Old Mutual life insurance sales continue to recover
Decline in mortality claims and lower client disinvestments and terminations.
Old Mutual
High Court orders insurer to reconsider unfair debarment carried out in 2016
The applicant only became aware in May last year that the decision to debar her constituted administrative action.
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Why do more South Africans feel better about their financial prospects?
According to a graph in this year’s Old Mutual Savings & Investment Monitor (OMSIM), 72% of respondents expect their financial prospects to improve over the next six months, whereas only 5% believe they […]
Old Mutual/Living Hands judgment: consider your verdict
In its response to the High Court’s decision in the Living Hands matter, Old Mutual said it was concerned about the precedent that the judgment sets “for the rest of the financial services […]
Old Mutual pays out a record R21.2bn in claims in 2021
Old Mutual paid out R21.2 billion in claims in South Africa last year, 51% higher than in 2020, according to its latest claims statistics report. “The significant increase in pay-outs of 51% bears […]
OM declines claim on grounds of non-disclosure
“Husband’s moles cost widow R2m,” screamed the headline. The article, which appeared in Rapport on 5 June, sketched the background to yet another claim refuted on grounds of non-disclosure. Background The client was […]
Old Mutual receives more than 2 200 flood claims
Old Mutual Insure (OMI) has received more than 2 200 claims related to the floods in KwaZulu-Natal in April. In a trading update published on 26 May, Old Mutual said reinsurance agreements would reduce […]
Momentum and Sanlam the only major life insurers to grow new business above pre-Covid levels, says PwC
Momentum Metropolitan Holdings (MMH) and Sanlam are the only major life insurers in South Africa to have grown the value of their new business relative to pre-Covid levels, according to PwC. PwC based […]
Tribunal orders Adjudicator to reopen case into policy conversion
The Financial Services Tribunal has ordered the Pension Funds Adjudicator to reopen a complaint against Old Mutual involving the alleged conversion of a policy to an annuity without the client’s consent. The Adjudicator […]
Life insurers with the most and least satisfied customers
Absa Life has the most satisfied clients among the country’s major life insurers, according to Consulta’s latest South African Customer Satisfaction Index for Life Insurance. The index is based on a survey of […]
Old Mutual’s profits double despite impact of Covid claims
Old Mutual turned in a strong performance in the year to the end of December, despite the negative impact of Covid-19-related death claims, with the group’s retail segments paying some R13 billion in […]
Old Mutual employees must be vaccinated from 1 January
From 1 January next year, Old Mutual employees will have to submit proof that they have been vaccinated against Covid-19. This follows similar announcements in September by Discovery Health and in October by […]
Old Mutual Claim Statistics – Sharp increase in heart attack/psychiatric disorder claims
According to the just-released claim statistics by Old Mutual, the proportion of heart attack claims have increased by 113% since 2016, moving heart attacks from being the least claimed ‘Big 4’ illness to […]
Old Mutual Savings and Investment Monitor – Painting a brim picture of South Africans’ money matters
“Tracking trends provides valuable insights into the current and future financial services needs of our customers.” This is one of the objectives of the Old Mutual Savings & Investment Monitor, an annual study […]
Old Mutual Hacked
Last week was not a good one for the 172-year old Assurer. News of a rather embarrassing Ombud determination was followed by the news that unauthorised access was gained to some of its […]
Appeal against Debarment not Upheld
Details of appeals against decisions by the FSB’s Enforcement Committee provide very interesting insight into the practical application of legislation affecting most of our subscribers. What makes it even more interesting is that […]
Old Mutual Representatives Granted Exemption
Board Notice 273 of 2013, published in December last year, provides details of an exemption granted to certain Old Mutual representatives in respect of the experience and qualification criteria applicable to: Collective investment […]
