Life insurer Old Mutual has used more than half of the R4bn worth of provisions to settle Covid-19 related death claims in the three months to the end of March, saying the fallout of the second wave of infections was worse than initially anticipated.

In an operational update on Friday, Old Mutual said only R1.3bn worth of reserves was left in the kitty and it was monitoring the situation amid emerging signs of a third wave of infections in SA, which is by far the hardest hit on African continent. Old Mutual had set side R4bn earlier in 2021 for Covid-19 related claims..

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now