Old Mutual insurance business posted a 81 percent profit for the year ended December 31,2023 which was attributed to aggressive new business growth and strong customer retention.
Cost management initiatives implemented by the group were able to suppress growth in expenses at a much slower rate of 15 percent which improved margins.
“In a bid to ensure our product offering is inclusive and accessible to all, we accelerated the progress to grow our retail business through partnerships, expanding our physical reach to over 250 locations and providing access to new markets.”