO) Review Meeting at Fairway Hotel, Kampala to evaluate financial reporting practices, discuss industry taxation, and introduce improved data collection tools for insurers. The meeting served as a platform for CFOs to exchange insights, enhance financial strategies, and drive industry-wide improvements in financial data management.
Our CEO, Jonan Kisakye, commended the CFOs for their dedication to preparing and delivering financial reports. He emphasized the critical role of financial data in cost control and profitability, highlighting how financial analysis helps identify cost-saving opportunities and improve operational efficiency. Jonan also stressed the importance of timely submission of the Total Tax Study results, assuring attendees that the Motor Third Party Insurance (MTP) Report would soon be shared, followed by the Local Marine Cargo and Goods in Transit Insurance Report. He expressed his gratitude towards PricewaterhouseCoopers (PWC) and Kenbright for their efforts in gathering and analyzing key industry data and developing strategies to mitigate financial risks. As he concluded, he acknowledged the contributions of Badru Bengo, our Manager of Life & Pensions, and Angella Kemigisa, our Research Officer, for their support in driving industry data collection and analysis.
Trevor Lukaga from PricewaterhouseCoopers (PWC) presented the findings of the Total Tax Contribution Study. His presentation provided insights into the industry’s tax contributions and the financial implications for insurers. He encouraged attendees to provide feedback and engage in discussions to refine the data collection process and ensure the accuracy and effectiveness of future tax studies.
At the Chief Finance Officers' (CFO) Review Meeting, Ernest Magyezi, CEO of Kenbright Uganda, introduced a new data template aimed at enhancing efficiency in data collection for insurers. He underscored the need for continuous improvements in industry data management tools to ensure greater reporting accuracy and more effective strategic planning. In his closing remarks, he reaffirmed Kenbright’s commitment to optimizing the template and supporting the industry in making data-driven decisions.
The discussions at the CFO Review Meeting underscored the growing need for data-driven decision-making in the insurance sector. As the industry continues to evolve, leveraging accurate financial data will be instrumental in shaping sustainable strategies, improving profitability, and ensuring compliance. With collaborative efforts from all stakeholders, the future of financial reporting in the insurance sector is poised for greater transparency, efficiency, and innovation.
