NAIROBI, Kenya, Mar 18 – Old Mutual Group profit after tax grew by Sh1.1 billion to Sh1.3 billion last year, buoyed by strong performance in the asset management business, underwriting profits from the insurance business, and return on invested assets.
In 2023, the firm recorded a net profit of Sh200 million.
“Our ongoing strategy continues to focus on becoming the first choice for our customers in sustaining, growing, and protecting their prosperity,” said Old Mutual Group CEO Arthur Oginga.
“Consequently, we remain committed to driving sustainability through operational efficiency, continuous product innovation, and a strong focus on customer needs,” he added.
The insurer’s profit was also boosted by a reduction in finance costs, which decreased from Sh2.4 billion in 2023 to Sh1.2 billion in 2024.
“This was a direct result of the conversion of shareholder loans to equity, significantly easing the Group’s debt burden. As a result, the Group now has a more sustainable capital structure,” the firm stated.
However, the Group posted a disposal loss of Sh363 million on the sale of UAP Insurance Tanzania.
“While the divestment reflects the Group’s strategic focus in streamlining operations, it also resulted in a temporary financial setback,” it said.
It also reported a foreign exchange loss of Sh631 million, which arose on the translation of foreign operations following the significant strengthening of the Kenyan shilling during 2024.
“We are committed to enhancing underwriting performance across our insurance businesses, expanding our customer base in the asset management business, and delivering sustainable growth,” said Oginga.
“With a clear strategic direction and a strong focus on operational excellence, we are confident that Old Mutual will sustain its trajectory of success, creating value for both its customers and stakeholders.”
