Old Mutual Limited is one of the largest insurances and financial services companies in Zimbabwe. It is a subsidiary of the South Africa headquartered Old Mutual Limited. Old Mutual Zimbabwe is listed on the Zimbabwe Stock Exchange.[1]. The company started operating in 1895.[2]

Old Mutual Limited Zimbabwe
Type
Limited company
Traded as OML.zw on Zimbabwe Stock Exchange
Industry Financial service
Founded May 17, 1845; 173 years ago
in South Africa
Headquarters Harare
Key people
Jonas Mushosho, (Group CEO in Zimbabwe)
Johannes Gawaxab (Chairman)
Peter Moyo (Group CEO global)
Products Insurance, Banking, Savings and investment
Number of employees
1,000+
Parent Old Mutual plc
Subsidiaries Old Mutual Life Assurance Company Zimbabwe Limited
CABS
Omico
OMCUS

It has investments in various sectors of the economy including telecoms, banking, microfinance, insurance, asset management, retail, properties and real estates. The company was founded in 1845 in neighbouring South Africa and over the years it has expanded into various parts of the world including Zimbabwe. Since June 2018, Old Mutual is listed on the Johannesburg, London, Zimbabwean, Malawian and Namibian stock exchanges.

Contents

History

The first Old Mutual office in Zimbabwe was opened in 1902. However, the company had been in operation as the first Old Mutual Policy was sold in 1895.

In June 2018, Old Mutual moved its primary listing from London to South Africa and relisted on the Zimbabwe Stock Exchange as a secondary listing.

Businesses

CABS (Banking)

Old Mutual Zimbabwe administers the largest building society in the country; Central Africa Building Society (CABS). A 100% owned subsidiary of Old Mutual Zimbabwe, CABS offers mortgage financing for housing as well as corporate and personal loans.[3]

Old Mutual Life Assurance Company Zimbabwe Limited (Life Assurance)

The Group’s Life business is conducted principally by Old Mutual Life Assurance Company Zimbabwe Limited, which provides life, retirement, savings and funeral products to individuals and groups.[3]

Old Mutual Insurance Company (Short-term Insurance)

Old Mutual Insurance Company (Omico) is a short-term insurance company in Zimbabwe. The company is a subsidiary of RM Insurance Holdings Company Limited (“RMIH”). Old Mutual Zimbabwe holds 50.67% of the issued shares in the capital of RMIH.[3] The company was previously branded RM Insurance and was rebranded to Old Mutual Insurance Company in August 2014.[4]

Three Anchor Investments (Private) Limited (Custodial Services)

Old Mutual Custodial Services (OMCUS) is a 100% wholly owned subsidiary of Old Mutual Zimbabwe Limited. The company offers a wide range of services to local institutions and individuals trading on the Zimbabwe Stock Exchange (ZSE) and the Money Market.[3]

Old Mutual Securities (Securities)

Old Mutual Securities is a stockbroking firm which offers a wide range of services to investors including the buying and selling of shares, research and limited custodial services. OLd Mutual Zimbabwe Limited owns 70% of this company.[2]

Old Mutual Property Zimbabwe (Real Estate)

Formerly Old Mutual Investment Group Property Investments Zimbabwe (Private) Limited. The company owns several shopping malls and buildings in Zimbabwe, including Eastgate Centre, Highglen Shopping Centre, Westgate Shopping Mall and Chitungwiza Town Center among others.

Old Mutual Investment Group Zimbabwe (Asset Management and Unit Trusts)

A 100%-owned licensed asset management and specialised investment company.

OMZIL Structure of Companies - Organogram

Investments

Nedbank (Banking)

Nedbank Zimbabwe is a commercial bank in Zimbabwe. It is a subsidiary of the Nedbank Group headquartered South Africa, itself a subsidiary of Old Mutual Group. Old Mutual Zimbabwe owns 18.30%.

Econet Wireless Zimbabwe

Econet Wireless Zimbabwe is a telecoms, media and technology company in Zimbabwe. Old Mutual currently has 8.75% shareholding in the company.[5]


Some Articles About Old Mutual Zimbabwe

Old Mutual Merging Its Companies Into 3 Clusters Sun May 12 2019

OLD MUTUAL Registers 41% Revenue Increase In 2018 – REPORT Tue Apr 2 2019

Old Mutual Shares Now Trade-able By Non-Indigenous Investors On Finsec Fri Jun 22 2018

See more news on Old Mutual Zimbabwe

References

  1. , Old Mutual, "ZSE", retrieved:17 Jul 2014"
  2. 2.0 2.1 OM PRE-LISTING STATEMENT BOOKLET 30 11 16.pdf , retrieved: 26 Jun 2018
  3. 3.0 3.1 3.2 3.3 , Old Mutual, "Old Mutual Limited", retrieved:17 Jul 2014"
  4. RM Insurance rebrands, retrieved: 26 Jun 2018
  5. EFE Securities Zimbabwe - ECONET, retrieved: 26 Jun 2018