Higher insurance claims and service expenses combined to drastically push down Old Mutual Holdings net profit during the first six months of this year to Ksh 5 million.
The profit represents a 98pc reduction on the Ksh 249 million that the firm made during a similar period last year.
Insurance revenue marginally reduced from Ksh 16.8 billion to Ksh 16.4 billion. Furthermore, investment income rose 12.8pc to Ksh 4.2 billion.
However, the firm reported higher finance costs that rose from Ksh 1.96 billion to Ksh 2.53 billion.
In addition, commission expenses and other operating expenses increased 77.3pc to Ksh 1.6 billion.
However, higher deposits in financial institutions helped push up the firm’s total assets by 5.9pc to Ksh 79.2 billion.
