Old Mutual swings into a loss amid Covid-19 hit
A drop off in new business and volatile markets hurt the group, while it prepares for the insurance fallout from the pandemic
01 September 2020 - 08:14
Insurer Old Mutual has reported a hefty first-half loss after the Covid-19 pandemic resulted in a sharp fall-off in new business and prompted volatility on financial markets.
The group reported a loss after tax of R5.62bn in its six months to end-June, from profit after tax of R5.8bn previously, reporting pressure on its customer base, while a partial closure of its branch network and lack of access to homes weighed on sales...
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