Old Mutual General Insurance has more than doubled its profit before tax to Sh1.24 billion for the year ended December 31, 2022, from Sh543.46 million recorded during a similar period in review in 2021.
The company’s net profit stood at Sh804.41 million, representing a 177 per cent increase from Sh289.99 million that it recorded in 2021.
The insurance company has attributed the growth mainly to improved underwriting profit, which increased by 242 per cent to Sh204 million compared to Sh146 million loss posted in 2021.
The firm says this resulted from initiatives taken in the year based on key strategic pillars including underwriting and operation excellence, superior customer experience and claim cost efficiencies and digitization.
“The growth was also driven by strict adherence to our plan and disciplined execution of our laid-down strategy, management of our expenses, strategic partnerships, and engagement with our intermediaries on top-line growth,” said Old Mutual General Insurance Managing Director Japheth Ogalloh.
Read More
Total income earned was Sh13.88 billion up from Sh11.34 billion while the net written premium was leveled up to Sh12.75 billion from 11.07 billion driven largely by a return to normalcy post-Covid-19.
In 2023, the insurance firm 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 FY 2023 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” stated Ogalloh.
The firm also seeks to upgrade its digital agenda in the current quarter by offering an intermediate value proposition and customer engagement via digital channels as defined by changing consumer habits.
Old Mutual General Insurance’s investments and changes in its digital assets are further seeking to redefine its growth and profitability in the 2023 financial year.
“We have invested in a team of individuals who are dedicated to building and expanding our digital channels, improving operational efficiency through digitizing our business coupled with investments we are making in technology to support the digitization,” said Group CEO Arthur Oginga.
In March, Old Mutual Holdings PLC announced a 216 per cent growth in profit before tax in the year ending December 31, 2022 to Sh202 million driven by strong top-line growth and higher investment income.
The record improvement by the company marked a recovery from a loss before tax of Sh175 million it registered during a similar period in review in 2021.
