NAIROBI, Kenya, May 11 – Old Mutual Life Kenya (OMLAK) has posted a Sh436 million for the financial year ending December last year, boosted by growing premiums.
OMLAK’s profit after tax grew from Sh214 million during a similar period in 2021.
Perfomance was successful through customers satisfactions, strategic partnerships, and a growth in its different segments such as corporate business that grew by 71 percent, retail business (45 percent) and pension business (7 percent).
“As a company we are happy to have bounced back. This compared to the industry growth is very impressive and we are glad that as group we embarked on fixing the basics,” OMLAK Acting Managing Director Calvince Onduru said
“The business remains solid as it is fairly capitalized with assets of up to Kes 29 billion and a capital adequacy ratio of 172%,” Onduru added.
“Therefore, we commit to the promise, and we are positive that we shall grow bigger and conquer the top.”
As a group, Old Mutual Holdings PLC announced a 216 percent growth in profit before tax in the year ending December 31st, 2022 to Sh202 million driven by strong top-line growth and higher investment income.
This was a recovery from a loss before taxes of Sh175 million during a similar review period in 2021.
The firm says that it will invest and improve its services this and beyond.
