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<p>This Focus On segment puts the Old Mutual Africa Region business under the spotlight. We find out what the Group&#8217;s strategy is, how they have performed in the different regions and what lies ahead for the group.</p>


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Focus On: Old Mutual’s Africa regions business results

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<p>Experimentation and creativity are critical to increasing access to and use of financial services for individuals and small businesses, particularly in emerging markets where the financial inclusion gap is greatest. Drawing on examples of local pilots that have made a tangible difference to communities in different parts of the world, how can we leverage these successes at a time when resilience to economic crises is dangerously low?</p>


DAVOS 2024: Comparing Notes on Financial Inclusion

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<p>Old Mutual is the latest insurance company to release their results. The company’s headline earnings took a knock of 51 per cent due to the drop in sales during the Covid-19 Pandemic. But they still declared a dividend of 35 cents per ordinary share. This is despite the prediction of a 3rd and 4th Covid-19 wave. Old Mutual CEO, Iain Williamson joins CNBC Africa for more.</p>


Old Mutual CEO explains decision to pay dividend despite COVID-19 challenges

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<p>Insurer Old Mutual has reported that it’s withdrawn its half year dividend and will look at the possibility of a full year dividend once the economy’s recovery path is clearer. Adjusted headline earnings per share declined by 66 per cent driven by lower new business sales volumes, volatile markets as well as the raising of short-term provisions in anticipation of worsening mortality. Old Mutual CEO, Iain Williamson joins CNBC Africa for more.</p>


Old Mutual withholds half-year dividend amid COVID-19 uncertainties

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<p>Insurance giant Old Mutual has won the Top Empowered Business of the Year award at the Top Empowerment virtual awards last night, joining CNBC Africa for more is Iain Williamson, CEO of Old Mutual.</p>


Old Mutual named top empowered business of the year

Old Mutual named Top Empowered Business of the Year


<p>JOHANNESBURG (Reuters) &#8211; Old Mutual said on Friday acting CEO Iain Williamson had been made permanent, ending a year of uncertainty over who will lead one of South Africa’s biggest insurers.</p>



<p>Williamson has held the interim position since May 2019, when then-CEO Peter Moyo was suspended and subsequently sacked in a dispute over a conflict of interest.</p>



<p>Since then, he has had to contend with a court battle with Moyo and the coronavirus crisis, both of which have hurt the insurer’s bid to remake itself, improve performance and assuage some frustrated investors.</p>



<p>“His steady hand, strategic mind, and authentic leadership style has been both refreshing and truly welcomed,” Chairman Trevor Manuel said of Williamson, an actuary by profession and Old Mutual veteran of almost three decades.</p>



<p>The decision clears up the last big question following the saga with Moyo, a difficult period for the 175-year-old insurer whose share price &#8211; and reputation &#8211; was dealt a hefty blow throughout.</p>



<p>It endured a series of losses early on in litigation bought by its former boss, including a block on seeking his replacement. These have been overturned, but Moyo still plans to pursue a case seeking permanent reinstatement or damages.</p>



<p>Williamson will now be tasked with reviving Old Mutual’s performance more broadly. The company has seen profits slide since it re-listed in Johannesburg in June 2018.</p>



<p>Some investors thought an external candidate would be better able to reset the dial. But Jacques Plaut, portfolio manager at Allan Gray, Old Mutual’s No.2 shareholder, was pleased with the choice.</p>



<p>“(Williamson) knows the business very well and he speaks sense,” he said. “There are definitely some things to fix there, and part of me thinks maybe it needs an outsider to do it, but not necessarily.”</p>



<p>Old Mutual shares climbed off earlier lows on the news, but were still 1.33% down at 1300 GMT.</p>


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Old Mutual makes acting CEO permanent, a year after sacking predecessor

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<p>Financial services group Old Mutual managed to pull through a positive set of results despite the challenging economic environment and the ongoing executive leadership challenges. Joining CNBC Africa for more is interim CEO, Iain Williamson.</p>


Litigation over Moyo does little to dent Old Mutual’s earnings


<p>JOHANNESBURG (Reuters) &#8211; The board of South Africa’s Old Mutual likely wants to have appointed a new chief executive within a few months, interim CEO Iain Williamson said on Monday, when the insurer announced its full-year results and its shares dropped 8.5%.  </p>



<p>Old Mutual said full-year adjusted profit rose 7%, versus the already flagged expected increase of up to 9% &#8211; which it attributed mostly to higher returns on invested capital due to an improved market, as opposed to performance.  </p>



