WELCOME REMARKS BY MR OFFONG AMBAH, CHIEF GROUP EXECUTIVE OFFICER, OLD MUTUAL NIGERIA

Ambah

WELCOME REMARKS BY MR OFFONG AMBAH, CHIEF GROUP EXECUTIVE OFFICER, OLD MUTUAL NIGERIA

 
 
 
 

It is with great pleasure that I welcome you, our distinguished media friends to this event. Thank you for coming.

Purpose of Event

To formally introduce the media to Old Mutual.

To express commitment to replicating in Nigeria the success for which Old Mutual is known worldwide.

Old Mutual is a leading international long-term savings, protection, banking and investment group. With headquarters in London, we are trusted by more than 14 million customers. For over 168 years we have been serving the growing insurance and investment needs of our customers.

Founded in 1845 with origins in South Africa, in the last decade we have expanded to five continents through organic and strategic acquisitions. We are listed on the London, Johannesburg and three other African stock exchanges.

Our skills and resources enable us to excel in the following key areas: banking, savings, protection and investment products & funds management. We provide our customers with tax efficient investment and protection products, offering life assurance and disability benefits. Our banking services include personal and corporate lending, transaction banking and savings accounts. We also manage our customers’ funds through annuities.

Old Mutual prides itself in its rich heritage, industry defining milestones and success in all its businesses. We want to continue this journey which originated from other parts of Africa, in West Africa. The strong growth expectations in West Africa provides the right platform for achieving this. We have chosen to start in Nigeria because of its size and very strong macroeconomic fundamentals. Old Mutual has set aside R5billion ($600million) of capital to fund its expansion in East and West Africa. 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.

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 its overall strategy to build a franchise in the West Africa region and this is with the full support of the group. The parent board, Old Mutual Plc held its board of directors meeting in Nigeria on the 2^{nd of July 2013. This would be the first time in the history of the company that the board of directors will be holding a board meeting outside of the UK and South Africa.}

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 with near term plans to roll out a full range of retail mass market products. 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.

Our objective is to work with existing insurance companies and 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 unserved 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.

We combine the local resources and skills at our disposal and leverage off the Old Mutual group capabilities and experience in other similar markets.

Old Mutual Nigeria is committed to being a customer centric company 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.

Thank you.

Offong Amah