Virus menaces Old Mutual profit on a number of fronts
Insurer’s half-year profit to decline 20% as lockdown prevents some staff selling products
28 May 2020 - 19:34
Old Mutual, SA’s second-largest insurer, is bracing for a surge in claims related to the new coronavirus as it forecast a double-digit hit in the six months to end June.
Old Mutual, which flagged a 20% decline in half-year profit on Thursday, is among a host of companies with downbeat profit guidance in an economy facing one of its steepest downturns and with an unemployment rate forecast by some to reach 50%...
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