NAIROBI, Kenya, Mar 27 – Old Mutual Holdings Plc has jumped back to profitability after recording a gross profit of Sh1.4 billion in the full year ending last year.
During a similar period in 2022, the group posted a loss of Sh491 million.
Profitability came on the back of a 129 percent to Sh3.8 billion growth in its operating profit in the review period.
The pan-African company links improved performance to profitable growth in all of its lines of business, comprising short-term business, long-term business, and asset management.
“Reflecting on these remarkable results, it is quite clear that our strategic focus and commitment to excellence will continue to drive our business growth,” said Old Mutual Group CEO for East Africa, Arthur Oginga.
“The significant rise in operating profit, investment income, and turnaround in profitability validate our business model and the dedication of the Old Mutual team,” Oginga added.
In 2024, Old Mutual rolled out a strategy on the integrated financial services model, prioritizing a differentiated customer experience, digital transformation, strategic partnerships, and innovative product offerings.
The above aimed to meet evolving customer needs, emerging trends, and ESG considerations.
“We remain steadfast in our mission to deliver value to our stakeholders, and we aim for more achievements as we continue to innovate, adapt, and seize new business opportunities.”
