Old Mutual closed the first half of 2025 with a profit before tax of KES 380 million. This is a respectable outcome given the tough macroeconomic conditions and an avalanche of claims.
Insurance claims soared to KES 452 million and these cover both short-term policies (like medical and car insurance) and long-term products (such as life insurance). CEO Arthur Oginga framed these payouts as proof of the company’s commitment: when customers need support, Old Mutual pays out.
The Financial Picture
Here’s a snapshot of the key numbers:
- Profit before tax (continuing ops): KES 380M
- Insurance claims paid: KES 452M (up from 2024)
- Net investment income: KES 4.2B (+13%)
- Total assets: KES 79.2B (vs. KES 74.8B in Dec 2024)
- Property occupancy: Uganda 72.6% (down from 92%), South Sudan 53.9% (down from 63%)
- Life business profit after tax: KES 580M, boosted by fair value gains and lower reinsurance costs
- Unit trust AUM: KES 142B (+25%)
- Funds under management Uganda: KES 145B
- Digital sales: KES 373M
- Savings from data commercialization: KES 138M
- Operating expenses & commissions: KES 1.6B (up from KES 0.9B in H1 2024)
Despite hits from lower rental income in Uganda and South Sudan, plus mark-to-market losses of KES 625M on fixed income securities, the group managed to keep its balance sheet strong.
The life insurance division turned in a particularly strong performance, doubling profits before tax to KES 419M compared to KES 168M last year. Fair value gains from a decline in yields and lower reinsurance expenses helped this.
Old Mutual is also betting big on its Thrive app which brings together physical, mental, and financial wellness in a single platform. It has over 18,000 users making it more than just an insurance app as it is becoming a lifestyle tool. This strategy reflects the broader shift of insurance players in Africa from product providers to “well-being partners.”
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