<p>The company’s share drop comes after the stock sunk in 2019 partly due to a spat with former boss Peter Moyo over his abrupt sacking in June following a dispute over a conflict of interest. </p>



<p>Williamson said that while the hunt for a new CEO was underway, he deferred questions on what stage the process was at and possible time frame to the board. </p>



<p>“I suspect they would like it done in the next few months,” he said </p>



<p>After initially winning a series of victories, Moyo’s case was dismissed in January &#8211; a decision he is appealing. </p>



<p>That marked a much-needed win for 175-year-old Old Mutual, whose handling of the matter was criticised by some shareholders and customers, denting the reputation of one of South Africa’s oldest companies. </p>



<p>Williamson said this had some impact on its ability to win new business, with the brand’s image hurt by the issue, though it was hard to isolate this from the much larger impact of a tough economy in South Africa. </p>



<p>Old Mutual’s results from operations &#8211; its measure of operating profit &#8211; fell 2%, verses a potential decline of as much as 5% flagged in a trading statement earlier in March.  </p>



<p>The insurer pointed to economic deterioration in its home market, by far its largest and which tipped into recession this year. Many of its markets outside of South Africa also suffered. </p>



<p>Its adjusted headline earnings per share for the year to Dec. 31 stood at 209.3 cents ($0.1283), versus 195.1 cents a year earlier. Headline earnings per share is the main profit measure in South Africa. </p>



<p>Old Mutual adjusts its figure to account for factors including the break up of its former conglomerate structure into four separate entities &#8211; a U.S. asset manager, British wealth manager, African financial services division and a bank &#8211; that executives said would fare better alone. </p>



<p>Its shares regained some ground after dropping 8.5% at market open, and were down 5.92% by 0722 GMT, slightly outperforming the local stock market which was down 6%. </p>



<p>($1 = 16.3118 rand) </p>



<p>(Reporting by Emma Rumney; Editing by Shailesh Kuber and Christopher Cushing)</p>



<p>This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN2130WZ-OZABS">https://af.reuters.com/article/investingNews/idAFKBN2130WZ-OZABS</a> and is republished with its permission.</p>


Old Mutual wants new CEO within months; shares drop after earnings

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<p>Financial inclusion aims to bring more active participants into the economy, by making it accessible and affordable for customers to transact across countries and regions. But how can it play a role in transforming the economy? CNBC Africa spoke to Iain Williamson, Acting Chief Executive Officer of Old Mutual for more.</p>


Old Mutual on financial inclusion, transforming the economy

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<p>One of Africa’s oldest financial services company has suspended one of the continent’s best known CEOs. Old Mutual has suspended Peter Moyo for what it has called a “material breakdown of trust.” It delivered the news in an email to staff. Chris Pretorius, Wealth Manager, Alphawealth joins CNBC Africa for more.</p>


Why markets think Moyo’s suspension is not a big deal

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<p>One of Africa’s oldest financial services company has suspended one of the continent’s best known CEOs. Old Mutual has suspended Peter Moyo for what it has called a “material breakdown of trust.” It delivered the news in an email to staff.  The board chaired by former South African finance minister Trevor Manual has put chief operating officer Iain Williamson in as acting CEO.</p>


iain williamson

Focus On: Old Mutual’s Africa regions business results

DAVOS 2024: Comparing Notes on Financial Inclusion

Old Mutual CEO explains decision to pay dividend despite COVID-19 challenges

Old Mutual withholds half-year dividend amid COVID-19 uncertainties

Old Mutual named Top Empowered Business of the Year

Old Mutual makes acting CEO permanent, a year after sacking predecessor

Litigation over Moyo does little to dent Old Mutual’s earnings

Old Mutual wants new CEO within months; shares drop after earnings

Old Mutual on financial inclusion, transforming the economy

Why markets think Moyo’s suspension is not a big deal

Old Mutual CEO suspended, shares slide

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iain williamson

Focus On: Old Mutual’s Africa regions business results

DAVOS 2024: Comparing Notes on Financial Inclusion

Old Mutual CEO explains decision to pay dividend despite COVID-19 challenges

Old Mutual withholds half-year dividend amid COVID-19 uncertainties

Old Mutual named Top Empowered Business of the Year

Old Mutual makes acting CEO permanent, a year after sacking predecessor

Litigation over Moyo does little to dent Old Mutual’s earnings

Old Mutual wants new CEO within months; shares drop after earnings

Old Mutual on financial inclusion, transforming the economy

Why markets think Moyo’s suspension is not a big deal

Old Mutual CEO suspended, shares slide

News Tips

Advertise With Us

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