This year Old Mutual proudly celebrates its 175 years of existence as a market-leading financial services provider with a passion to help customers realise their financial dreams and goals.
The formidable group has reached this significant milestone while the effects of the Covid-19 pandemic are being felt around the world, serving as a sober reminder that this group has weathered countless storms over the years.
Since 1845, Old Mutual has given its unwavering support to people, businesses, communities and societies through civil and world wars as well as the Spanish Flu pandemic, the Great Depression, and many political crises and economic upheavals around the globe.
Yet, it has withstood these trials time and again to continue building a solid heritage of trust and accountability. Driven by its credo of being ‘a certain friend in uncertain times’, Old Mutual has remained a resilient and dependable business which continues to offer you financial security and meets your needs.
Today, as our world faces unprecedented health and economic challenges, Old Mutual is very conscious of the anxiety and pressure people are experiencing. The group wants to assure you that it remains committed – as it has been for 175 years – to being your trusted partner in providing advice, paying out claims and steering your savings and investments through turbulent times.
Over the years Old Mutual has shown what a friend it is in uncertain times, for example during the First Anglo Boer War, which started in 1880 and the Second Anglo Boer War, which broke out in 1899, Old Mutual paid out 156 Anglo Boer war-related claims in 1902 and in 1918. After the First World War, claims on 568 policies were paid out.
The Wall Street Crash, New York, happened in 1026. In South Africa, Old Mutual and three other insurers dominated the market with combined assets totalling £25,833,000. In 1940, a year after the start of the Second World War, Old Mutual opened its new head office in Cape Town, which then was the tallest building in Africa.
In 1945 Old Mutual turned 100 and paid out Second World War-related claims on 2 200 policies.
In 1960 about 70 anti-pass demonstrators were killed in the Sharpeville massacre, followed by South Africa’s first State of Emergency.
Old Mutual entered the electronic age with its first computer. The group’s assets could keep SA’s economy going for six months.
In 1995 Old Mutual was 150 years old. The group issued its 10 millionth policy. During the Global Financial Markets Crisis in 2008/9 Old Mutual’s Funds under Management amounted to £285 billion (FY 2009).
Old Mutual is 175 years old in 2020 when Covid-19 is declared a global pandemic. At this stage the group hold 2.16 times more capital than is required for statutory solvency purposes.
Old Mutual looks forward to reaching many more milestones with you and to keep on doing great things.
Heidre Malgas
