Old Mutual Insurance Company (OMICO) recorded a strong financial performance in 2025, with profit before tax rising by more than 20 percent as the company benefited from growth in insurance premiums, investment income, and disciplined cost management.
The company reported profit before tax of ZiG101.4 million for the year ended 31 December 2025, up from ZiG83.9 million recorded in 2024.
Profit after tax increased to ZiG58 million from ZiG49.6 million in the previous year.
OMICO chairman Charles Mugawambi said the results reflected the insurer’s resilience, despite a difficult operating environment marked by inflationary pressures, tight monetary policies, and global economic uncertainty.
“We remained focused on executing our strategic priorities, strengthening our capacity to meet and exceed stakeholder expectations,” Mugawambi said in his statement accompanying the results.
“Our efforts were anchored on driving sustained top-line growth and enhancing organisational capabilities to improve customer experience and operational efficiency.”
Gross Written Premiums rose by 12 percent during the year, driven by new business generation and stronger retention rates.
The company also expanded its retail insurance portfolio, with retail products contributing 49 percent of total premium revenue, up from 46 percent in 2024.
Insurance revenue increased by 7.8 percent to ZiG1.23 billion, while investment income surged to ZiG84.1 million from ZiG29.4 million the previous year. Total assets climbed 5 percent to ZiG715.2 million, compared to ZiG682.1 million in 2024.
Mugawambi said the company continued investing in technology and customer service initiatives, including the rollout of digital platforms and the opening of additional Motor Vehicle Assessment Centres.
“These upgrades significantly improved accessibility and user experience, driving a 194 percent increase in digital sales compared to the previous year,” he said.
The insurer maintained an A/A rating from the Global Credit Rating Company (GCR) and retained its ISO 9001:2015 certification during the year.
Looking ahead, OMICO said it expects economic reforms and monetary stability measures to support growth, while strategic partnerships and product innovation will remain key priorities. The board has declared a dividend of ZiG18.2 million, equivalent to 1.82 cents per share.
“The company remains well-positioned to deliver long-term value to stakeholders,” Mugawambi said.