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Old Mutual Limited is a pan-African investment, savings, insurance, and banking group. Established in 1845 in South Africa, it had more than 12 million customers and R1.2 trillion funds under management as of 31 December 2017.[2] It is listed on the Johannesburg Stock Exchange, Zimbabwe, Malawi, Namibia and London Stock Exchanges.

Old Mutual Ltd
Limited company
Traded as
IndustryFinancial services
FoundedMay 17, 1845; 173 years ago (1845-05-17)
(Cape Town, Cape Colony)
HeadquartersJohannesburg, South Africa
Key people
Trevor Manuel, Chairman
Peter Moyo, CEO
ProductsLife insurance
Savings and investment
Asset management
Short-term insurance
R10,976 million (2017)[1]
R17,620 million (2017)[1]
AUMR1.2 trillion (2017)[1]
Number of employees
31,000 (2018)



John Fairbairn, Founder and first Chairman

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.[3] 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.[4]

Original Old Mutual headquarters in Cape Town. The building now serves as residential accommodation.

In 1939, the Old Mutual art deco office opened in Darling Street as the Mutual Building (or, Mutual Gebou in Afrikaans)[4] 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.[4]

In 1970, Old Mutual acquired a major shareholding in the newly formed Mutual & Federal, and later acquiring the remaining shares in 2009.[5] Mutual & Federal was renamed as Old Mutual Insure on 05 June 2017, and is now a part of the Old Mutual Emerging Markets business. [6]

In 1973, Old Mutual acquired shareholdings in Nedcor Bank (renamed the Nedbank Group in 2005).[4]

In 1997 and 1998, the company acquired UK stockbrokers Capel-Cure Myers and Albert E. Sharp respectively which then merged to form Capel-Cure Sharp.[4]

In 1999, it was demutualised and the company listed on the London, Johannesburg, Zimbabwe, Malawi and Namibian Stock Exchanges as Old Mutual. Old Mutual establishes a head office in London.[4]

In 2000, it bought the Gerrard Group, a financial services concern, for $857 million.[7] Capel-Cure Sharp subsequently merged with Greig Middleton, Gerrard Group's private client business. Old Mutual sold Gerrard to Barclays Bank PLC in 2003.[4]

Old Mutual Head Office in Johannesburg.

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,[8] 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.[9]

In 2005, Mike Levett retired as Chairman and was succeeded by Christopher Collins.[4] A Black Economic Empowerment deal was introduced at Old Mutual South Africa, Nedbank and Mutual & Federal in 2005.[4]

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).[10] Old Mutual also announced its Black Economic Empowerment deal in Namibia.[4]

In 2010, Patrick O'Sullivan became chairman of Old Mutual, succeeding Christopher Collins.[4] That same year, HSBC backed away from its plan to acquire 70% of Nedbank, including Old Mutual's 53% shares.[11] In 2011, Old Mutual sold US Life to Harbinger Group Inc. for $350million.[12]

In 2012, Old Mutual sold its Nordic operations to Skandia Liv for £2.1 billion.[13]

In 2013, Old Mutual strengthened operations in Africa with the acquisition of Provident Life Assurance in Ghana[14] and Oceanic Life in Nigeria.[15]

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,[16] and former Wall Street powerhouse Zoe Cruz, Old Mutual's Board became 30% female.[17]

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.[4]

In May 2015, Old Mutual celebrated 170 years of operation[4] and Bruce Hemphill became Group Chief Executive in November 2015.[18]

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.[19] 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,[20] and sold its Italian wealth management arm to the ERGO Group for €278 million.[21]

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.[22] Additionally in 2017, Old Mutual completed the sale of Indian based Kotak Mahindra Old Mutual Life Insurance Ltd.[23]

In November 2017 the company announced that it would demerge Old Mutual Wealth as Quilter plc in summer 2018.[24]

In June 2018 the company underwent the execution of its managed separation strategy. Old Mutual plc shares were de-listed and Old Mutual Limited and Quilter plc, now independent businesses, listed on the Johannesburg, Zimbabwe, Malawi, Namibian and London Stock Exchanges. On 15 October 2018, Old Mutual unbundled their majority shareholding in Nedbank to its shareholders, marking a total distribution to Old Mutual shareholders worth approximately R43.2 billion and the completion of Old Mutual Group’s Managed Separation. [25]

In 2018, Old Mutual’s head office became located at No 1 Mutual place, Sandton, Johannesburg.[26]


The structure of the business is as follows:[27]

  • Old Mutual South Africa
    • Old Mutual Investment Group
    • Old Mutual Insure
    • Old Mutual Wealth (South Africa)
  • Old Mutual Colombia
  • Old Mutual Botswana
  • Old Mutual Ghana
  • Old Mutual Malawi
  • Old Mutual Namibia
  • Old Mutual Nigeria
  • Old Mutual Swaziland
  • Old Mutual Zimbabwe
  • UAP Old Mutual Group
  • Aiva (Uruguay)
  • Kotak-Mahindra Old Mutual Life Insurance (India)

Executive committeeEdit

The members of the executive committee are:[28]

