Old Mutual Ltd - insurer with headquarters in Cape Town - Will make commercial settlements compensation customers with an annual sum of ZAR5 million or less insures for business interruption losses based on "specific criteria". Old Mutual estimates these settlemts, along with previously submitted business interruption claims, will amount to more than ZAR650 million. The company maintains its view that "a suspicion or the general widespread occurrence of Covid-19 in the area or any steps taken by government, as an example, to limit the spread of Covid-19 nationally, will not constitute an interruption or interference of the business under the infectious disease extension." It is awaiting legal certainty on this matter.
Current stock price: ZAR11.88 in Johannesburg, 55.60 pence in London
Year-to-date change: down 39% in Johannesburg, down 48% in London.
By Anna Farley; annafarley@alliancenews.com
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Old Mutual Lim. (OMU)