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Old Mutual Holdings Plc reports a 129% operating profit growth in FY 2023

Old Mutual Holdings Plc unveiled its financial results for the fiscal year 2023 today, showcasing significant growth and profitability throughout its operations.

The Group’s operating profit before finance costs surged to Sh3.8 billion, marking a remarkable 129% increase from Sh1.7 billion in 2022, propelled by the profitable expansion of its subsidiaries.

Across all segments – short-term business, long-term business, and asset management – the Group achieved revenue growth and profitability in 2023.

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Moreover, the Group witnessed a substantial increase in investment income, attributed to the enlargement of invested assets and higher rates of return.

This bolstered the overall financial performance, affirming the effectiveness of maximizing returns for stakeholders.

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Similarly, the Group demonstrated resilience in 2023, bouncing back to a profit before tax of Sh1.4 billion, a notable recovery from the Sh491 million loss recorded in 2022.

This turnaround underscores the management’s proficiency in executing the strategy.

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Commenting on these outstanding results, Arthur Oginga, Old Mutual Group Chief Executive Officer (CEO) for East Africa, remarked, “Our strategic focus and commitment to excellence will continue to propel our business growth. The substantial increase in operating profit, investment income, and profitability turnaround validate our business model and the dedication of the Old Mutual team.”

He added, “We remain unwavering in our mission to deliver value to our stakeholders, aiming for further accomplishments through innovation, adaptation, and seizing new business opportunities.”

In 2024, the firm says it is orienting its strategy around its Integrated Financial Services Model, prioritizing a differentiated customer experience, digital transformation, strategic partnerships, and innovative product offerings.

Diana Mutheu
Diana Mutheu
Diana Mutheu is a Tech enthusiast, happy to delve deeper into the African tech space covering Social Media, AI, Startups, Telcos, Cryptocurrency, Big Data, Women in Tech and all matters Tech.

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