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OLD MUTUAL
As global investments increasingly evolve to the emerging sustainability issues, Old Mutual has positioned itself as a leading advocate for environmental, social, and governance (ESG) principles. The company has developed policies and frameworks that integrate ESG considerations into its business strategies and operations.
Old Mutual’s approach to sustainability is driven by its core business activities, the material ESG issues affecting its operations and stakeholders, and a strong commitment to acting responsibly and treating all stakeholders equitably. In its East Africa operations, key priorities include building climate resilience, making nature-positive investments, promoting financial wellness, and adopting sustainable business practices. The objective is to generate positive economic, environmental, and social outcomes while delivering business value. This approach effectively addresses systemic challenges, such as climate vulnerability, gaps in financial literacy, and the necessity for sustainable investments.
With less than 50 percent of Africa’s population being financially literate, Old Mutual is taking significant steps to improve financial inclusion. The company has launched financial literacy initiatives that focus on promoting positive financial behaviours and wellness programs aimed at reaching one million East Africans.
Old Mutual is partnering with both the education and private sectors to deliver financial education to customers and communities through a mix of digital and traditional channels, ensuring widespread access from formative stages to retirement age. One of the significant collaborations taking place in this space is the partnership with Kenya Institute of Curriculum Development (KICD) and Safaricom PLC, where Old Mutual has successfully developed financial literacy learning resources for teachers and students in junior and senior schools. Furthermore, the company is collaborating with universities and youth centric brands to offer financial education specifically designed for the younger demographic, successfully reaching over 25,000 young individuals in the past two years.
From a digital transformation front, Old Mutual Kenya has launched Thrive, a wellness platform designed to support individuals in making positive lifestyle choices that integrate seamlessly into their busy schedules. This initiative offers various tools aimed at enhancing financial, physical, mental, and nutritional well-being by incentivising and rewarding healthy behaviours. The Thrive financial pillar provides financial education to empower customers in taking control of their financial futures. The platform includes informative articles and helpful tools. Users can assess their financial health by obtaining a financial wellbeing score and can explore their money habits through the money personality quiz. The initiative has seen a 40 percent uptake of financial education content during the pilot phase. Ultimately, by empowering customers and communities with financial literacy, Old Mutual contributes to market stability and sustainability.
Old Mutual recognises that small and medium-sized enterprises (SMEs) are the backbone of the African economy. However, these businesses face ongoing challenges, including limited access to funding, inadequate infrastructure, complex regulations, and restricted market access, among others.
To address these challenges, Old Mutual offers financial solutions that improve access to capital, such as loans through Faulu Microfinance Bank, as well as health and insurance products tailored for SMEs. Additionally, Old Mutual has launched a dedicated forum dubbed the Old Mutual SME Roundtable to connect Kenyan SMEs with investors, financial institutions, and industry experts. This initiative addresses key challenges identified in the Old Mutual Financial Services Monitor report, which revealed that 46 percent of SMEs face financial stress due to limited access to advisory services. The roundtable facilitates structured knowledge sharing sessions, offers insights into market trends, and provides tailored financial solutions.
Recognising that only 3 percent of global sustainability investments are directed toward Africa, Old Mutual is proactively channeling capital toward climate adaptation. As one of the largest asset managers in East Africa, it aims to expand investments in renewable energy, facilitating the transition to a green carbon economy. Through the Old Mutual Investment Group, the company has engaged in multiple sustainability-focused initiatives spanning diverse sectors and investment vehicles. These include the Student Housing Development, where Old Mutual allocated approximately KES 771 million (ZAR 110 million) to develop International Finance Corporation (IFC) EDGE-certified student housing facilities in Kenya, directly addressing the country’s critical shortage of purpose-built, sustainable accommodations while adhering to global green building standards. Additionally, Old Mutual has secured KES 1.16 billion (ZAR 166 million) for a Renewable Energy Infrastructure Platform, an integrated investment initiative focused on net-zero-aligned infrastructure projects across Africa. This platform combines development, construction management, and long-term operational capabilities while incorporating demand-side energy efficiency solutions to maximise climate impact.
From a conservation perspective, the company is committed to an ambitious goal of planting 3 million trees across East Africa. Old Mutual has successfully rehabilitated 60 hectares of Aberdare National Park, in partnership with the Kenya Wildlife Service (KWS), achieving an impressive 80 percent tree survival rate. This initiative not only enhances biodiversity but also plays a crucial role in carbon sequestration, which is vital for mitigating climate change effects.
Old Mutual deliberately allocates 5 percent of the Old Mutual Foundation’s annual funding to humanitarian interventions and disaster prevention initiatives, which include climate-related disasters.
Old Mutual is collaborating with sector leaders through key memberships in sustainability organisations like the UN Global Compact, the Nairobi Declaration on Sustainable Insurance and the Africa Natural Capital Alliance to develop frameworks for nature-positive investments.
Old Mutual fosters a high-performance organisational culture that emphasises inclusivity, agility, and a strong customer focus. This culture aligns with the company’s strategic objectives by driving market success through engaged, high-performing teams equipped to serve customers effectively. To support this vision, Old Mutual has developed a Culture and Engagement Model, designed to enhance operational methods and connect employees with a shared sense of purpose, empowering them to thrive in all aspects of their well-being. Additionally, the Old Mutual Employee Wellness Program, recognised as a leader in workplace well-being, promotes holistic wellness, addressing physical, mental, and emotional health.
To institutionalise sustainability governance, Old Mutual has an Executive Sustainability Committee, which is chaired by the Group CEO of Old Mutual East Africa. This committee is responsible for overseeing ESG accountability and reporting.
AUTHOR: OLD MUTUAL
EDITOR: KAREN NDUKU
