NAIROBI, Kenya, July 17 – GCR Ratings has raised Old Mutual General Insurance Kenya to A(KE) from A-(KE) on stronger capital, improved underwriting performance and sound liquidity.
The stable outlook was supported by stronger capital adequacy, as well as improved capital quality due to the conversion of the Group’s debt into preference shares.
At the end of 2025, Old Mutual’s total capital increased to Sh20.4 billion from Sh19.7 billion a year earlier.
“The group’s liquidity profile registered within a healthy range, supported by stable asset allocation. Liquid assets, including government securities, accounted for 44.1 percent of the investment portfolio as of December 31, 2025,” GCR said.
Old Mutual General Insurance Company Kenya Managing Director Japheth Ogalloh said the upgrade was a reflection of progress made in strengthening the insurer’s financial position.
“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 said.
