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OLD MUTUAL
The origin of Old Mutual in Kenya dates back to nearly a century ago. For decades, Old Mutual Building has been widely recognised as a major landmark within the Central Business District (CBD) in Nairobi. Gazetted as a national monument in 2001, it was established in 1930, when South Africa-based Old Mutual, leading pan-African financial services group, set up shop in Kenya’s capital.
Sanctions imposed by the international community against South Africa for its apartheid policies limited a lot of Old Mutual’s cross-border trade, and by 1974, it was, in essence, a closed fund.
The creation of a new South African government led by Nelson Mandela in 1994 signalled the dawn of a new era for Old Mutual. The group reopened its offices in Kenya the following year.
Meanwhile, in the 1920s, Provincial Insurance Company of East Africa was incorporated as a subsidiary of Provincial Insurance Company, an insurance group based in London, United Kingdom (UK). Following the merger of Union des Assurances de Paris (UAP) of France and Provincial Insurance of the UK in 1994, UAP was born in Kenya. UAP expanded to Uganda in 2005, to South Sudan in 2006, to Rwanda and the Democratic Republic of the Congo (DRC) in 2011, and to Tanzania in 2013.
Mutual Ltd Iain Williamson during the rebrand activities at KICC, Nairobi.
In 2014, Old Mutual acquired a controlling 67 percent interest in Faulu Kenya, a major microfinance bank in the country, and in early 2015, it acquired 60.66 percent shareholding in UAP. Later that same year, Old Mutual began to consolidate all its investments in Kenya under one company, namely, UAP Old Mutual. The merger involved UAP, Faulu Kenya, and the legacy businesses of Old Mutual Kenya.
Last year, UAP Old Mutual rebranded to Old Mutual East Africa. The transition to Old Mutual has so far been implemented in Kenya and Rwanda, and will later be followed by similar exercises in Uganda, South Sudan, and Tanzania, expected to be completed by the end of 2023.
With customer obsession, personalised catering and a passion for Africa at the core, Old Mutual offers insurance, investments, savings, banking and financial services to ensure its over 10 million consumers achieve both personal and business ambitions.
Under Old Mutual’s personal savings and investment platform, customers have the option of choosing between various long-term products. For instance, the Hakika Savings Plan enables one to save for up to 43 years, and the Lengo Savings Plan is an investment which comes with life cover benefits. Additionally, education plans tailored for each child are available for parents through both the Lengo and Elimika Education Plans.
There are also Unit Trusts that offer affordable and flexible investments via four products, that is, Old Mutual Money Market Fund, Old Mutual Equity Fund, Old Mutual Balanced Fund and Old Mutual Bond Fund. Of note, having launched in 2003, the Old Mutual Money Market Fund enjoys an estimated fund size of KES 5.97 Billion (as of 31st August 2022), making it one of the biggest money market funds in Kenya.
Of interest among the personal savings products is the Personal Pension Plan, a product that enables one to satisfactorily prepare for retirement.
Old Mutual is one of very few insurers in East Africa that offers health insurance to senior citizens aged between 65 and 80 years through its Afyaimara Senior product.
Devoted to breaking the cycle of generational poverty, Old Mutual has invested considerably in financial education. The ‘On the Money’ programme is an educational initiative created to teach consumers how to best manage their finances. The programme is based on the behaviours of the Big Five animals: the Lion, Leopard, Rhino, Elephant and Buffalo. On the Money is aimed at helping people see how easy it is to start new habits and break old approaches.
In 2021, Old Mutual entered into an agreement with the Small and Medium Enterprise (SME) Support Centre (SSC) and Kenbright, another financial services firm, to insure a customised financial solution for SMEs.
For larger enterprises, both the employees’ and the employers’ needs are catered for through a wide array of insurance products. In addition, via Old Mutual’s Investment Advisory, Provident and Pension Fund Management is offered, with an assurance that the businesses’ funds meet their objectives, and that all regulations are met.
This year, Old Mutual was honoured at the annual Association of Kenya Insurers (AKI) Awards.
Under the leadership of Arthur Oginga as the Chief Executive Officer (CEO), Old Mutual leaves no doubt that it prioritises the needs of its customers, while making significant strides in changing lives.
