Old Mutual revamps savings products to deepen long-term financial wellness
Old Mutual Life Assurance Kenya Managing Director Martin Karenju at the re-launch event held at Old Mutual Tower.
The insurer overhauls its life and savings solutions as data shows most Kenyans save with purpose but struggle to stay the course.
By Grace Wanja
Old Mutual Life Assurance Kenya has revamped its life and savings products to help Kenyan households build more consistent, long-term financial security — a move prompted by data showing that access to financial services alone is not translating into sustained saving behaviour.
The overhaul comes against a backdrop of high financial inclusion but persistent savings fragility. According to the 2024 FinAccess Household Survey, conducted by the Central Bank of Kenya in collaboration with the Kenya National Bureau of Statistics and FSD Kenya, formal financial access rose to 84.8% in 2024, up from 83.7% in 2021. Yet Old Mutual’s own 2025 Financial Wellness Monitor tells a more nuanced story: while 91% of working Kenyans surveyed have a savings goal, 40% reported dipping into those savings to cover everyday expenses.
The gap between intention and outcome points to a clear need for structured solutions that help households remain focused on defined goals — education, home ownership, family protection and retirement — without being derailed by short-term financial pressure.
Old Mutual Life Assurance Kenya Managing Director Martin Karenju said the findings shaped the direction of the revamp directly. “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,” Karenju said.
The upgraded products strengthen Old Mutual’s existing propositions across several dimensions. Changes include longer investment horizons of up to 20 years on selected products, revised charges and surrender terms that favour the customer, higher guaranteed maturity values and adjustments to benefits designed to support longer-term education planning.
Old Mutual Group Chief Executive Arthur Oginga said the changes reflect a deliberate shift in how the company thinks about its customers’ financial lives — starting with goals rather than products.
“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,” Oginga said.
The revamp forms part of Old Mutual’s broader strategy to remain relevant across different stages of a customer’s financial life — moving beyond transactional product sales towards a more holistic approach to personal financial wellness.
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