Old Mutual Holdings History and Financial Performance Review

Old Mutual Holdings has a rich history dating back to 1845, when it was founded as the Amalgamated Association of Assurance and Benefit Societies in the Cape of Good Hope.

The company's early success was largely driven by its innovative approach to life insurance, which was a new concept at the time.

Old Mutual's first life insurance policy was issued in 1846, marking a significant milestone in the company's history.

Over the years, Old Mutual has undergone several mergers and acquisitions, expanding its operations and product offerings.

Today, Old Mutual Holdings is a leading financial services company with operations in 14 countries across Africa, Asia, Europe, and the Americas.

The company's financial performance has been strong, with a market capitalization of over $20 billion and a dividend yield of around 4%.

Old Mutual Holdings has a diverse and complex company structure, comprising multiple subsidiaries and associate companies.

The group's primary business operations are organized into four main divisions: Wealth, Asset Management, Life and Savings, and Investment, General Insurance and Fiduciary Services.

Each division is responsible for its own financial performance and strategic direction, allowing for flexibility and adaptability in response to changing market conditions.

Old Mutual Holdings has a vast network of subsidiaries and associated companies across various regions. The group's flagship company, UAP Insurance Company Limited, is based in Nairobi, Kenya and offers general insurance.

UAP Insurance Company Limited has a 100% shareholding in UAP Insurance Uganda Limited, which is also based in Kampala, Uganda and offers general insurance. UAP Insurance Uganda Limited has a 53% shareholding in UAP Life Assurance Uganda Limited, which offers life insurance.

UAP Insurance Company Limited has a 100% shareholding in UAP Insurance South Sudan Limited, which is based in Juba, South Sudan and offers general and life insurance. UAP Insurance South Sudan Limited has a 100% shareholding in UAP Properties South Sudan Limited, which is also based in Juba, South Sudan and offers real estate services.

UAP Africa Limited is a holding company based in Port Louis, Mauritius and has a 100% shareholding in UAP Investments, which offers unit trusts and pension services. UAP Properties is a holding company based in Port Louis, Mauritius and has a 100% shareholding in UAP Properties Kenya Limited, which is based in Nairobi, Kenya and offers real estate services.

Here is a list of some of the subsidiaries and associated companies of Old Mutual Holdings:

Old Mutual International (Guernsey) Ltd. is a subsidiary of Old Mutual Limited and provides life assurance, asset management, and banking services.

Loreen Makwanya has been appointed as the managing director of Old Mutual Group's Life Business unit.

Old Mutual Group has a new leader for its life insurance business, with Loreen Makwanya at the helm.

Loreen Makwanya's appointment was announced on September 19, marking a significant change in the company's structure.

The appointment of Loreen Makwanya to lead the Life Business unit is a key development in the company's organizational changes.

Old Mutual Group is a major player in the insurance industry, and Loreen Makwanya's leadership will likely have a significant impact on the company's direction.

Loreen Makwanya is now responsible for leading the life insurance business at Old Mutual Group, bringing her expertise and experience to the role.

The appointment of Loreen Makwanya to the managing director position at Old Mutual Group's Life Business unit has been confirmed.

Old Mutual Holdings has a unique ownership structure. The shares are traded over the counter at Dyer & Blair Investment Bank pending future listing on the Nairobi Securities Exchange.

The largest shareholder is Old Mutual East Africa Group of Kenya, holding 43.34% of the shares. This gives Old Mutual 66.67% control of UAP Holdings through its subsidiaries in South Africa.

Old Mutual Life Assurance Company (SA) Ltd holds 23.33% of the shares, while Bawan Limited holds 20.46%. A group of around 990 other local and international investors hold the remaining 12.87% of the shares.

The ownership structure is as follows:

Old Mutual East Africa Group of Kenya holds 43.34% of UAP Holdings' shares, making it the largest shareholder.

This is largely due to its ownership of subsidiaries of Old Mutual of South Africa, which gives Old Mutual 66.67% control of UAP Holdings.

The shareholding of UAP Holdings is expected to be broken down as follows:

Old Mutual Life Assurance Company (SA) Ltd is the second-largest shareholder with 23.33% of UAP Holdings' shares.

Bawan Limited holds 20.46% of UAP Holdings' shares, ranking it third in terms of ownership.

The remaining 12.87% of UAP Holdings' shares are held by about 990 other local and international investors.

The Board of Directors plays a crucial role in the governance of Old Mutual Limited. Trevor Manuel serves as the Chairman, a position he has held since the data was last updated.

The Board consists of seven members, each with a unique title and experience. Casper Troskie and Itumeleng Kgaboesele joined the Board in 2018, bringing their expertise to the table.

Here's a breakdown of the Board members' ages: Trevor Manuel is 69, while Casper Troskie is 62. The other members' ages range from 47 to 69.

The Board members have varying lengths of service, with some joining as recently as 2020. Iain Williamson and Brian Armstrong joined the Board in 2020, bringing fresh perspectives to the table.

Old Mutual began in Cape Town in 1845 as South Africa's first mutual life insurance company, offering financial security in uncertain times.

The company has been listed on the London and Johannesburg stock exchanges, among others, since 1999, marking a significant milestone in its history.

Today, the Group is made up of four strong businesses operating successfully in their respective markets and enabling positive futures for their stakeholders.

Old Mutual was founded in Cape Town in 1845 as South Africa's first mutual life insurance company.

The company was created to offer financial security in uncertain times, which was a big concern back then. I can only imagine how reassuring it must have been for people to have a safety net.

In 1999, Old Mutual was listed on the London and Johannesburg stock exchanges, among others. This marked a significant milestone for the company's growth and expansion.

Old Mutual Group and its subsidiary, Faulu Microfinance Bank, have committed to planting 3 million trees within the next 10 years. This ambitious goal aims to make a significant impact on the environment.

Faulu Microfinance Bank is a subsidiary of Old Mutual Group, a well-established financial services company. The partnership between these two entities is a testament to their commitment to sustainability.

Planting 3 million trees in 10 years is a remarkable target, and it's great to see companies taking proactive steps towards environmental conservation. This initiative will not only help reduce carbon emissions but also create jobs and improve the livelihoods of local communities.

Old Mutual Holdings has a solid financial performance, with a strong balance sheet and a history of paying consistent dividends.

The company's revenue has consistently grown over the years, with a notable increase in 2020 due to the acquisition of Nedbank.

In 2020, Old Mutual reported a profit before tax of R15.1 billion, a significant improvement from the previous year.

The company's asset base has also grown, with a total asset value of R1.2 trillion as of 2022.

Old Mutual's diversified business model has contributed to its financial stability, with a low debt-to-equity ratio of 0.25.

The company's focus on cost management has also helped to maintain its financial performance, with a cost-to-income ratio of 60.4% in 2020.

Old Mutual's strong financial performance has enabled it to invest in its customers and communities, with a total investment of R1.5 billion in 2020.

In June 2015, shareholders of UAP Holdings agreed to merge with the parent company's other businesses in Kenya to create a single entity called UAP-Old Mutual Group.

This merger led to the listing of the combined company's shares on the Nairobi Securities Exchange.

Peter Mwangi was appointed as the chief executive officer of UAP-Old Mutual Group in June 2015.

Arthur Oginga took over as CEO in April 2020, replacing Peter Mwangi.

Joe B. Wanjui, the former chairman of UAP Holdings, will assume the role of chairman of the new UAP Old Mutual Group.