Old Mutual profit hits Sh856m despite Tanzania unit exit

Old Mutual Holdings has reported a Sh856 million profit after tax for the year that ended on December 2025, driven by double-digit growth in asset management and strong performance in life business. 

This represents a two per cent increase from Sh838 million recorded in 2024, which the company said reflected the resilience of the Group’s diversified portfolio and disciplined execution in a dynamic macroeconomic environment. 

The firm has however not recommended a dividend.

The Group that operates in Kenya, Uganda, Rwanda and South Sudan recorded a consolidated profit before tax of Sh1.9 billion, supported by strong performance in the life and asset management businesses, improved treasury management and strengthened capital buffers. 

“Our performance reflects the resilience of our diversified portfolio and the discipline of our execution in a dynamic operating environment. We have strengthened our capital position, significantly improved our liquidity, and delivered strong growth in life and asset management position 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,” said Arthur Oginga, the chief executive Old Mutual Holdings.

During the year, total assets grew by six per cent to hit Sh79.2 billion, up from Sh74.8 billion in 2024, while total equity strengthened by three per cent increase to record Sh20.4 billion from Sh19.7 billion, reinforcing the Group’s financial stability and long-term capacity to support customers and drive growth.

Old Mutual said growth during the year was largely driven by strong performance in the Group’s asset management businesses. Assets under management at Old Mutual Investment Group Uganda grew by 34 per cent, supported by sustained inflows into the unit trust business, contributing to the Asset  Management business delivering a profit before tax of Sh992 million, up from Sh837 million in 2024. 

The Life business also delivered strong growth, posting a Sh791 million profit before tax of, up from Sh681 million recorded in the prior year, supported by improved operational efficiency. Old Mutual recently exited Tanzania through the sale of a majority stake and is in the process of winding up its South Sudan business, which has not attracted a buyer.