Old Mutual plc is an international investment, savings, insurance, and banking group. Established in 1845 in South Africa, it had more than 19 million customers and £394.9 billion assets under management as of 31 December 2016. It is listed on the London Stock Exchange and Johannesburg Stock Exchange and is a constituent of the FTSE 100 Index.
|Public limited company|
|Founded||May 17, 1845
(Cape Town, Cape Colony)
|Patrick O'Sullivan, Chairman
Bruce Hemphill, Group CEO
Savings and investment
|Revenue||£18,696 million (2016)|
|£1,216 million (2016)|
|£845 million (2016)|
Number of employees
The company was founded 1845 as a mutual insurance company by John Fairbairn, together with several other prominent Cape Town figures such as the liberal politician Saul Solomon. The original name The Mutual Life Assurance Society of the Cape of Good Hope was changed to The South Africa Mutual Life Assurance Society in 1885.
In 1939, the Old Mutual art deco office opened in Darling Street as the Mutual Building (or, Mutual Gebou in Afrikaans) which has since been converted to residential use and known as "Mutual Heights". In 1956, Old Mutual relocated its head office to Mutualpark in Pinelands which was the largest office block in the southern hemisphere at the time.
In 1970, Old Mutual acquired a major shareholding in the newly formed Mutual & Federal, and later acquiring the remaining shares in 2009. Mutual & Federal was renamed as Old Mutual Insure on 05 June 2017, and is now a part of the Old Mutual Emerging Markets business. 
In 2000, it bought the Gerrard Group, a financial services concern, for $857 million. Capel-Cure Sharp subsequently merged with Greig Middleton, Gerrard Group's private client business. Old Mutual sold Gerrard to Barclays Bank PLC in 2003.
Later in 2000 Old Mutual purchased United Asset Management, based in Boston, for US$1.46 billion in cash and assumed ownership of UAM net debt of around US$769 million, thus acquiring a large and diverse US-based asset manager. Among the holdings of UAM were the PBHG Funds of Pilgrim Baxter & Associates. In 2003, PBA was one of many companies who faced charges related to market timing brought by the U.S. Securities and Exchange Commission (SEC) and the Attorney General of New York. Ultimately, the PBHG Funds (which had been renamed Liberty Ridge) were absorbed into the Old Mutual Funds group.
In 2005, Mike Levett retired as Chairman and was succeeded by Christopher Collins. A Black Economic Empowerment deal was introduced at Old Mutual South Africa, Nedbank and Mutual & Federal in 2005.
In 2006, Old Mutual acquired the Swedish insurer, Skandia, in a $6.5billion deal, bringing additional business in the United Kingdom, several other countries in Europe, in Latin America, the Far East and Australia (which Old Mutual has since exited). Old Mutual also announced its Black Economic Empowerment deal in Namibia.
In 2010, Patrick O'Sullivan became chairman of Old Mutual, succeeding Christopher Collins. That same year, HSBC backed away from its plan to acquire 70% of Nedbank, including Old Mutual's 53% shares. In 2011, Old Mutual sold US Life to Harbinger Group Inc. for $350million.
In 2012, Old Mutual sold its Nordic operations to Skandia Liv for £2.1 billion.
As of January 2014, with the additions of attorney Adiba Ighodaro, daughter of Nigeria's 3rd Secretary-General of the Commonwealth of Nations, Chief Emeka Anyaoku, and former Wall Street powerhouse Zoe Cruz, Old Mutual's Board became 30% female.
In 2014 Skandia Colombia renamed to Old Mutual Colombia, Provident Life Assurance renamed to Old Mutual Ghana and Skandia UK renamed to Old Mutual Wealth. Later in 2014, Old Mutual Wealth sold Skandia Germany, Skandia Austria and Skandia Poland.
In March 2016, Old Mutual plc announced a new strategy for the Group, called managed separation that seeks to unlock and create value for shareholders. The strategy will entail the separation of its four businesses, Old Mutual Emerging Markets, Nedbank, UK- based Old Mutual Wealth and Boston based Old Mutual Asset Management (OMAM) into standalone entities. In August 2016, Old Mutual Investment Group signed a deal with the Nigeria Sovereign Investment Authority to invest $700 million in hospitality, retail, commercial sectors, and food security, and sold its Italian wealth management arm to the ERGO Group for €278 million.
