Old Mutual Delivers Resilient H1 2025 Results with KES 380M Profit Amid Challenging Market Conditions

 L-R, David Muchai, Chief Financial Officer, Old Mutual Holdings, Nannette Miingi, Group Company Secretary & Legal Counsel and Arthur Oginga, Group CEO, Old Mutual Holdings, during the announcement of the 2025 half-year results. The company registered a resilient performance in the period despite a challenging macroeconomic environment across the East African region, with a profit before tax of KES 380 million from continuing operations, marked by lower interest rates and higher claims, which weighed on earnings.

Nairobi, Kenya, August 26, 2025 — Old Mutual Holdings has posted a profit before tax of KES 380 million in the first half of 2025, demonstrating resilience in the face of a tough macroeconomic environment across East Africa. The Group’s earnings were weighed down by higher insurance claims, lower interest rates, and mark-to-market losses on fixed income securities.

Claims surged to KES 452 million during the period, spanning both short-term and long-term insurance businesses. At the same time, reduced interest income and losses on fixed income securities cut earnings by KES 625 million.

Property operations in Uganda and South Sudan also recorded reduced performance due to lower occupancy levels, further pressuring profitability.

Despite these headwinds, the Group remained steady, supported by disciplined cost management, growth in investment income, and solid performance in its asset management business.

Speaking during the interim results announcement, Group CEO Arthur Oginga said the rise in claims underscored Old Mutual’s commitment to its customers.

“Although higher claims placed short-term pressure on profitability, it is a demonstration of the strength of our promise to customers and the resilience of our business model. I am encouraged by the growth in investment income, the expansion of our asset management business, and the strengthening of our balance sheet. These fundamentals give us confidence in our ability to deliver long-term value for our shareholders, while continuing to stand firmly with our customers in times of need,” Oginga said.

The life insurance business registered strong growth, with profit after tax rising by KES 580 million, supported by fair value gains on financial assets and lower reinsurance costs. Asset management earnings held steady, while unit trust business grew by 25 percent to KES 142 billion.

Key highlights include:

• Net investment income rose 13% to KES 4.2 billion.
• Total assets climbed to KES 79.2 billion, up from KES 74.8 billion in December 2024.
• Funds under management in Uganda increased to KES 145 billion.
• Digital sales reached KES 373 million, while data commercialization delivered KES 138 million in savings.

Looking ahead, Old Mutual said it is evolving beyond insurance to become a wellness partner through its Thrive app, which integrates physical, mental, and financial well-being. Over 18,000 users have already adopted the platform.

During the period, Old Mutual was ranked the 4th strongest insurance brand globally and the top African insurance brand by Brand Finance, affirming customer trust across its 11 markets.