Old Mutual rakes in millions

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WINDHOEK– Old Mutual’s MD for Africa Operations, Johannes !Gawaxab, says the company is “future fit” as the Namibian operations under his wing recorded a growth of N$589 million after tax, thereby establishing its continuing dominance of the insurance market. 

“Old Mutual’s 36 percent growth in group operating profit, delivering N$589 million in 2013 and N$432 million in 2012, establishes the brand’s dominance as one of the most profitable, relevant and powerful local players in the Namibian business sector,” said !Gawaxab.

Creating value for policy holders and shareholders, !Gawaxab said since he took over the reins in 2003 profit margins from life policies shot up from N$50 million to N$306 million in 2014.

This came from external business except insurance and asset management. Towards to end of last year, he said, Old Mutual was managing N$31 billion from its clients in the fields of unit trusts, pension funds and policies.

“Non-life sales came in at N$4.823 billion, with life sales (on an annual equivalent basis) showing excellent growth with a 20 percent increase, while total funds under management registered an impressive 15 percent increase to end the year at N$31 billion, re-affirming once again Old Mutual as a savings and investment champion,” he announced the Namibian results yesterday, following the earlier release of the Old Mutual Group’s results on Friday February 28.

Praising his staff for hard work and commitment, !Gawaxab said the company as a force for economic growth and transformation had indeed delivered very strong results in 2013. Their focused work ethic and responsible and responsive socio-economic engagement are happily reaping the benefits of “putting our customers first”, he added.

He said Old Mutual Namibia paid out N$1.5 billion to Namibians and institutions during 2013 which is equivalent to N$5.7 million on average every working day.

“We actively look for reasons to pay claims,” !Gawaxab said. He said from the one percent Nett Profit After Tax (NPAT), the Old Mutual Foundation committed itself annually in the fields of education, sport, and skills and capacity building, to the over N$980 million managed through the infrastructural development fund, Medina, that includes the establishment of a hospital, shopping malls and land service delivery across the country. “We are pleased to continuously plough back in terms of investment and skills in support of our growing economy,” he said.


By Fifi Rhodes