UAP Holdings CEO on H1 earnings & how the business is responding to COVID-19 shocks
UAP Holdings PLC reported first-half earnings that have seen growth delivered on the backdrop of the COVID-19 pandemic which has adversely impacted different sectors of the economies. To unpack the performance, CNBC Afrixa spoke with the CEO of UAP Old Mutual Group Arthur Oginga.
Tue, 01 Sep 2020 15:03:16 GMT
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AI Generated Summary
- Despite a decline in retail sales, UAP Holdings reported an 11% increase in overall sales and improved underwriting margins.
- The company focused on introducing online products and solutions, such as travel insurance and enhanced health packages, to meet evolving customer needs.
- Projections for the second half of 2020 suggest a challenging period for the insurance industry as businesses grapple with the long-term effects of the pandemic.
UAP Holdings PLC, a leading insurance provider, has reported strong first-half earnings despite the challenges posed by the ongoing COVID-19 pandemic. The CEO of UAP Old Mutual Group, Arthur Oginga, shared insights into the company's performance in a recent interview with CNBC Africa. The impact of the pandemic on various sectors of the global economy has been significant, with restrictions on movement and lockdown measures affecting businesses worldwide. Oginga highlighted the adverse effects on UAP Holdings, particularly in retail sales, as face-to-face interactions with customers became impossible in the initial stages of the pandemic. The company's staff had to adapt to new ways of working, facing financial pressures and other challenges resulting from the crisis. UAP Holdings also owns commercial properties, raising concerns about the demand for commercial rental space in a post-COVID world. To address these challenges, the company swiftly implemented technological solutions and digital platforms to facilitate remote interactions with clients and streamlined payment processes. Additionally, health and safety regulations were rigorously enforced in workspaces to ensure employee well-being.