A significant strategic milestone was reached during the first half of 2017 with the announcement of a series of transactions that will once completed, reduce Old Mutual plc’s stake in OM Asset Management (OMAM) to 5.5%. OMAM is now independent from Old Mutual plc. Additionally in 2017, Old Mutual completed the sale of Indian based Kotak Mahindra Old Mutual Life Insurance Ltd.
Old Mutual Emerging Markets
- Old Mutual South Africa 
- Old Mutual Investment Group
- Old Mutual Insure
- Old Mutual Wealth (South Africa)
- Old Mutual Colombia
- Old Mutual Ghana
- Old Mutual Malawi
- Old Mutual Namibia
- Old Mutual Nigeria
- Old Mutual Swaziland
- Old Mutual Zimbabwe
- UAP Old Mutual Holdings
- Aiva (Uruguay)
- Kotak-Mahindra Old Mutual Life Insurance (India)
Old Mutual Wealth (UK)
- Old Mutual International
- Old Mutual Global Investors
- Quilter Cheviot
The members of the plc executive committee are:
- Bruce Hemphill, Group Chief Executive, Old Mutual Group
- Ingrid Johnson, Group Finance Director, Old Mutual Group
- Ian Gladman, Group Strategy Director, Old Mutual Group
- Sue Kean, Group Risk Officer, Old Mutual Group
- Rob Leith, Director, Managed Separation, Old Mutual Group
- Rex Tomlinson, Group Chief of Staff, Old Mutual Group
Old Mutual and its subsidiaries are involved in a number of sponsorships worldwide:
- The Old Mutual Two Oceans Marathon (South Africa)
- The Old Mutual National Choir Festival (South Africa)
- The Old Mutual joBerg2c (South Africa)
- The Nedbank Old Mutual Budget Speech Competition (South Africa)
- The Nedbank Golf Challenge (South Africa)
- The Nedbank Cup (South Africa)
- Your Horizon, in partnership with Young Enterprise (United Kingdom)
Old Mutual South Africa awards a number of bursaries every year for exceptional matriculants and actuarial students at South African universities. It also offers part-qualified actuarial employees study leave before actuarial exams. Actuarial students are also typically awarded salary increases following exam passes.
Old Mutual plc released their first annual Responsible Business Report in 2010, alongside their Annual Report and Accounts. During 2014, Old Mutual began a partnership with the Cambridge Institute of Sustainability Leadership to identify the areas where the business can make the most material impact, culminating in the launch of the Positive Futures Plan which highlighted the focus going forward on financial wellbeing (financial education and financial inclusion) and responsible investment. In 2015, Old Mutual joined the Investment Leaders Group, focusing on directing capital towards sustainable economic development.
Given the announced managed separation strategy, work is underway to transition the Positive Futures Plan into the underlying businesses.
Old Mutual participates in the United Nations Global Compact (UNGC), Johannesburg Stock Exchanges’ Socially Responsible Investment Index (JSE SRI) and FTSE4Good as well as the Carbon Disclosure Project. In 2012, Old Mutual joined the United Nations-backed Principles for Responsible Investment (PRI), and, in October 2013, sponsored the seventh annual 'PRI in Person' conference, held in Cape Town.
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- Harbinger Capital Buys Old Mutual's U.S. Life Operations for $350 Million Bloomberg, 6 August 2010
- Old Mutual to Sell Nordic Operations to Skandia Liv for $3.25 Billion Bloomberg, 15 December 2011
- Old Mutual Buys Out Ghana Insurance Firm Business Today, 5 September 2013
- Old Mutual plans to acquire Nigerian firm Fin 24, 22 February 2012
- Bloomberg "Company Overview of Actis LLP"
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- "Old Mutual Group Executive". Oldmutual.com. Archived from the original on 29 January 2011. Retrieved 18 April 2011.
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- "Communication on progress - Old Mutual". unglobalcompact.org. Archived from the original on 4 October 2013. Retrieved 4 October 2013.
- "SRI Index Constituents for 2012". jse.co.za. Archived from the original on 4 October 2013. Retrieved 4 October 2013.
- "Affiliations". oldmutual.com. Retrieved 4 October 2013.
- "Company Responses". cdproject.net. Archived from the original on 4 October 2013. Retrieved 4 October 2013.
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