OUR STRATEGY


Our vision is to become our customers' most trusted partner and to help them reach their financial goals. This is underpinned by our ambition to become a premium financial services group in sub-Saharan Africa.

To deliver value in the medium term, our priorities are focused on consolidating and growing our position in markets in which we are a market leader improving key underperforming businesses; and building long-term competitive advantage. These priorities are defined through our eight battlegrounds:

Our strategy, 8 Battlegrounds

Old Mutual operates through seven operational segments that collaborate to serve our customers. We also manage a number of central activities, assets and liabilities, collectively referred to as “Other Group Activities”.

We are well-positioned in key sub-Saharan African geographies across multiple lines of business. Our business has an extensive product and service offering delivered through our multi-channel distribution network, with the largest reach compared to our traditional South African peers.

Our progress to date


As at 31 August 2018.

 Defend South African market share in Mass and Corporate markets

Mass and Foundation Cluster

  • Maintained strong sales in the mass market despite growing competition from existing and new entrants
  • Growth in branch footprint, number of ATMs and increased activity and volume of active Money Accounts

Old Mutual Corporate

  • Umbrella Life APE sales almost doubled compared to the prior period and we continue to build our pipeline of umbrella deals
  • Continued traction on actions taken to restore Group risk underwriting experience
 Defend and grow in the South African Personal Finance market
  • Improved pricing for certain product solutions to drive sales in the tough economic environment
  • Digital sales increased by more than 80%
  • Channels have contributed to strong sales in Wealth and Investments, Old Mutual Corporate and Old Mutual Insure
  • Sales below expectations, a number of initiatives have been launched to drive sales which include the launch of the Old Mutual Rewards programme
  • Worse mortality and morbidity experience in H1 2018
     Improve the competitiveness of the Wealth and Investment Cluster
    • Sustained investment performance – flagship retail Balanced Funds are now top quartile over one and five years
    • Higher NCCF and strong deal origination activity

     Continued turnaround Old Mutual Insure

    • Improved underwriting margin – above the top end of the target range
    • Substantial completion of remediation and claims management processes
    • iWYZE delivered strong growth
     Turn around East African business and improve returns across the rest of Africa
    • Staff reorganisation completed in H1 2018 to optimise staffing levels and eliminate duplication. This has resulted in a reduction in staff levels and is expected to drive savings going forward
    • Continued progress on turnaround in East Africa with property & casualty and life showing improvement after allowing for the cost of the staff reorganisation
    • SADC continues to generate strong profit growth, particularly in Zimbabwe, Namibia and Malawi and this region is the main contributor to returns in Rest of Africa
     Win the war for talent
    • We are attracting top talent into our business and continue to look at different ways of retaining talent
    • Progress has been made in improving the underwriting talent at Old Mutual Insure, reinforcing our investment capability at Wealth and Investments and finalising the operating model in East Africa
     Refresh the technology offering
    • The primary focus of recent initiatives has been on building protection solutions in the Mass and Foundation Cluster and Personal Finance segments which are expected to be activated during 2019
    • The digital transformation journey is progressing, focusing on driving digital engagements, sales and servicing for our customers and intermediaries
     Cost efficiency leadership
    • To date we have saved approximately R270 million of recurring costs, incurring one off costs of R70 million
    • On track to meet R1 billion cost target with many savings initiatives identified

    Our Stories

    Growing entrepreneurship through small business development

    Growing entrepreneurship through small business development

    Developing entrepreneurship across the continent is a critical component in achieving shared value.

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