  • Peter Moyo, Chief Executive Officer
  • Casper Troskie, Chief Financial Officer
  • Raymond Berelowitz, Head: Customer Solutions
  • David Buenfil, Chief Executive Officer: Latin America and Asia
  • Clement Chinaka, Managing Director: Corporate
  • Khaya Gobodo, Managing Director: Wealth and Investments
  • Vuyo Lee, Chief Marketing Officer
  • Karabo Morule, Managing Director: Personal Finance
  • Jonas Mushosho, Head : Rest of Africa
  • Garth Napier, Managing Director: Old Mutual Insure
  • Clarence Nethengwe, Managing Director: Mass and Foundation Cluster
  • Celiwe Ross, Human Capital Director
  • Richard Treagus, Chief Risk Officer and Acting Director: Governance, Regulatory and Corporate Affairs
  • Iain Williamson, Chief Operating Officer


Old Mutual and its subsidiaries are involved in a number of sponsorships worldwide:[29]


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.[30]

Responsible businessEdit

Old Mutual participates in the United Nations Global Compact (UNGC),[31] as well as the Carbon Disclosure Project.[32]

See alsoEdit


  1. ^ a b c "Analyst Presentation 2018" (PDF). Retrieved 16 July 2018.
  2. ^ "Annual Report 2016" (PDF). Old Mutual. Retrieved 7 September 2017.
  3. ^ "Business Times article". Sunday Times. Archived from the original on 4 April 2012. Retrieved 8 June 2012.
  4. ^ a b c d e f g h i j k l m "Old Mutual History". Retrieved 18 April 2011.
  5. ^ "Old Mutual buys out M&F". Fin 24. 14 October 2009. Retrieved 9 April 2017.
  6. ^ "Mutual & Federal rebranding to Old Mutual Insure" (PDF). Old Mutual Insure. Retrieved 7 September 2017.
  7. ^ "Old Mutual reaches deal". New York Times. 19 January 2000. Retrieved 18 April 2011.
  8. ^ "Old Mutual extends US reach". The Independent. UK. 20 June 2000. Retrieved 18 April 2011.
  9. ^ Curtain to close on Liberty Ridge Capital Morningstar Advisor, 24 November 2008
  10. ^ Old Mutual seals deal for Skandia BBC News, 26 January 2006
  11. ^ Paul J Davies; Sharlene Goff (15 October 2010). "Old Mutual stunned as HSBC shuns Nedbank". Retrieved 28 September 2016.
  12. ^ Harbinger Capital Buys Old Mutual's U.S. Life Operations for $350 Million Bloomberg, 6 August 2010
  13. ^ Old Mutual to Sell Nordic Operations to Skandia Liv for $3.25 Billion Bloomberg, 15 December 2011
  14. ^ Old Mutual Buys Out Ghana Insurance Firm Business Today, 5 September 2013
  15. ^ Old Mutual plans to acquire Nigerian firm Fin 24, 22 February 2012
  16. ^ Bloomberg "Company Overview of Actis LLP"
  17. ^ Costello, Miles The Times: "Glass ceiling is wiped out as Cruz missile hits Old Mutual"; 7 January 2014.
  18. ^ "Old Mutual turns to African financial services veteran". FT. 15 April 2015. Retrieved 26 March 2016.
  19. ^ "Old Mutual to split into four units". 11 March 2016. Retrieved 28 September 2016.
  20. ^ "Why Old Mutual is investing millions in Nigeria". 22 September 2016. Retrieved 28 September 2016.
  21. ^ Marion Dakers (9 August 2016). "Old Mutual sells £238m Italian wealth arm as part of separation". Retrieved 28 September 2016.
  22. ^ Old Mutual (12 May 2017). "Sale of first tranche of OM Asset Management shares to HNA Capital US closes". Old Mutual plc. Retrieved 7 September 2017.
  23. ^ "Old Mutual to sell India insurance JV stake to Kotak for $202 mln". Reuters. 28 April 2017. Retrieved 11 March 2018.
  24. ^ "Old Mutual Wealth to rebrand as Quilter following managed separation". Investment Week. 15 November 2017. Retrieved 1 June 2018.
  25. ^ "Old Mutual Unbundles Nedbank Shares worth R43.2 billion". Old Mutual. Retrieved 15 October 2018.
  26. ^ "Old Mutual's African arm lists on the JSE as 'managed separation' continues". Fin 24. 26 June 2018. Retrieved 26 June 2018.
  27. ^ "Old Mutual Structure". Retrieved 7 September 2017.
  28. ^ "Old Mutual Executive". Archived from the original on 29 January 2011. Retrieved 26 June 2018.
  29. ^ "Old Mutual Sponsorships". Retrieved 29 August 2012.
  30. ^ "Old Mutual Learners' Scholarship Programme for South Africans, South Africa". 30 July 2010. Retrieved 18 April 2011.
  31. ^ "Communication on progress - Old Mutual". Archived from the original on 4 October 2013. Retrieved 4 October 2013.
  32. ^ "Company Responses". Archived from the original on 4 October 2013. Retrieved 4 October 2013.

External linksEdit