Old Mutual FY gross written premiums up 12%

Old Mutual, a leading financial services company in South Africa, has demonstrated resilience in the face of challenging economic conditions. In a recent interview with CNBC Africa, Iain Williamson, the Chief Executive Officer of Old Mutual, discussed the company's performance and outlook. Despite the impact of factors such as food price inflation, low economic growth, exacerbated unemployment, and load shedding on consumers, Old Mutual managed to deliver a strong set of results. The company's focus remains on the health of the consumer, who is under significant pressure due to these economic challenges. However, Old Mutual's diversified distribution channels have enabled them to continue attracting new business, with the value of new business up 16 percent and live sales up 10 percent. While assets under management showed a slight decline, Williamson reassured that it was mainly due to market movements and highlighted a significant pipeline of funds waiting to be invested. Looking ahead, Williamson acknowledged the volatility in the economic landscape but expressed confidence in Old Mutual's ability to navigate through the uncertainty. The company remains committed to sustainable investing, with a substantial amount of funds allocated to the green economy. Despite the slow pace of progress in the energy sector, Old Mutual is optimistic about the potential for growth in this area. With a focus on delivering a sustainable energy future for the country, Old Mutual is actively participating in projects that align with their goals. Williamson emphasized the need for accelerated development in the green energy space to meet the growing demand effectively. As the company continues to adapt to changing market conditions, Old Mutual is well-positioned to overcome challenges and leverage opportunities for growth.