Old Mutual Holdings PLC has announced that it has reported a Ksh. 547 million profit after tax for the year ended December 31, 2023. The company reported a Ksh. 1.7 billion loss in 2022.

Insurance revenue increased to Ksh. 32 billion from Ksh. 28 billion in 2022. The company’s operating profit before finance costs reached was an improved Ksh. 3.8 billion, a 129% growth from the Ksh. 1.7 billion it reported in 2022. This was driven by profitable growth of its subsidiaries. All the Group’s lines of business, comprising of short-term business, long term business and asset management, also recorded revenue growth and profitability in 2023.

Profit before tax was also up to Ksh. 1.4 billion up from a Ksh. 491 million loss in the previous period.

“Reflecting on these remarkable results, it is quite clear that our strategic focus and commitment to excellence will continue to drive our business growth. The significant rise in operating profit, investment income, and turnaround in profitability validate our business model and the dedication of the Old Mutual team,” said Old Mutual Group CEO for East Africa, Arthur Oginga.

The good news were somewhat tempered by a rise in costs. Insurance service expenses rose to Ksh 29 billion from Ksh. 25 billion in 2022. Finance costs also rose to Ksh. 2.4 billion from Ksh. 2.1 billion while commissions and other operating expenses rose to Ksh. 3.3 billion from Ksh. 1.8 billion that was reported in the previous period.

The Old Mutual Group Board of directors did not recommend a dividend. It was the same in 2022.