Old Mutual Holdings Plc has reported a net profit of KSh 856 million for the year ended 31 December 2025, a 2.1% increase from KSh 838 million in the prior year.
- • The marginal improvement masks a sharp divergence between the group's insurance and non-insurance businesses.
- •Profit from continuing operations fell 33.1% to KSh 856 million from KSh 1.28 billion while the insurance service result swung to a KSh 151 million loss from a KSh 361 million profit in 2024.
- •Fee and commission income surged 34.4% to KSh 2.27 billion, driven by 34% growth in assets under management at Old Mutual Investment Group (OMIG) Uganda and strong inflows into unit trust products.
Insurance revenue contracted 5.2% to KSh 32.05 billion following the group's exit from medical insurance lines and the cessation of South Sudan operations. UAP Insurance South Sudan halted new business and policy renewals effective July 2025 after nearly two decades in the market.
The asset management division was the standout performer. Total non-insurance revenue climbed 35.5% to KSh 2.77 billion.
Cost pressures intensified. Other operating and administrative expenses surged 49.5% to KSh 3.09 billion, while credit impairment charges more than doubled to KSh 229 million. The effective tax rate rose to 54.1% from 50.6%.
At the subsidiary level, Old Mutual General Insurance Kenya posted a profit before tax of KSh 1.61 billion, up 7.2%, with the claims ratio improving to 62% from 65%. Its board proposed a KSh 750 million dividend to the parent, down from KSh 1.0 billion.
The group completed the merger of its two Kenya life entities during the year, combining Old Mutual Life Assurance Company Limited (OMLAC) into Old Mutual Life Assurance Kenya Limited (OMLAK) after regulatory approval in mid-2025. Martin Karenju was appointed CEO of the merged life business effective July. On the digital front, the group launched Thrive, a wellness platform with over 350,000 users since its October debut, and Anchor360, an intermediary enablement portal rolled out in September. Digital-driven revenue grew over 30%.
The results land against ongoing corporate governance tensions. The Court of Appeal in November 2025 halted insolvency proceedings brought by minority shareholder Joel Kibe, who holds 1.54 million shares acquired for KSh 291 million, and suspended a High Court order requiring KSh 500 million from the planned sale of the Old Mutual Tower to be held in escrow. The group continues pursuing the disposal of its entire KSh 19.4 billion real estate portfolio across East Africa.
Total assets grew 6.1% to KSh 79.40 billion. Cash and cash equivalents tripled to KSh 4.33 billion. Borrowed funds increased 21.0% to KSh 8.58 billion. The board did not recommend a dividend for the second consecutive year. Basic earnings per share rose 3.1% to KSh 2.36.
| Metric | FY2025 | FY2024 | YoY Change |
|---|---|---|---|
| Insurance Revenue | 32.05 Bn | 33.80 Bn | ▼-5.2% |
| Insurance Service Result | (151 Mn) | 361 Mn | Loss from profit |
| Net Reinsurance Expenses | (3.72 Bn) | (4.38 Bn) | ▼-15.0% |
| Net Investment Return | 7.67 Bn | 7.66 Bn | ▲+0.2% |
| Total Net Investment Result | 3.69 Bn | 3.57 Bn | ▲+3.4% |
| Fee & Commission Income | 2.27 Bn | 1.69 Bn | ▲+34.4% |
| Total Non-Insurance Revenue | 2.77 Bn | 2.04 Bn | ▲+35.5% |
| Other Operating & Admin Expenses | (3.09 Bn) | (2.06 Bn) | ▲+49.5% |
| Profit Before Tax | 1.87 Bn | 2.59 Bn | ▼-27.9% |
| Income Tax Expense | (1.01 Bn) | (1.31 Bn) | ▼-22.8% |
| Net Profit | 856 Mn | 838 Mn | ▲+2.1% |
| Total Assets | 79.40 Bn | 74.80 Bn | ▲+6.1% |
| Total Equity | 20.43 Bn | 19.72 Bn | ▲+3.6% |
| Basic EPS (KSh) | 2.36 | 2.29 | ▲+3.1% |
