(Alliance News) - Old Mutual Ltd on Wednesday reported robust growth in gross written premiums for the first nine months of 2023, indicating that strong sales trajectory continued.
The Anglo-South African financial services firm also said it was searching for a new chief financial officer. Chief Financial Officer Casper Troskie will reach normal retirement age in April 2024, but he has agreed to extend his tenure to the end of April 2025.
Gross written premiums rose 15% to ZAR19.31 billion for the first nine months of 2023 from ZAR16.86 billion a year earlier.
The growth was driven by new business, premium increases, and renewals across all divisions in Old Mutual Insure, and the acquisition of Genric Insurance Co Ltd.
Gross flows rose 8% to ZAR146.55 billion from ZAR136.14 billion, as a result mainly of higher inflows in Old Mutual Africa Regions following a higher demand for offshore investments in Namibia, as well as new mandates secured and higher unit trust sales in East Africa.
Life annual premium equivalent sales were up 4% to ZAR9.85 billion from ZAR9.49 billion, getting a boost from Mass and Foundation Cluster.
Loans and advances improved to ZAR19.39 billion, up 2% from ZAR19.01 billion.
Shares in Old Mutual rose 0.3% to ZAR12.04 on Wednesday in midday session in Johannesburg. But they lost 1.4% to 51.30 pence in London.
By Artwell Dlamini, Alliance News reporter
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Old Mutual Lim. (OMU)