
OM Bank grows rapidly as investment phase continues
Customer numbers are expected to pass one million this month, while Old Mutual targets a monthly break-even by 2028 as it builds scale.

Customer numbers are expected to pass one million this month, while Old Mutual targets a monthly break-even by 2028 as it builds scale.

New life sales rose 28% in the quarter to March, while stronger investment inflows and a better new business margin supported a broadly positive update.

Results from operations rose 13% to R9.8bn as insurance profitability improved and investments crossed R1 trillion in assets under management.

CEO Clarence Nethengwe says arriving after rivals has given Old Mutual the chance to learn what customers really want in digital banking.

Exceptional underwriting in Old Mutual Insure and a 37% jump in Investments drive overall strength, but Corporate’s life insurance sales slumped 42%.

Following 32 years with Old Mutual and nearly five as CEO, Iain Williamson is stepping down in August.

With regulatory approval secured, Old Mutual Bank is set to debut later this year, offering a digital-first banking experience tailored for South Africa’s mass market.

The group is shifting from ‘bank-build mode’ to a testing phase with select banking partners.