- The performance was mainly driven by improved underwriting business whose profit went up by 242 per cent to Sh204 million.
- Compared to the previous year, the firm had recorded a loss of Sh146 million in underwriting business.
Old Mutual General Insurance has more than doubled its profit after tax to Sh804.41 million for the 12 months period to December 31, 2022.
This is up from Sh289.99 million registered in the same period, the previous year.
According to Old Mutual's managing director Japheth Ogalloh, the performance was mainly driven by improved underwriting business whose profit went up by 242 per cent to Sh204 million.
Compared to the previous year, the firm had recorded a loss of Sh146 million in the underwriting business.
"This resulted from initiatives taken during the year based on some key strategic pillars which include underwriting and operation excellence, superior customer experience and claim cost efficiencies and digitisation," Ogalloh said.
He added that the growth was also driven by strict adherence to company's plan and disciplined execution of laid-down strategy, management of expenses, strategic partnerships and engagement with intermediaries on top-line growth.
Profit before tax for the period under review rose to Sh1.24 billion from Sh543.46 million registered within a similar review period in 2021.
Total income earned was Sh13.88 billion, up from 11.34 billion while net written premium leveled up to Sh12.75 billion up from 11.07 billion.
Looking into 2023, the company seeks to focus on executing its wellness and lifestyle agenda and offer an Integrated Financial Service solution from one lens as a strategic step toward achieving its 2023 Financial Year goals.
“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” Ogalloh said.
Additionally, the company’s digital agenda is set to be upgraded in the current quarter from offering an intermediary value proposition and customer engagement through digital channels as defined by changing consumer habits.
Old Mutual Group CEO Arthur Oginga said they have invested in a team of individuals who are dedicated to building and expanding digital channels while improving operational efficiency through digitisation.
Last month, Old Mutual Holdings PLC announced a 216 per cent growth in profit before tax in the year ending December 31st, 2022 to Sh202 million driven by strong top-line growth and higher investment income.