Johannesburg and London-listed life insurer, Old Mutual, has made significant progress on its strategic plan to reposition the group and improve its sustainable growth profile. This assertion was made by the company’s Group CEO, Julian Roberts, on Wednesday.
“We have completed the IPO of OM Asset Management, Nedbank has subscribed for a 20 percent stake in ETI and we have agreed to acquire Quilter Cheviot. These are highly significant milestones in our future development,” Roberts said in the company’s interim management report released on Wednesday.
According to Julian, Old Mutual withstood the effect of a slow domestic growth to record a resilient performance. “We are starting to see signs of improved performance in Property & Casualty. Nedbank’s good performance reflects its early action taken in anticipation of the challenging macro-economic environment.”
Additionally, Old Mutual Wealth had yet another strong quarter, with a greater proportion of assets flowing through the Platform into Old Mutual Global Investors. OM Asset Management generated good quality net client cash flow in the three months to September, according to the company.
“While economic activity remains subdued in South Africa, with consumers remaining under pressure, the Government’s medium term budget policy statement is positive for the economy as a whole. Growth remains robust elsewhere in Africa,” Roberts said.