Staff Writer
OLD Mutual Insurance Company says its aggressive drive to expand market reach and roll out innovative products underpinned double-digit revenue growth for the year ended December 31, 2024.
Gross premium written (GPW) rose 10% to ZiG1,137 billion from ZiG1,040 billion in 2023, buoyed by new business acquisition and a strong retail portfolio, which grew to contribute 40% of GPW compared to 36% in the prior year.
Group chairman Charles Mugwambi attributed the performance to a deliberate strategy anchored on product development, digital transformation, and distribution network expansion.
“Key drivers of performance include financial education campaigns to promote products and optimisation of new and existing distribution partnerships,” he said in a statement accompanying the results.
During the year, the insurer launched a mobile office to improve penetration in underserved regions and opened a third motor vehicle assessment centre in Harare. The centres now operate as integrated service hubs, enhancing claims processing and customer convenience.
The company also accelerated digital innovation, rolling out the Homecare product on the O’mari digital platform and introducing a bundled motor insurance and funeral cover product. Digital sales soared 4,317% compared to the previous year, highlighting the impact of targeted campaigns and growing adoption of online services.
Operationally, Old Mutual maintained a strong underwriting margin of 14 percent, double the 7 % achieved in 2023, thanks to disciplined underwriting and efficient claims management. Reinsurance retentions improved from 67% to 71 %, supporting earned premium growth of 21 %
Mugwambi said customer retention remained robust at 93% up from 90% previously, reflecting the company’s focus on service delivery and convenience.
Looking ahead, the insurer plans to further expand its distribution footprint through strategic partnerships and continue investing in digital capabilities to meet evolving customer needs.
