|Traded as||LSE: OML JSE: OML|
|Founded||1845 (Cape Town, Cape Colony)|
|Key people||Patrick O'Sullivan, Chairman
Julian Roberts, Group CEO
|Products||Life assurance, savings and investment, asset management, banking and short-term insurance|
|Revenue||£19,793 million (2012)|
|Operating income||£1,614 million (2012)|
|Net income||£1,487 million (2012)|
- 1 History
- 2 Operations
- 3 Senior management
- 4 Sponsorships
- 5 Bursaries
- 6 Responsible business
- 7 Office locations
- 8 See also
- 9 References
- 10 External links
The company was founded 1845 as a mutual insurance company by John Fairbairn, together with several other prominent Cape Town figures such as the liberal politician Saul Solomon. The original name The Mutual Life Assurance Society of the Cape of Good Hope was changed to The South Africa Mutual Life Assurance Society in 1885.
In 1939 the Old Mutual art deco office opened in Darling Street as the Mutual Building (or, Mutual Gebou in Afrikaans) which has since been converted to residential use and known as "Mutual Heights". In 1956 Old Mutual relocated its Head Office to Mutualpark in Pinelands which was the largest office block in the southern hemisphere at the time.
In 1970 Old Mutual acquired a major shareholding in the newly formed Mutual & Federal, and later acquiring the remaining shares in 2010.
In 2000 it bought the Gerrard Group, a financial services concern, for $857m. Capel-Cure Sharp subsequently merged with Greig Middleton, Gerrard Group's private client business. Old Mutual sold Gerrard to Barclays Bank PLC in 2003.
Later in 2000 Old Mutual purchased United Asset Management, based in Boston, for US$1.46 billion in cash and assumed ownership of UAM net debt of around US$769 million, thus acquiring a large and diverse US-based asset manager. Among the holdings of UAM were the PBHG Funds of Pilgrim Baxter & Associates. In 2003, PBA was one of many companies who faced charges related to market timing brought by the U.S. Securities and Exchange Commission (SEC) and the Attorney General of New York. Ultimately, the PBHG Funds (which had been renamed Liberty Ridge) were absorbed into the Old Mutual Funds group.
In 2005, Mike Levett retired as Chairman and was succeeded by Christopher Collins. A Black Economic Empowerment deal was introduced at Old Mutual South Africa, Nedbank and Mutual & Federal in 2005.
In 2006 Old Mutual acquired the Swedish insurer, Skandia, in a $6.5bn deal, bringing additional business in the United Kingdom, several other countries in Europe, in Latin America, the Far East and Australia (which Old Mutual has since exited). Old Mutual also announced its Black Economic Empowerment deal in Namibia.
In 2012, Old Mutual sold its Nordic operations to Skandia Liv for £2.1 billion.
Long-term savings and investments (Africa, Europe, Colombia, Mexico, India and China)
- Old Mutual Emerging Markets – Old Mutual South Africa, Old Mutual Investment Group, Old Mutual Wealth (South Africa), China, Colombia, Ghana, India, Kenya, Malawi, Mexico, Namibia, Nigeria, Swaziland, Uruguay and Zimbabwe
- Old Mutual Wealth – UK, International, Old Mutual Wealth (Europe) and Old Mutual Global Investors
Short-term insurance (southern Africa)
- Mutual & Federal – provides insurance services in South Africa to the personal, commercial and corporate markets.
- iWYZE is a collaboration between Mutual & Federal and Old Mutual. It enables Old Mutual to offer a new product to its customer base.
Asset Management (United States)
Operates a multi-boutique model offering institutional clients access to a range of entrepreneurial asset managers. Affiliates include Acadian Asset Management.
- Nedbank (53% owned) is one of the four largest banking groups in South Africa.
- Nedbank Private Wealth (South Africa) provides wealth management for individuals, families, trusts and non-profit organisations.
- Nedbank Private Wealth (International) provides private banking, investment management and fiduciary services to a wide range of clients.
The offshore life business in Bermuda, which is now closed to new business. Austria, Germany and Switzerland (forming part of Old Mutual Wealth Europe) are also closed to new business.
Old Mutual formerly owned businesses in Australia, Chile, Hong Kong and Portugal before exiting those markets.
The Group Executive Committee meets regularly to address strategic issues, to review the Group's progress against its business plan for the year and to discuss other high-level matters affecting the Group's performance or prospects.
The members are:
- Julian Roberts, Group Chief Executive, Old Mutual Group 
- Philip Broadley, Group Finance Director, Old Mutual Group 
- Peter Bain, President and Chief Executive Officer, Old Mutual Asset Management (US) 
- Paul Feeney, Chief Executive Officer, Old Mutual Wealth
- Mike Brown, Chief Executive, Nedbank Group 
- Ian Gladman, Group Strategy Director, Old Mutual Group 
- Carlton Hood, Group Customer Director, Old Mutual Group 
- Paul Hanratty, Group Operating Officer, Old Mutual Group 
- Sue Kean, Group Risk Officer, Old Mutual Group 
- Ralph Mupita, Chief Executive Officer, Emerging Markets 
- Don Schneider, Group Human Resources Director, Old Mutual Group 
- The Old Mutual Two Oceans Marathon (South Africa) 
- The Old Mutual National Choir Festival (South Africa) 
- The Old Mutual joBerg2c (South Africa) 
- The Nedbank Old Mutual Budget Speech Competition (South Africa) 
- The Nedbank Golf Challenge (South Africa) 
- The Nedbank Cup (South Africa) 
- The Nedbank South African Disabled Golf Open (South Africa) 
- The South African Paralympic team 
- The Young Enterprise Personal Economics Programme (United Kingdom) 
- Old Mutual US sponsors Trevor Immelman, a South African Golfer 
- Skandia Marathon Langteam (Poland) 
- Tour de Pologne (Poland) 
Old Mutual South Africa awards a number of bursaries every year for exceptional actuarial students at South African universities. It also offers part-qualified actuarial employees study leave before actuarial exams. Actuarial students are also typically awarded salary increases following exam passes. Although generous, these bursaries are accompanied by onerous financial conditions. As of 2012, a typical bursary will require a student, upon graduating, to enter an employment contract with Old Mutual for at least 6 years.
