Old Mutual profit surges 18%
Old Mutual Namibia delivered excellent results for the financial year ending 31 December 2015, thereby solidifying the brand’s growth trajectory and affirming its ability to honour its promises to customers, shareholders and all other stakeholders in a highly competitive and changing regulatory environment.
These were the words of Old Mutual Namibia’s Chief Executive Officer, Kosmos Egumbo.
Group Operating Profit edged up 18% over the prior year, whilst Life Sales (on an Annual Premium Equivalent basis) grew by 9% and Gross Written Premium in the short-term business was 5% up on the prior year.
A significant cash flow turnaround was achieved with Net Client Cash Flows of N$1,9 billion recorded, and Total Funds under Management increased to N$35 billion at year-end.
“We value our customers’ trust and have honoured our promise to them as we paid out N$237 million in benefits. Our stakeholders continue to have trust in us and we are committed to making it easy to engage with us, to make them feel valued and finally, to give them peace of mind as a certain friend in uncertain times,” added Egumbo.
“We promise to continue treating our customers fairly and to lead a responsible business journey that will ensure that our investments build infrastructure, create jobs, promote financial inclusion, uplift communities and demonstrate responsible environmental management,” he concluded.
Mutual & Federal (M&F) increased total stake in Credit Guarantee Insurance Corporation to 86% and launched two new products, Motorsure and Prosure while OMEM saw strong year with 31% profit growth, and contributed 12% of Old Mutual Emerging Markets profits while the customer base grew to 4 million, according to Old Mutual Emerging Markets.
“We are excited about the future and we remain focused on executing our strategy, providing our customers with first class service, and creating value for all our stakeholders. Old Mutual Emerging Markets continues to build its customer base and expand product innovations and distribution channels,” an additional excerpt from Old Mutual Emerging Markets read.