Old Mutual named Top Empowered Business of the Year

Insurance giant Old Mutual has been honored with the prestigious Top Empowered Business of the Year award at the recent Top Empowerment virtual awards. The CEO, Ian Williamson, shared insights into the company's journey towards achieving this accolade in a recent interview with CNBC Africa. He highlighted a decade of concerted efforts focused on internal employment equity, supplier development, and broad-based investments, particularly in education and infrastructure within South Africa. These initiatives culminated in the attainment of their triple BWE level one status earlier this year, a significant milestone for the company. One notable achievement highlighted by Williamson is the investment of approximately 300 million rand into education over the past seven years. This dedicated fund has been instrumental in partnering with school principals to enhance school leadership and create conducive learning environments. The impact of these efforts is reflected in improved matric pass rates, especially in mathematics and science, essential subjects for the future workforce. Despite assuming the role of CEO during a challenging economic climate due to the COVID-19 pandemic, Williamson remains focused on enhancing customer propositions and affordability while contributing to sustainable economic recovery. He acknowledged the tough environment faced by customers, impacting their ability to invest in insurance, savings, and pensions products. By prioritizing value for money and providing relief to customers, Old Mutual aims to navigate these turbulent times. Addressing the issue of Old Mutual's presence in the Zimbabwean stock exchange, Williamson reassured stakeholders of the company's commitment to remaining in the market. With a longstanding 115-year history in Zimbabwe, Old Mutual is actively engaged with the government and stakeholders to address concerns regarding the calculation of an implied exchange rate linked to the company's share price. Despite challenges, Old Mutual remains steadfast in its support for their customer base and the Zimbabwean economy. In conclusion, Old Mutual's recognition as the Top Empowered Business of the Year reaffirms their dedication to fostering empowerment, education, and economic growth in South Africa. The company's strategic investments and commitment to social impact initiatives underscore their position as a leader in responsible business practices.