Video Message
“Our foremost strategic focus area continues to be ensuring that we become our customers’ first choice to sustain, grow and protect their prosperity.”
Video Message
2021 was a very tough and challenging year, but our company's resilience and resourcefulness were evident throughout.
Despite volatile global economic factors and the ongoing disruption and trauma of the pandemic and lockdown, we succeeded in amplifying our strengths and improving our productivity, performance and total shareholder returns (the latter by 34%).
The way we responded to the challenges - with real commitment, empathy and efficiency - strengthened our overall reputation this past year and bodes well for our future.
We have, in fact, become a great example of a business that strives to be responsible, sustainable and ethical, and on behalf of the Board I would like to warmly congratulate and thank Iain, the Exco and all Mutualites for this achievement.
What is particularly pleasing is the fact that long-term thinking and Environmental, Social and Governance factors are now well integrated in the business and are playing a pivotal role in our investment decisions and operations.
The Board's foremost strategic focus area is ensuring that Old Mutual becomes our customers' first choice to sustain, grow and protect their prosperity.
This year, that entailed making sure the Group strengthened the market conduct framework - which ensures that customers are treated fairly - and that this applies across the business.
Further enhancements to our customer servicing were made by leveraging our end-to-end digital capabilities and artificial intelligence tools.
Supporting Old Mutual's overall progress has been the culture change initiative (Project Pulse) driven by the Human Capital team.
With the full backing of the Board, Old Mutual has been enhancing its leadership development, energising employee talent management, and instilling a culture of caring and innovation.
An ongoing focus area for the Board is monitoring the response readiness of the business to a wide range of risks.
The events in that took place in the provinces of KZN and Gauteng in July 2021 were a wakeup call on the risks of exclusion.
This highlighted the need for both firmer leadership and better collaboration between all social partners especially government and business working together to build an economy that is more inclusive, just and stable.
In our role as custodians of savings and investments across the continent, we already provide disadvantaged families with opportunities for social mobility and intergenerational wealth accumulation.
We are determined to bring wellbeing within the reach of many more.
The Group's efforts to drive empowerment and transformation in the financial services sector included the sale of 21.2% of Old Mutual Investment Group's share in Futuregrowth to the African Women Chartered Accountants Investment Holdings.
Significant progress was also made on the environmental front this past year.
Apart from formulating a solid climate change strategy, we published the Group's very first public disclosure on the frameworks we are putting in place in support of global decarbonisation goals.
I would like to assure you that, as one of the largest asset managers on the African continent, with R1.3 trillion in Funds Under Management, we consider addressing the climate crisis a top priority.
Accountability has been formalised at Board and Executive Committee level, and we have joined both the Net Zero Asset Managers Alliance and the Net Zero Asset Owners Alliance.
The Board is also pleased with the outcomes of the various legal challenges instituted by the Group's former CEO, bringing this matter closer to a final conclusion.
Lastly, I would like to sincerely thank outgoing Board members Peter de Beyer and Matthys du Toit for their many years of great service, and welcome Jaco Langner and Nomkhita Nqweni.
We are confident these excellent appointments will add great value to our Board, which continues to stand up to tight scrutiny.
May Old Mutual and its remarkable people continue to do great things for all our stakeholders!
Ngiyabonga! Rea leboga! Baie dankie! Thank you! Asante Sana! 
2021 Highlights
Our products and services
We have a range of products and services across multiple operational segments.
Life and Savings
Banking and Lending
Asset Management
Property and CasualtyProvides simple financial products to the retail customers in the low income and lower middle income markets.
& Wealth Management
Provides holistic financial advice and a full range of insurance and investment solutions to retail customers in the middle income and high net worth markets.
Provides a broad range of asset management solutions and services to retail and institutional investors.
Provides group assurance, investments and advisory solutions to Enterprises and SMMEs.
Provides a comprehensive range of short-term insurance solutions to retail and institutional customers.
Operates in 12 countries across the African continent, offering a broad range of financial solutions to retail customers, corporates and government institutions.
& Wealth Management
Our Operations
South Africa
South Africa
9,053
Tied advisers
6.2m
Customers
21,362
Employees
Southern Africa
Namibia
Botswana
eSwatini
Malawi
Zimbabwe
888
Tied advisers
2.3m
Customers
2,944
Employees
East Africa
South Sudan
Kenya
Uganda
Rwanda
Tanzania
1,391
Tied advisers
1.6m
Customers
3,331
Employees
West Africa
Ghana
Nigeria
316
Tied advisers
1.8m
Customers
844
Employees
China
China
54
Tied advisers
0.2m
Customers
356
Employees
We're in
14
countries
We offer our products and services to customers through our multi-channel distribution network.
1st choice to sustain, grow and protect their prosperity
Our Strategy
Our Truly Mutual strategy is aligned with, and inspired by, our purpose of championing mutually positive futures every day. We believe that delivering on our vision of becoming our customers’ first choice will translate to shared value for all our stakeholders by building the most valuable business in our industry.
