Old Mutual General Insurance Kenya has received a higher national-scale financial strength rating after Global Credit Ratings (GCR) upgraded the insurer from A-(KE) to A(KE), citing stronger capital, improved liquidity and better underwriting results, in a move that reinforces confidence in the company's ability to meet its financial obligations while supporting future growth.
The rating agency assigned the insurer a Stable Outlook, saying the upgrade was driven by stronger capital quality following the successful conversion of the Group's debt into preference shares, improved capital adequacy, stronger liquidity and better underwriting performance.
According to GCR, the A(KE) rating reflects greater confidence in Old Mutual General Insurance Kenya's financial strength and its ability to meet commitments to customers, business partners and other stakeholders.
“The group’s liquidity profile registered within a healthy range, supported by stable asset allocation. In this respect, liquid assets, including government securities, accounted for 44.1% of the investment portfolio as of 31 December 2025 (31 December 2024: 47.0%),” GCR said.
The upgraded rating provides an independent assessment of the insurer's financial position and its ability to continue meeting its financial obligations while strengthening confidence among customers, brokers, agents and other business partners.
Old Mutual General Insurance Kenya Managing Director Japheth Ogalloh welcomed the rating upgrade, saying it reflects the work the company has done to build a stronger business.
“The upgrade is an important independent affirmation of the progress we are making to strengthen our financial position and build a more resilient insurance business,” Ogalloh stated.
As a core operating company within Old Mutual Holdings Plc, the insurer also benefited from the wider Group's financial strength and continued support from Old Mutual Limited.
GCR said the Group's history of financial support, its strategic importance and close operational links within the wider business were among the factors considered during the assessment.
Old Mutual Holdings Plc also recorded growth in its capital base, with total capital rising to Sh20.4 billion as of December 31, 2025, up from Sh19.7 billion a year earlier. The increase strengthened the GCR capital adequacy ratio to 1.6 times from 1.4 times in 2024.
The Group maintained a strong statutory solvency margin of 190 percent while continuing to improve its liquidity position. GCR noted that liquid assets, including government securities, made up 44.1 percent of the investment portfolio.
The rating agency also pointed to better underwriting performance by Old Mutual General Insurance Kenya, with the combined ratio improving to 101 percent in 2025 from 104 percent the previous year.
The insurer retained a strong position in Kenya's general insurance market, accounting for 8.2 percent of the sector while contributing 55.9 percent of the Group's insurance revenue.
Looking ahead, GCR expects the insurer's earnings to remain relatively stable, supported by continued portfolio optimisation and ongoing underwriting management measures.
The Stable Outlook reflects expectations that liquidity will remain within a moderately strong range, with the liquidity coverage ratio projected to stay between 1.2 and 1.3 times, while capitalisation is expected to remain above the required intermediate range.
The latest upgrade comes as Old Mutual General Insurance Kenya continues to strengthen its position in the local insurance market through improved financial performance, stronger capital management and steady operational resilience.