name soci t r gionale d assurances type private industry insurance financial services founded 15 november 1984 ; 31 years ago 1984 11 15 headquarters boulevard de la r volution kigali rwanda key people moranyi charles chairman of the board products insurance real estate banking holding revenue rwf 16.99 billion 2013 net income rwf 1.68 billion 2013 total assets rwf 43.58 billion 2013 total equity rwf 17.97 billion 2013 1 parent sanlam website homepage soras group limited commonly known as soras is an insurance services group . the group offers a wide range of financial products and services in insurance property and banking in rwanda . contents 1 overview 2 history 3 subsidiaries and investments 4 ownership 5 governance 6 see also 7 external links 8 references overview edit the soras group s headquarters are located in kigali rwanda . the group has subsidiaries in rwanda and an associate in burundi . 2 soras was the first private insurance company to be registered and to operate in rwanda . 3 soras group is the largest insurance company in rwanda with a market share of 35 % . 4 history edit soras group started its operations on 15 november 1984 as soci t rwandaise d assurances as a subsidiary of union des assurances de paris uap international to offer insurance services in rwanda . 5 on 27 september 2010 the firm was transformed into a holding company with two subsidiaries 6 i.e. soras assurances generales limited and soras vie limited . to which it transferred its short and long term businesses to respectively . this was in order to comply with the rwandan law no 52 2008 of 10 09 2008 which obligated insurance companies to split short term and long term activities . 7 in 2012 as part of its regional expansion goal soras group acquired 33 % of shares of an insurance company in burundi socar sa . this new acquisition led to the change of the company s meaning soras from soci t rwandaise d assurances becoming soci t r gionale d assurances . the name change was to reflect the group s status as a regional company . during the financial year 2013 soras group though its subsidiaries soras assurances generales limited and soras vie limited lost its controlling stake in agaseke bank after major changes were made in the bank s shareholding structure . this led to a drop in soras group s holding in the bank from 75 % to 25 % . the withdrawal from agaseke bank was part of the group s strategy of refocusing on its insurance business . 8 on 3 march 2014 sanlam emerging markets a south african financial services group announced that it had concluded an agreement to acquire 63 % interest in soras group in a deal valued at usd 24.3 million . 9 10 this acquisition was completed in june 2014 made soras part of a larger global group . 11 subsidiaries and investments edit the companies that comprise the soras group limited include the following 12 soras assurances generales limited kigali rwanda 100 % shareholding founded in 2010 . offering short term and general insurance . soras vie limited kigali rwanda 100 % shareholding founded in 2010 . offering life and long term insurance . agaseke bank kigali rwanda 25 % shareholding a commercial bank in rwanda serving individuals and businesses focusing mainly on smes . held through soras assurances generales limited and soras vie limited . socar sa bujumbura burundi 33 % shareholding founded in 1998 . offering insurance services in burundi . ownership edit the stock of the group is privately held . as of 30 june 2014 the shareholding in soras group is as depicted in the table below soras group limited rank name of owner percentage ownership 1 sanlam emerging markets 63.00 2 others local and international investors 27.00 total 100.00 governance edit soras group is governed by a five person board of directors with moranyi charles serving as the chairman of the group . see also edit sanlam agaseke bank external links edit about soras group agaseke bank sanlam references edit soras group limited 2013 annual report soras group associates soras profile sanlam eyes further acquisitions after deal in rwanda soras profile soras group limited 2010 annual report soras profile soras group limited 2013 annual report sanlam eyes further acquisitions after deal in rwanda sanlam enters rwandan market with acquisition of majority stake in soras group . sanlam . 3 march 2014 . retrieved 11 october 2014 . soras group press release soras group limited 2013 annual report retrieved from https en.wikipedia.org w index.php title soras group limited & oldid 727131274 categories companies of rwandainsurance companiescompanies established in 19841984 establishments in rwandahidden categories engvarb from october 2014use dmy dates from october 2014 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia 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