Old Mutual’s belief is that we have a leadership role to play in contributing to South Africa’s growth and development.
Our role in the country’s transformation is reflected in our Corporate Citizenship commitments and practices:
A commitment to growing and investing in South Africa;
Socially responsible business activities that help address the country’s transformation challenges;
Excellent workplace practices;
Sustainable social investment projects;
Good governance; and
The active involvement of our employees in social and community affairs.
Old Mutual - a
quick reference
Old Mutual is the largest financial services company in the country. The business focus is on life assurance, asset management and through associated companies, Nedcor and Mutual & Federal, banking and general insurance respectively.
The company employs 12 792 permanent staff members (as at end December 2004).
During 2004 the company’s financial performance was as follows:
Premium income:
R35 billion
Unit Trust Sales:
R5.1 billion
Asset Management New Flows:
R12.1 billion
Client assets under management:
R312 billion
Paul Hanratty, Deputy Managing Director in charge of Retail Business Lines.
2004 was a difficult year from an overall sales perspective but there was good growth in single premium and unit trust sales. We were able to deliver on several important deliverables.
Personal Financial Advice grew its manpower, and broker distribution restructured completely.
Masthead, the Old Mutual-sponsored broker network is now established. We launched a new set of Greenlight products, as well as the new Max Investment product and a new class of unit trust funds. We enjoyed a strong close to the year. We have laid the platforms necessary for a great 2005.
Peter de Beyer, Deputy Managing Director in charge of Service, Technology and Administration.
Client Service plays a critical role in enhancing customer value, which leads to greater customer loyalty and faster sales growth. Our frontline service people have made a tremendous effort during the past few months to rectify problem areas, and to drive continuing improvement in service levels. In the year ahead we will focus on working with our distribution channels to deliver service improvements in areas where intermediaries feel the greatest impact.
Peter Moyo, Deputy Managing Director in charge of Corporate Business Lines.
Our investment performance has been outstanding in Old Mutual Asset Managers and Symmetry. The launch of the employee benefits administration system Mosaic will do much to improve service to customers. Healthcare is in good shape with their Oxygen product growing rapidly. While the Corporate businesses delivered well on their management actions, our major focus is to achieve our sales targets. A key focus in 2005 will be on the streamlining of our corporate distribution channels so that customers have one entry point into all Old Mutual institutional offerings: Employee Benefits, Healthcare, Group Schemes and Asset Managers.
Paul Hanratty, Deputy Managing Director in charge of Retail Business Lines.
Peter de Beyer, Deputy Managing Director in charge of Service, Technology and Administration.
Peter Moyo, Deputy Managing Director in charge of Corporate Business Lines.