Old Mutual posts Sh375 million half year loss – Capital FM Kenya
Hi, what are you looking for?
OPPO expands the A-series in Kenya with the new A77
China’s largest container-like computing facility connects to network
OPPO set to launch all-new ColorOS 13 based on Android 13
Google invests in Lori Systems to support its digital transport management
Huawei revenue down 5.9 percent in first half of 2022
Meta to launch ‘metaverse academy’ in France
PE firm Ascent Capital buys majority in Valley Hospital in Nakuru
Mastercard, OPay announce strategic partnership to grow cashless ecosystem
Does the 12pc minimum wage have a discernible effect on employment?
Telkom and Airtel subscribers to access Lipa na M-PESA services
Nzoia Sugar to resume operations after Sh500mn government bailout
KRA destroys illicit beverages worth Shs30 million
IMF agrees to resume Pakistan loan after fuel, tax hikes
Kenyans given up to August 5 to comment on draft National Tax Policy
Inflation rate slightly down in Ethiopia in June
IFC Managing Director Makhtar Diop sits down with Sauti Sol
Seasoned Content Creators Jacky Vike And Jaymo Ule Msee Offer Great Advice To Newbies
Creativity in Marketing: What it Takes to Create Powerful Campaigns
Capital FM, EABL and MSK in partnership to launch marketing-driven podcasts
AgriTechs bet on Kenya’s mobile coverage to make farming more productive
Capital FM’s Digital Director David Muba and EABL’s Head of Media Futures Waithera Kabiru Discuss their Digital Careers
The Importance of the Role of Marketing in an Organisation as told by Graham Villiers-Tuthill
Growth, Love and Education in the Life of Funke Michaels
Head of Brand and Marketing Communications at Safaricom, Carolyne Kendi, Shares Her Atypical Marketing Journey
Manish Sardana on Entrepreneurship, Leadership and What it takes to be Successful in a Digital World.
Capital FM commemorates anniversary of Chris Kirubi’s death
Finding Opportunity in the midst of the pandemic: AskKirubi
COVID-19: Lessons Learned and Future Direction for Entrepreneurs
Kirubi set to acquire half of Centum Plc following nod by CMA
Kirubi warns investors against fake cryptocurrency platform using his name
NAIROBI, Kenya August 30 — Old Mutual Holdings PLC has posted a loss before tax of Sh375 million in the first six months of 2022 compared to a profit before tax of Sh552 million reported in a similar period in 2021.
The performance was delivered on the backdrop of a deteriorating Global economic environment driven largely by the Russia/Ukraine conflict
Gross written premiums grew by 29 per cent driven by both the short-term insurance and long-term insurance businesses.
The Group’s long-term and short-term insurance businesses sustained the growth recorded over the same period in 2021 on the back of our Customer Centricity strategy.
“The highlights for our business in this period compared to the same period in 2021 include strong top-line growth, reduced investment income on the back of the worsened NSE performance and rising interest rates, “said Old Mutual Group Chief Executive Officer Arthur Oginga.
Oginga added that increases in the firm’s cost base driven by investments and currency weakening, and higher finance costs due to the weakening of the Kenya shilling against the US dollar had a net result in loss reported.
Further, net Investment income was down 34 per cent driven by equity market falls and rising interest rates in the Kenyan market that have impacted equity and bond valuations within our business.
Operating expenses were up 30 per cent over the same period 2021. This was largely driven by marketing expenses following the rebrand of the Group to Old Mutual in Kenya and Rwanda, incremental software expenses and premium taxes related to the growth in the book of business.
The expenses were also attributed to USD-denominated cost growth on the back of currency devaluation and recruitment of key positions that were vacant in the prior year and general inflationary growth.
Finance costs on borrowings were up 54 per cent over a similar period in 2021 driven by forex losses on a portion of the Group debt that is US$ denominated as the Kenya Shilling depreciated 9.25 per cent over the first half of the year.
NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight…
NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any…
NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead…
It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be…
NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety…
NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March…
NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of…
NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the…
© 2022 Capital Digital Media. Capital Group Limited. All Rights Reserved