Old Mutual Group has announced that it has posted a profit after tax of Ksh. 327 million for the first half of 2024. This is a significant turnaround from the Ksh. 195 million loss reported during the similar period in 2023.
Some of the highlights of the financial results include the following:
- Finance costs fell from Ksh. 1.8 billion last year to Ksh. 529 million.
- Operating profit closed at Ksh. 1.6 billion, 27% down year on year.
- Comprehensive income decreased by Ksh. 1.1 billion compared to H1 2023.
“Despite the challenges we faced in the first half of the year, we are confident that our strategic initiatives and innovative approach will position us for a strong performance in the coming months. We remain committed to the delivery of value to our customers and stakeholders, anticipating a GDP growth and easing inflation across our markets[MM1],” said Arthur Oginga, the Group’s CEO.
Old Mutual’s leadership in innovation was recognized in the period under review, winning the Best Practice Innovation Award at the Association of Kenyan Insurers (AKI) Awards in March. The award recognized the Group’s ongoing commitment to pioneering solutions in Life Assurance.
The firm was also ranked third best in the competitive General Insurance Company of the Year category. This was in addition to multiple top awards in the individual and advisor categories. Separately, Brand Finance named Old Mutual the strongest insurance brand globally, underscoring its strong market presence and reputation for reliability.
The insurer also unveiled its Business Roundtable as a platform for collaboration and growth among SMEs across East Africa. The strategic network brings together SME owners, investors, financial institutions, professional associations, and industry experts to create opportunities for mutual advancement.