Old Mutual Life Assurance Kenya has revamped its life and savings products, offering investment periods of up to 20 years, higher guaranteed maturity values and revised charges and surrender terms.
The changes come as Kenyan households face difficulties maintaining long-term savings despite high access to formal financial services.
Formal financial access reached 84.8% in 2024, up from 83.7% in 2021, according to the 2024 FinAccess Household Survey by the Central Bank of Kenya, Kenya National Bureau of Statistics and FSD Kenya.
Old Mutual’s 2025 Financial Wellness Monitor found that 91% of working Kenyans surveyed had a savings goal, but 40% had withdrawn savings to meet everyday expenses.
The revamped products are designed to support longer-term goals including education, home ownership, family protection and retirement.
“Kenyans clearly want to save and build a better financial future, but they are doing so while managing significant pressures today,” said Martin Karenju, managing director of Old Mutual Life Assurance Kenya.
The changes include longer investment horizons of up to 20 years in selected products, revised charges and surrender terms, higher guaranteed maturity values and enhanced benefits for longer-term education planning.
Old Mutual Group CEO Arthur Oginga said the company is moving toward solutions built around customers’ financial goals rather than individual products.
“They are thinking about paying for their child’s education, buying a home, protecting their family or having enough money when they retire,” Oginga said.
Old Mutual said the revamp is part of its broader strategy to help customers build financial security through different stages of life.
