ICEA LION Life Assurance reaffirmed its position as a key player in Uganda’s retirement planning ecosystem following its active role in the recently concluded Thought Leaders Forum on Pensions. Held on Thursday, 3rd July 2025, the forum focused on “Demystifying the Insurer’s Role in Growing the Pension Sector” and brought together regulators, policymakers, insurers, and actuaries to discuss the way forward for broader pension coverage and sustainability.

Speaking on a panel themed “Beyond Insurance: The Role of Insurers in the Pension Sector,” Mr. Emmanuel Mwaka, CEO of ICEA LION Life Assurance Uganda, emphasized the essential role insurers play in shaping the future of retirement security. “A pension means little if it does not translate into an annuity,” he noted. “Insurers are uniquely positioned to manage long-term savings, provide financial security, and protect retirees through risk pooling and prudent investment of pension funds.”

ICEA LION Champions Industry Dialogue on Building a Secure Retirement Future

Currently, ICEA LION stands as the only insurer in Uganda offering an annuity product- a lifetime income plan that provides retirees with consistent income during their retirement years. Ms. Florence Nabakiibi- Assistant General Manager, ICEA LION Life Assurance highlighted the significance of this innovation, “Our annuity product is not just about income; it’s about dignity and peace of mind in retirement. It even comes with added benefits such as health coverage. We believe this is what financial security in retirement should look like.”

She also underscored the importance of financial literacy in driving pension uptake. “There are still many Ugandans unaware of how to supplement their statutory pension. We see numerous opportunities to engage through financial literacy forums and workplace education campaigns to promote long-term savings.”

Mr. Mulenga C. Mutai, Group CEO of Gralix Actuarial Consulting and President of the Actuarial Society of Zambia, through his keynote address, echoed ICEA LION’s message of innovation and inclusion. He noted, “Over 80% of Africa’s workforce is in the informal sector. If insurers do not adapt and create flexible, personal pension solutions especially ‘digital ones’, we risk leaving millions without retirement security.” He called on insurers to design products such as micro-pensions, agriculture-linked schemes and ESG-aligned retirement plans that can serve diverse income groups.

ICEA LION’s active participation in the forum demonstrates its commitment not only to product innovation but also to thought leadership in shaping Uganda’s pension landscape. As the sector prepares for reforms under the upcoming Public Service Pension Fund Act, ICEA LION remains at the forefront of helping Ugandans secure financial freedom and stability in their later years.