Old Mutual Group released their first annual Responsible Business Report in 2010, alongside their Annual Report and Accounts. The report covers the progress the Group has made against their five pillars of Responsible Business - Customers, Investment, Employees, Communities and Environment.
Old Mutual participates in the United Nations Global Compact (UNGC), Johannesburg Stock Exchanges’ Socially Responsible Investment Index (JSE SRI) and FTSE4Good as well as the Carbon Disclosure Project. In 2012, Old Mutual joined the United Nations-backed Principles for Responsible Investment (PRI), and, in October 2013, sponsored the seventh annual 'PRI in Person' conference, held in Cape Town.
The Old Mutual Group Head Office is located at 5th Floor, Millennium Bridge House, 2 Lambeth Hill, London EC4V 4GG.
Main office locations of subsidiaries include:
- Colombia: Skandia Colombia, Avenida 19 No 109 A - 30, Bogotá D.C., Colombia
- Mexico: Skandia Mexico, 162 Plum Forest, Bosques de las Lomas, 11700, Mexico 
- Mutual & Federal: Mutual & Federal Building, 75 President Street, Johannesburg, 2001, South Africa 
- Nedbank: 135 Rivonia Road, Sandown, 2196, South Africa 
- Old Mutual Asset Management (US): 200 Clarendon Street, 53rd Floor, Boston, United States of America 
- Old Mutual Kenya: Corner of Mara Road and Hospital Road, Upper Hill, Nairobi, Kenya
- Old Mutual Malawi: Old Mutual Building, 30 Glyn Jones Road, Blantyre, Malawi
- Old Mutual Namibia: Mutual Tower, 223 Independence Ave, Windhoek, Namibia
- Old Mutual Nigeria: 2nd Floor, Ecobank Head Office, Plot 21, Ahmadu Bello Way, Victoria Island, Lagon, Nigeria
- Old Mutual South Africa:
- Old Mutual Swaziland: 4th Floor Public Services Pension Fund Building, Mhlambanyatsi Road, Mbabane, Swaziland
- Provident Life Assurance: Provident Towers, Ring Road Central, Accra-North, Ghana
- United Kingdom: Skandia House, Portland Terrace, Southampton, SO14 7EJ, United Kingdom 
- Old Mutual Zimbabwe: 100 The Chase West, Emerald Hill, Harare, Zimbabwe
- "Preliminary Results 2012" (PDF). Retrieved 6 March 2013.
- "Old Mutual Fast Facts". Oldmutual.com. 31 December 2012. Retrieved 6 March 2013.
- "About Old Mutual". Oldmutual.com. 13 October 2010. Retrieved 18 April 2011.
- "Business Times article". Sunday Times. Retrieved 8 June 2012.
- "Old Mutual History". Oldmutual.com. Retrieved 18 April 2011.
- "Web site for the residential community in "Mutual Heights" in Darling Street, Cape Town". Mutualheights.net. Retrieved 18 April 2011.
- "Old Mutual reaches deal". New York Times. 19 January 2000. Retrieved 18 April 2011.
- "Old Mutual extends US reach". The Independent. UK. 20 June 2000. Retrieved 18 April 2011.
- Curtain to close on Liberty Ridge Capital Morningstar Advisor, 24 November 2008
- Old Mutual seals deal for Skandia BBC News, 26 January 2006
- Harbinger Capital Buys Old Mutual's U.S. Life Operations for $350 Million Bloomberg, 6 August 2010
- Old Mutual to Sell Nordic Operations to Skandia Liv for $3.25 Billion Bloomberg, 15 December 2011
- Old Mutual Buys Out Ghana Insurance Firm Business Today, 5 September 2013
- Old Mutual plans to acquire Nigerian firm Fin 24, 22 February 2012
- "Accessing insurance through different channels case study". Oldmutual.com. Retrieved 31 July 2013.
- "Old Mutual Structure". Oldmutual.com. Retrieved 31 July 2013.
- "Old Mutual Group Executive". Oldmutual.com. Retrieved 18 April 2011.
- "Old Mutual Sponsorships". oldmutual.com. Retrieved 29 August 2012.
- "Old Mutual Learners’ Scholarship Programme for South Africans, South Africa". Scholarship-positions.com. 30 July 2010. Retrieved 18 April 2011.
- "Communication on progress - Old Mutual". unglobalcompact.org. Retrieved 4 October 2013.
- "SRI Index Constituents for 2012". jse.co.za. Retrieved 4 October 2013.
- "Affiliations". oldmutual.com. Retrieved 4 October 2013.
- "Company Responses". cdproject.net. Retrieved 4 October 2013.
- "Signatories to the Principles for Responsible Investment". unpri.org. Retrieved 4 October 2013.
- "Old Mutual sponsors first PRI in Person conference on African soil". moneymarketing.co.za. Retrieved 4 October 2013.
- "Old Mutual Media Contacts". oldmutual.com. Retrieved 29 August 2012.
- Official site
- Official Old Mutual South Africa site
- Official Old Mutual US site
- Official Skandia site
- Official Nedbank Group site
- Old Mutual's Facebook page
- Old Mutual's YouTube channel