We will make it evident that Old Mutual cares through solutions and actions that support customers, their families, and communities.
We do this by offering our customers solutions that are accessible, affordably priced and supporting them through financial education. We also demonstrate “care” by treating all stakeholders fairly and ensuring that we create shared value by delivering on our Responsible Business focus areas, which are incorporated into our Sustainability Framework.
Our Responsible Business focus areas are responsible investment, environmental impact, financial education and inclusion, education, entrepreneurship, skills development, and diversity and inclusion.
- To be known as a financial services provider that truly cares for its stakeholders and delivers shared value across the countries in which we operate.
MEDIUM TERM PRIORITIES
- Further embed and accelerate our response to climate change through our responsible investment philosophy and by proactively reducing our carbon footprint.
- Deliver an integrated, enterprise-wide financial education strategy and embed financial education into all customer touchpoints and solutions.
- Support economic growth and job creation by way of increased investment in small, medium and micro enterprises (SMMEs) through vehicles such as the Masisizane Fund, and support small businesses directly via our internal value chain.
- Invest in our Learn. Think. Do initiative which makes education more accessible across the continent by providing open education resources that can be accessed in multiple languages and through multiple platforms.
We will maintain our dominance across our physical channels and modernise our traditional distribution advantage by digitally enabling our intermediaries.
We will integrate the best parts of our physical solutions with digital solutions that provide a seamless and integrated customer experience across all touch points. Enhancing our physical reach with a digital presence will help us to be “always present”.
This will be supported by a strong brand presence so that when customers think of financial services, they think of us first.
- To offer customers the right solution (product, service and advice) at the right time and through the channel of their choice. By understanding our customers at an individual level, coupled with superior engagement levels and leading solutions, we will be the preferred brand for the solutions we offer.
MEDIUM TERM PRIORITIES
- Deliver superior brand equity through retail proposition marketing in South Africa.
- Drive the integration of digital marketing and e-commerce across all marketing initiatives.
- Grow adviser and franchise footprint across select South African segments.
- Strengthen Old Mutual brand equity in East Africa through the re-branding of UAP Old Mutual.
We will convert our understanding of our customers’ goals and circumstances to provide personalised, regular and meaningful engagement. We will do this by educating, encouraging and rewarding customers for taking consistent action towards achieving their personal financial goals.
At the centre of this intent is MyOldMutual, a pan-African digital platform that aims to deliver a seamless and integrated customer experience across our full suite of capabilities. This includes financial advice, financial education, rewards, data driven nudges and a full suite of modular products. This will enable us to offer customers the right solutions at the right time, enabling them to reach their financial goals.
- To deliver a meaningful and personalised customer experience, that is integrated across digital and face to face mediums through the MyOldMutual platform.
- To convert our customer base to multi-product consumers through effective use of advice and customer data, supported by meaningful incentive structures.
MEDIUM TERM PRIORITIES
- Increase active digital customers by at least 40% and deliver a converged digital experience through the MyOldMutual platform.
- Enhance Old Mutual Rewards, including new features, personalisation and integration into the MyOldMutual platform as well as the roll out of Old Mutual Rewards across select African countries.
- Accelerate the roll-out of the automated goal matching capability to South African customers and advisers.
Our people strategy is focused on building a future fit workforce, culture and people experience that enables the business to respond effectively to rapidly changing customer needs.
In building this workforce, we will create an environment that embraces new ways of working and develop the requisite capabilities to gear the business for growth. This will be supported by driving the requisite culture shifts to create an agile and execution focused organisation. We will also ensure that our employee experience, including our employee value proposition, remains compelling so that we are able to attract and retain key talent.
- To create an environment where our employees find a deep sense of connection and meaning in our purpose and vision, as demonstrated by their relentless focus on delivering meaningful customer experiences at every stage of the customer journey.
- We want our employees to feel empowered and motivated to be part of an organisation that rewards and recognises high-performance.
MEDIUM TERM PRIORITIES
- Implement agile operating model and ways of working to improve speed to market and efficiencies.
- Enable a future-fit workforce by investing in future skills development.
- Enhance our employee value proposition to attract, engage and retain top talent.
- Establish a diverse and inclusive workforce in all countries we operate in.
For solutions where we are already competitive and market leading, we will focus on enhancing their flexibility and ease of use.
We will continuously improve solutions and launch innovative and refreshed propositions. These propositions will enable key shifts that our customers require, including customised solutions and the best advice delivered through a seamless experience.
- We will deliver solutions that lead in service and performance, for insurance, investments and supporting banking needs. Customers will be able to meet all their primary financial services needs with us.
MEDIUM TERM PRIORITIES
- Enhance the Old Mutual Protect proposition through granular pricing and the introduction of new benefits.
- Launch new flexible and modular solutions, such as the new Savings and Income proposition, by utilising the new core technology infrastructure.
- Accelerate growth in transactional banking.
12.1 million customers
Established relationships of trust with our stakeholders
Contribution to South Africa's transformation and empowerment agenda
Sustainability framework