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Chuks Udo Okonta
Old Mutual entities in Nigeria are transforming the local insurance industry by leveraging rich history, global expertise and human capital backed with commitment rooted in trust to provide positive future for customers.
Old Mutual General Insurance Company Nigeria Limited and Old Mutual Nigeria Life Assurance Company Limited are subsidiaries of Old Mutual Plc.
Old Mutual Plc is an international investment, savings, insurance, and banking group. Established in 1845 in South Africa, It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It had more than 19 million customers and £394.9 billion assets under management as of 31 December 2016, and employs over 64,000 people in 34 countries across five continents.
Old Mutual entities in Nigeria are in a very strong financial state. Since established in 2012, the Old Mutual Nigeria Life Assurance Company has recorded continuing growth in written premium from N660.7million in 2012, to N1.3billion in 2016, representing a compounded annual growth rate (CAGR) of 18.4 per cent.
In the 31 December 2016 financial statements filed with NAICOM, the Life company’s solvency capital was N3.35billion compared to a regulatory required N2.0billion. The Life company offers an array of savings and risks products including Term Assurance, Group Life, Credit Life and the 2 in 1 savings plan.
Old Mutual Nigeria General Insurance Company Limited since 2013 has recorded continuing growth in written premium from N1.8billion to N3.4billion, representing a CAGR of 22.8 per cent. In the 31 December 2016 financial statements filed with NAICOM, the General Insurance company’s solvency capital was N3.6billion compared to a regulatory required N3.0billion.
The General Insurance company offers a range of personal and business insurance solutions, from household and contents, motor to fire, marine, aviation and oil and gas insurance products.