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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..

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