Old Mutual Holdings PLC closed the year ended 31 December 2025 with profit after tax of KES 856 million, up 2% from KES 838 million in 2024.
The result marks the third consecutive year of profit since a KES 1.94 billion loss in 2022, a turnaround built on portfolio discipline, assets management growth, and a digital infrastructure that is now generating measurable commercial returns.
Group CEO Arthur Oginga framed the result plainly:
“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. These fundamentals reinforce our confidence in our strategy and position us to deliver sustainable long-term value for shareholders while continuing to stand firmly with our customers.”
Profit Before Tax Rises 28% to KES 1.9 Billion
The headline profit before tax reached KES 1.9 billion, up 28% year on year. Two businesses drove that result. Asset Management posted profit before tax of KES 992 million, up from KES 837 million in 2024. Life delivered KES 791 million, rising from KES 681 million the prior year. Together, they account for the most consequential shift in the group’s earnings mix over the past four years.
Alongside business performance, the group strengthened returns through improved treasury management and enhanced asset to liability matching maintaining stable investment yields despite a declining interest rate environment across the region.
Assets Under Management Cross KES 171 Billion
The assets management business produced the standout number of the year. Total assets under management reached KES 171 billion, up 33.6% from KES 128 billion in 2024, capping a four-year compound growth rate of 74% from a base of KES 18.8 billion in 2021. Assets under management at Old Mutual Investment Group Uganda alone grew 34%, driven by sustained inflows into the unit trust business.
The investment team delivered a return on investment of 14.37% for the year, outperforming the one-year Treasury Bill benchmark of 12.50%, a 187 basis point margin that reflects active portfolio management rather than passive market participation.
Commission income followed that growth, rising 34% to KES 2.27 billion from KES 1.69 billion in 2024 and KES 0.44 billion in 2021, a fivefold increase in four years.
Insurance Revenue Reaches KES 32 Billion on Deliberate Portfolio Rebalancing
Group insurance revenue grew 5% to KES 32.05 billion. The growth came despite the group exiting South Sudan after a run-off period and completing a deliberate rebalancing away from lower-margin classes. Pure GI gross written premium reached KES 12.7 billion, compounding at 11% since 2021. Group Life gross written premium reached KES 2.6 billion, compounding at 30% over the same period.
Within the market, Old Mutual held the number two position in General Insurance in Uganda, improved its Kenya ranking from seventh to sixth, and secured the lead insurer role for the Insurance Consortium of Oil and Gas Uganda. In Life Corporate, it ranked number two in Group Life and number three in Group Credit, up from number eight in 2021.
Balance Sheet and Liquidity Strengthen Materially
Total assets grew 6% to KES 79.2 billion. Total equity strengthened 3% to KES 20.4 billion from KES 19.7 billion in 2024. Shareholder funds reached KES 16.48 billion.
The most significant balance sheet development was liquidity. Cash and cash equivalents increased 33% to KES 15.1 billion from KES 11.3 billion in 2024 providing the group with financial room to fund growth, expand distribution, and pursue opportunities across its operating markets.
No dividend has been recommended for 2025, consistent with 2024. The board has indicated that distributable cash will be released upon completion of the property sale, which spans a KES 20 billion portfolio including Old Mutual Tower in Nairobi, Nakawa Business Park in Uganda, and Equatoria Tower in South Sudan.
Digital Growth Moves from Experiment to Evidence
E-commerce sales grew 33% to KES 708 million from KES 533 million in 2024, reflecting growing customer adoption of end-to-end digital purchase journeys. The group counted 99,161 active digital users during the year.
The Thrive wellness app produced the sharpest growth figure in the entire results: downloads increased more than fortyfold, from 3,105 in 2024 to 128,153 in 2025. Since its October 2025 launch, the platform has accumulated over 160,000 registered users. Four in ten return daily. Six in ten return at least once a week. Thrive ranked number one in Health and Fitness on Kenya’s Google Play Store.
The platform spans financial wellbeing, physical health, mental resilience, and nutritional guidance. Cross-pillar engagement is broad: 45% Social, 25% Financial, 20% Mind, 18% Nutrition, 18% Challenges. The average Thrive score across users rose 5% above baseline — an early directional signal of behavioural change at scale.
Corporate Milestones Reshape the Operating Structure
Several structural decisions in 2025 will define how the group operates through the next cycle.
Old Mutual completed the merger of its two Kenya life entities, Old Mutual Life Assurance Kenya (OMLAK) and Old Mutual Life Assurance Company (OMLAC), simplifying the operating model and consolidating customer relationships under a single platform.
In Rwanda, the group became the first major insurer to integrate with the Irembo national e-government platform, gaining direct access to over 2 million registered users for motor insurance services. In Uganda, a partnership with Nxt Pe enabled customers to pay life insurance premiums and set up standing orders directly via Airtel Money.
The group integrated with Paystack to streamline digital payments across its platforms. Old Mutual Investment Group Kenya also partnered with the Octagon Unit Trust Scheme and Ziidi Money Market Fund by Safaricom to provide fund management services, extending its retail investment reach through one of East Africa’s most widely used mobile platforms.
What the Numbers Signal for 2026
The FY 2025 results reveal a business executing a portfolio shift that began in 2022. The exits from loss-making markets, the concentration on high-margin segments, the compounding of assets under management, and the fortyfold growth in digital app downloads are not isolated data points. They form a coherent arc.
The outstanding question remains the property transaction. Until that sale completes, dividend-eligible cash stays locked. Investors watching for a capital return signal should track that single event more than any earnings line. Everything else in this result suggests the operating businesses are performing ahead of where they stood 24 months ago and that the 2025 to 2030 strategy, which targets accelerated growth across life, general insurance, assets management, and digital, has a credible foundation to build from.
