Old Mutual Nigeria affirms commitment to group’s values

From left: Chief Financial Officer Old Mutual, Louis Jordaan; Commercial Director, Mojisola Odunye; Group Chief Executive, Offong Ambah and Managing Director/Chief Executive Officer, Keith Alford at the event in Lagos.

 

·         Group to invest $600m across East & West Africa

Chuks Udo Okonta

Old Mutual Nigeria Assurance Company has expressed commitment to replicate, in Nigeria, the successes its group is known for worldwide.

Group Chief Executive Officer, Old Mutual West Africa, Offong Ambah, who disclosed this today Thursday, at a media parley in Lagos, said:  “The Nigerian economy is developing at a fast pace and offers significant growth opportunities. Old Mutual is seizing the opportunity to be part of this development and we are excited by its prospects.

“Old Mutual is in Nigeria as part of the group’s overall strategy to build a franchise in the West African region".

He noted that with over 168 years experience in Africa, the underwriting firm, a leading international long-term savings, protection, banking and investment group, prides itself in its rich heritage, industry defining milestones and success in all its businesses, adding that in line with its overall expansion strategy in East and West Africa, Old Mutual achieved another milestone with the roll out of Old Mutual Nigeria Assurance Company, following its full acquisition of majority stake in Oceanic Life from Ecobank.

“We believe that the prospects for growth in Africa are strong due to the growing political stability and improved governance, a growing population with strong consumer demand, more workers entering the formal economy for the first time and an emerging middle class keen to protect their wealth and assets. There is also a strong domestic GDP growth in a number of countries and an underpenetrated financial services sector,” he said.

He said the roll out of Old Mutual Nigeria forms part of the strategic priorities of the Firm’s group in its expansion drive in West Africa, stressing that Old Mutual Nigeria provides a range of insurance solutions tailored to meet its customer needs.

Ambah noted that the firm’s current product offerings are Group Life Assurance and Credit Assurance and that the company intends to roll out a full range of products in the near future.

“We are in the final stages of acquiring a short-term insurance company (Oceanic General insurance business) which will enable us to provide a broad range of short term and life insurance products to the Nigerian market.

“Old Mutual Nigeria’s objective is to work with existing insurance companies and the regulator to broaden and deepen the insurance market in Nigeria. This we plan to do through the introduction of innovative products, financial education and reaching out to the underserved and un-served segment of the market. A critical part of this, is tackling the scepticism of many Nigerians regarding insurance which we are addressing through the prompt settlement of claims and excellent service delivery amongst others,” Ambah added.

He affirmed Old Mutual Nigeria’s commitment to its group value stating that the firm is committed to being customer centric, which operates responsibly, provides solutions to address the savings, protection and investment needs of its customers and is supportive of the community in which it operates by contributing positively to its development.

He noted that the group is looking to investing about $600m across East & West Africa of which Nigeria is a critical part of that expansion strategy, adding that the company completed the acquisition of majority stake of Oceanic Life from Ecobank Transnational Incorporated (Ecobank) in April 2013.

Ambah said the underwriting firm would be combining the local resources and skills at its disposal and leveraging off the Old Mutual group capabilities and experience around the world.

Old Mutual provides life assurance, asset management, banking and general insurance to more than 14 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2012, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £262 billion of funds under management from core operations.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com

Old Mutual Nigeria

Old Mutual Nigeria Assurance Company (Old Mutual Nigeria), a subsidiary of the Old Mutual group provides a range of insurance solutions tailored to meet our customers’ needs. Our current product offering are Group Life Assurance & Credit Life Assurance.

For further information on Old Mutual Nigeria Life Assurance Company Limited (Old Mutual Nigeria), please visit the corporate website at www.oldmutual.com.ng