The company started operations in Kenya in the late 1920s. in 1974, the company ceased to underwrite life assurance for non-domestic companies in Kenya due to tax concessions on retirement annuity premiums, reduced the tax concessions on life assurance premiums and increased the taxation by non-domestic life offices as effected by the Kenyan government.

As a result, the funds and old mutual became a closed fund as it stopped underwriting new business.in 1995, a decision was reached to open up Old Mutual doors to new business underwriting and the success gained was profound.

In 1997, Old Mutual Investment Service(Kenya) Limited was formed. In 2002, Old Mutual Asset Management becomes the largest private Asset management company in Kenya with 30billion assets under management.

In 2003, Old Mutual Investment Services Ltd introduces two unit trust funds, the Old Mutual Money Market Fund and Equity Fund. This made it one of the strongest players in the market after Britam

In subsequent years, it introduced other funds like the Bond fund, the Muslim fund and also East Africa fund and the Rafiki range of products.

In 2015, it acquired a controlling stake of the UAP Holdings at 60.66%

Old Mutual is predominately a life assurance underwriter with a major focus of the elite and high net worth individuals in the country.