Old Mutual Group has reported Ksh 856 million in 2025 full year net profit, representing a 2pc increase, lifted by non-insurance revenue and income.
Old Mutual Group booked Ksh 151 million loss in its insurance business, plunging from a Ksh 361 million profit the previous year.
“The group recorded a profit after tax of Ksh 856 million, compared to Ksh 838 million in the prior year. The performance was mainly driven by double-digit growth in the asset management, which was moderated by the insurance businesses,” said the firm in a statement.
Insurance service revenue dipped from Ksh 33.8 billion to Ksh 32.05 billion. Insurance service expenses also marginally reduced from Ksh 29.07 billion to Ksh 28.48 billion.
This was key in pushing down the performance from a profit of Ksh 361 million to a loss of Ksh 151 million.
“Lower insurance service results, primarily due to a deliberate action that led to a decline in medical insurance revenue. The decline in revenue was also due to the Group’s exit from the South Sudan market, leading to cessation of renewals and the discontinuation of underwriting new business from the second quarter of the year. The corresponding reduction in insurance service expenses in both cases will only be fully realised from 2026,” added the firm.
Despite investment income remaining flat at Ksh 7.7 billion, the firm booked a marginal increase of Ksh 3.69 billion in net investment income mainly on account of net lower finance expenses from insurance contracts.
Old Mutual Group’s performance was also lifted by non-insurance revenue and income that increased from Ksh 2.04 billion to Ksh 2.77 billion.
This was mainly on account of higher fee commission income that hit Ksh 2.27 billion from Ksh 1.69 billion.
Net assets increased marginally from Ksh 19.7 billion to Ksh 20.4 billion. The Board of Old Mutual Group has not recommended payment of dividends.
