Old Mutual Holdings PLC has posted a profit after tax of KES 856 million for the financial year ended December 31, 2025, reflecting steady growth driven by strong asset management performance and accelerating digital adoption across its markets.
The result represents a 2 percent increase from the KES 838 million recorded in 2024, underscoring the Group’s resilience amid a shifting macroeconomic environment characterized by interest rate adjustments and evolving consumer behavior.
The financial services group, which operates across Kenya, Uganda, Rwanda, and South Sudan, recorded a consolidated profit before tax of KES 1.9 billion. This performance was supported by robust growth in its life insurance and asset management divisions, improved treasury operations, and strengthened capital buffers.
Total assets rose by 6 percent to KES 79.2 billion, up from KES 74.8 billion in 2024. Meanwhile, total equity increased by 3 percent to KES 20.4 billion, reinforcing the Group’s financial stability and capacity to support long-term growth.
Little-known architect who designed iconic UAP Old Mutual Tower in Nairobi
Group CEO Arthur Oginga attributed the performance to disciplined execution and a diversified business model.
“Our performance reflects the resilience of our diversified portfolio and the discipline of our execution in a dynamic operating environment. We have strengthened our capital position, significantly improved our liquidity, and delivered strong growth in life and asset management while continuing to invest in digital innovation,” he said.
Asset Management and Life Business Lead Growth
Growth in 2025 was primarily anchored on strong performance in asset management. Assets under management at Old Mutual Investment Group Uganda expanded by 34 percent, driven by sustained inflows into the unit trust business.
The asset management division recorded a profit before tax of KES 992 million, up from KES 837 million in 2024, reflecting improved portfolio performance and disciplined investment strategies.
The life insurance business also delivered solid growth, with profit before tax rising to KES 791 million from KES 681 million in the previous year. This was supported by enhanced operational efficiency and stronger performance across key product segments.
Additionally, improved treasury management and better asset-liability matching helped the Group maintain stable returns despite a declining interest rate environment.
Digital Growth and Financial Strength
Old Mutual continued to deepen its digital transformation strategy, with notable growth in digital channels and customer engagement.
Cash and cash equivalents increased by 33 percent to KES 15.1 billion, up from KES 11.3 billion, providing the Group with enhanced liquidity to fund expansion, digital innovation, and distribution growth.
E-commerce sales rose to KES 708 million in 2025 from KES 533 million in 2024, signaling increased customer adoption of digital insurance and investment solutions.
The Group’s asset management arm delivered a return on investment of 14.37 percent, outperforming the 1-year Treasury Bill benchmark of 12.50 percent, highlighting strong portfolio management capabilities.
Digital traction was further evident in the Thrive App, whose downloads surged more than fortyfold from 3,105 in 2024 to 128,153 in 2025, reflecting growing engagement within the Group’s digital wellness ecosystem.
Strategic Milestones Across Markets
During the year, Old Mutual executed several strategic initiatives aimed at strengthening its regional footprint and operational efficiency.
The Group completed the merger of its Kenya life insurance entities, Old Mutual Life Assurance Kenya (OMLAK) and Old Mutual Life Assurance Company (OMLAC), streamlining operations and enhancing scale in its core market.
It also announced plans to exit South Sudan following a structured run-off period, reflecting a disciplined approach to capital allocation and market prioritization.
In Rwanda, Old Mutual integrated with the Irembo national e-government platform, becoming the first major insurer on the platform and gaining access to over 2 million users for motor insurance services.
The Group also expanded its digital payments ecosystem through integrations with Paystack and partnerships in Uganda with Nxt Pe, enabling customers to seamlessly pay insurance premiums via mobile money platforms such as Airtel Money.
In Kenya, Old Mutual Investment Group partnered with the Octagon Unit Trust Scheme and Safaricom’s Ziidi Money Market Fund to provide fund management services, broadening access to retail investment products.
Outlook
Old Mutual’s 2025 results highlight a clear strategic direction: scale asset management, strengthen life insurance, and accelerate digital distribution. The combination of liquidity growth, disciplined capital allocation, and technology investment positions the Group to navigate interest rate cycles and deepen financial inclusion across its markets.
For financial institutions operating in Africa, this performance reinforces a critical lesson. Sustainable growth is no longer driven solely by balance sheet expansion, but by the integration of digital infrastructure, efficient capital deployment, and customer-centric innovation.
Leadership in this environment requires clarity of strategy and discipline in execution. Institutions that align capital, technology, and market focus will not only deliver shareholder value, but also shape the future of financial services on the continent.
