Old Mutual Still Going Strong
March 24, 2010 by N/A
March 23, 2010
The Old Mutual Group is well positioned to dominate the financial services sector as they weathered the financial and economic storm over the past two years, said Johannes !Gawaxab, managing director of Old Mutual’s African Operations when announcing his company’s financial results for 2009 on Monday.
According to !Gawaxab, Old Mutual Namibia emerged strong despite the global recession, as the financial provider reported surplus capital of N$1.1 billion up from N$906 million as at 31 December 2009 and an operating profit of N$340 million.
“Old Mutual is a trusted financial services provider which has successfully operated in Namibia for close to 90 years. We have delivered solid financial results despite the challenging economic landscape; and have also delivered on all our strategic initiatives for the year.
“This demonstrates that we not only have a sound business plan in place, but that we also relentlessly executed this plan. We will continue to provide our customers with the assurance that their life-savings are in safe, capable hands,” !Gawaxab said.
Life APE Sales were up slightly from N$278 million in 2008 to N$279 million last year, while Non-Life APE Sales grew from N$311 million in 2008 to N$499 million – an increase of 60.5%.
External Funds under Management grew by 13% to N$16.6 billion in 2009 from N$14.78 billion in 2008.
Return-on-capital was 41% in 2009 compared to 28% in 2008.
!Gawaxab said that Old Mutual Namibia delivered on all its strategic objectives in 2009 and recorded good progress in the implementation of its strategic priorities of the year, which laid a solid foundation for the execution of the business 2010 strategy.
These strategies include delivering value to customers by providing them with appropriate financial advice, relevant solutions and treating them fairly at all times, expanding distribution capabilities as well as strengthening governance and risk–management capabilities and processes and to champion the economic transformation of Namibia.
