Financial services group Old Mutual said Tuesday (15 March), that high infection rates from the second and third wave of Covid-19 continued to impact its business and employees.
In publishing its annual results for the year ended December 2021, Old Mutual said its mortality experience “has been worse than anticipated, with R6.8 billion in excess death claims”. The group reported that it released R5.3 billion from its pandemic provisions, which partially offset the impact of excess deaths on its profit.
Adjusted Headline Earnings more than doubled to R5.4 billion due to strong growth in RFO and higher shareholder investment returns.The Old Mutual rewards programme reached a milestone of 1 million members in 2021. Gross flows increased by 4% to R194.8 billion due to strong inflows in Old Mutual Investments and Wealth Management. Life APE sales increased by 16% to R11.4 billion, due to a strong recovery in sales following improved productivity levels.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Bill amendment proposes changes for pensioners - 'old' could be 60New Bill amendment proposes changes for pensioners - 'old' could be 60 A new Bill amendment for older people in SA could see changes regarding protection, age groups as well as pension fund investment.
Read more »
Father fails in bid to have advert that upsets three-year-old daughter taken off TVA concerned father has failed in a bid to have a Clientele Life Insurance TV advert that causes his three-year-old daughter to “cry frantically” taken off the air.
Read more »