Old Mutual reports solid Q1 performance despite economic challenges
The group said gross written premiums rose 19% to R6.512bn in the three months to end-March
Old Mutual has reported a solid performance in the first quarter that saw gross written premiums rise by almost a fifth despite its customers’ disposable income coming under pressure from accelerating inflation and rising interest rates.
The Cape Town-headquartered group said in a voluntary trading update on Thursday that gross written premiums rose 19% to R6.512bn in the three months to end-March, up from R5.465bn in the corresponding period the previous year. Gross flows also increased by 22% to R49.046bn thanks to a strong performance from Old Mutual Investments, which saw higher inflows into money market, fixed income and corporate cash products in subsidiary Futuregrowth...
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