Old Mutual says they doubled their profits simply by managing expenses
Old Mutual General Insurance made a lot more money before tax in 2022 than in 2021. They made Kes. 1.24 billion in 2022, which is more than double what they made in 2021 (Kes. 543.46 million). Their net profit was Kes 804.41 million, which is almost three times more than what they made in 2021 (Kes 289.99 million). This is mainly because they did a better job at managing their risks and costs, and also used technology to improve their services.
Managing Director of Old Mutual General Insurance, Japheth Ogalloh, said: “The growth was also because we stuck to our plan and did what we said we would do, spent less money, worked well with our partners, and got more customers”. They earned a total of Kes. 13.88 billion in 2022, which is more than what they earned in 2021 (11.34 billion).
Old Mutual also sold more insurance policies in 2022 (Kes. 12.75 billion) than in 2021 (Kes. 11.07 billion). This was because things got better after Covid-19. In 2023, they want to focus on helping their customers live healthier and happier lives and offer them different kinds of financial services from one place. This is part of their plan to achieve their goals for 2023. Ogalloh said “We want to help all kinds of customers, whether they need general insurance, life insurance, or asset management. We want to give them solutions that suit their needs from the time they are born to the time they leave the world”.
Also, the company plans to improve its digital services in the next few months to offer more value and convenience to its partners and customers who use online platforms more often. They are also changing and upgrading their digital tools to help them grow and make more money in 2023. “We have hired a team of people who are focused on making and expanding our digital services, making our work easier through using technology, and spending money on technology to support this,” said Group CEO Arthur Oginga. Last month, Old Mutual Holdings PLC said they made a lot more money before tax in 2022 than in 2021. They made Kes.202 million in 2022, which is more than three times what they made in 2021 (a loss of Kes175 million). This was because they sold more products and services and made more money from their investments.