Global insurance and banking group Old Mutual has acquired a 23.3% interest in UAP Holdings, for around $97.6m, in a bid to expand its presence in east Africa.

Currently operating in six countries. UAP has property and casualty (P&C) and health insurance businesses in Kenya, in addition to property investment portfolio and life insurance business.

The company has P&C, health insurance and life businesses in Uganda, while operates P&C businesses in Rwanda, Tanzania and South Sudan, and a brokerage business in the Democratic Republic of the Congo.

Old Mutual Emerging Markets chief executive Ralph Mupita said: "This investment is another significant step in delivering the Group’s aim of becoming an African financial services champion.

"UAP is an ideal and complementary fit to our existing Kenyan businesses and we look forward to deepening and broadening our relationship in the future."

Old Mutual provides services to around 500,000 customers in life insurance, asset management and micro-finance in Kenya.