NAIROBI, Kenya – Old Mutual Life Assurance Kenya (OMLAK) has improved its longer investment products up to 20 years, revised charges and surrender terms.
Managing Director Martin Karenju said the move is aimed at balancing customers’ financial needs such as long-term savings, education planning and financial security.
“Kenyans clearly want to save and build a better financial future, but they are doing so while managing significant pressures today. Our responsibility is to provide solutions that help customers balance today’s needs with tomorrow’s ambitions,” said Karenju, in a press statement seen by News9.africa.
Karenju added that other changes to the product include higher guaranteed maturity values and adjustments to benefits supporting longer-term education planning.
Kenya’s financial access and savings
The insurer took the measure following reports of higher financial access but lower savings among Kenyan households.
According to the FinAccess Household Survey 2024, conducted by the Central Bank of Kenya in collaboration with the Kenya National Bureau of Statistics (KNBS) and FSD Kenya, formal financial access rose to 84.8% in 2024, up from 83.7% in 2021.
However, Old Mutual’s 2025 Financial Wellness Monitor showed that while 91% of working Kenyans have a savings goal, 40% are reported dipping into their savings to meet everyday expenses.
Old Mutual Group CEO Arthur Oginga said the changes in its products will bridge the gap between access and savings.
“A customer does not necessarily wake up thinking about an insurance or savings product. They are thinking about paying for their child’s education, buying a home, protecting their family or having enough money when they retire. We need to begin with that goal and then help them identify the solution that can get them there,” said Oginga.
Oginga noted that the changes are part of Old Mutual’s broader strategy to support personal growth and financial security.
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