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Old Mutual’s General Insurance business unit profit before tax grew to Kes1.24 billion in the year ending December 31st 2022, compared to Kes543.46 million recorded in 2021.
Old Mutual has attributed the growth to performance to underwriting, operational excellence, claimed cost efficiencies, and digitisation.
Old Mutual General Insurance Managing Director Japheth Ogalloh said the growth was also driven by strict adherence to their plan and disciplined execution of laid-down strategy, management of their expenses, strategic partnerships, and engagement with our intermediaries on top-line growth.
Further, its total income grew to Kes 13.88 billion in the period from Kes 1.34 billion.
Likewise, the net written premium rose to Kes13.88 billion from Kes11.34 billion, mainly attributable to the post-Covid economic recovery.
“Be it General Insurance, Life, or even Asset Management customers, we seek to offer needs-met solutions to all persons from the time they are born to the time they exit the stage,” said Ogalloh.
Only last month, Old Mutual Holdings PLC announced a 216 per cent growth to Kes202 million in profit before tax for the full year ending December last year.
The profit surge came after a Kes175 million loss posted during a similar review period in 2021.
