South Africa’s second-largest insurer, Old Mutual has reported a double-digit growth in profit.
Image: ReutersSouth Africa’s second-largest insurer,It reported headline earnings up 10% at R7.9 billion, that’s for the twelve months ended December 2022.
The insurer’s balance sheet improved substantially on the back of a decrease in COVID-19 death claims that hit the overall life insurance sector hard in the previous years. Meanwhile, the financial services company says it’s soon going to apply for a full banking licence, having been given the go ahead by regulators to make the application.“This is a natural progression in our core strategy of providing a holistic set of integrated financial services to sustain customers’ prosperity. Whilst the SA banking environment is congested, it does not mean in our view that it is fully competitive in the context of a new digital era.
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