Business Desk 
The firm attributes its performance to underwriting and operational excellence, claimed cost efficiencies, and digitization.{Photo/Courtesy}
Old Mutual’s General Insurance business unit profit before tax grew to Sh1.24 billion in the year ending December 31st 2022, on higher earnings.
Its profit grew from Sh543.46 million in a similar period the previous year.
The firm attributes its performance to underwriting and operational excellence, claimed 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,” Old Mutual General Insurance Managing Director Japheth Ogalloh said.
Likewise, net written premium rose to Sh13.88 billion from Sh11.34 billion, largely attributable to the post-Covid economic recovery.
“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,” said Ogalloh.
Only last month, Old Mutual Holdings PLC announced a 216 percent growth to Sh202 million in profit before tax for the full year ending December last year.
The profit surge came on the back of a Sh175 million loss posted during a similar review period in 2021.
