Subsidiaries Push Old Mutual’s Operating Profits Up By 129%

by Business Watch Team
Old Mutual

Old Mutual Holdings Plc. has today announced its financial results for the financial year 2023, highlighting substantial growth and profitability across all lines of its business.

The Group’s operating profit before finance costs reached Kes 3.8 billion, a 129% growth from Kes 1.7 billion in 2022, driven by the profitable growth of its subsidiaries. All the Group’s lines of business, comprising short-term business, long-term business, and asset management, also recorded revenue growth and profitability in 2023.

Further, the Group experienced a substantial uptick in investment income, driven by the expansion of invested assets and higher rates of return. This bolstered the overall financial performance and underscored the effectiveness of optimizing returns for stakeholders.

Similarly, the Group exhibited resilience in 2023, rebounding to a Kes 1.4 billion profit before tax, up from the Kes 491 million loss in 2022. The turnaround demonstrates management’s ability to deliver on the strategy.

“Reflecting on these remarkable results, it is quite clear that our strategic focus and commitment to excellence will continue to drive our business growth. The significant rise in operating profit, investment income, and turnaround in profitability validate our business model and the dedication of the Old Mutual team,” said Old Mutual Group CEO for East Africa, Arthur Oginga.

“We remain steadfast in our mission to deliver value to our stakeholders, and we aim for more achievements as we continue to innovate, adapt, and seize new business opportunities.”

In 2024, Old Mutual Holdings Plc.’s strategy centers on its Integrated Financial Services Model, prioritizing a differentiated customer experience, digital transformation, strategic partnerships, and innovative product offerings. This is in a bid to meet evolving customer needs, emerging trends, and ESG considerations.

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