Old Mutual
A South African financial-services group focused on insurance, savings, investment, wealth management and banking across Africa.
Last updated August 27, 2026
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Overview
Old Mutual is a South African financial-services group whose principal activities include insurance, savings, investment management, wealth management and banking. The organization traces its origins to 1845, when John Fairbairn and other prominent Cape Town figures established a mutual life-assurance society. It was initially created to provide financial protection and savings products in the Cape Colony and later expanded its activities as South Africa’s economy and financial system developed. The institution operated for more than 150 years as a mutual organization before demutualizing and listing in 1999. That transformation gave Old Mutual access to public equity markets and supported a period of international expansion. During the late 1990s and 2000s, the group acquired or developed businesses in the United Kingdom, Europe, the United States, Latin America, Asia and other regions. Important transactions included the acquisition of United Asset Management in the United States in 2000 and Skandia in 2006. These deals broadened Old Mutual’s asset-management, insurance and wealth businesses, but also produced a geographically complex group. Old Mutual subsequently reversed much of that international diversification. In 2016 it announced a strategy known as managed separation, under which its four principal businesses—Old Mutual Emerging Markets, Nedbank, Old Mutual Wealth and Old Mutual Asset Management—would become more independent. The process included the demerger of Old Mutual Wealth as Quilter, the separation of Old Mutual Asset Management and the unbundling of Old Mutual’s majority stake in Nedbank. The 2018 completion of this program left Old Mutual primarily focused on Africa, especially South Africa, while former group businesses continued as separate companies. The contemporary group operates through businesses and subsidiaries serving retail, corporate and institutional customers. Its offerings include life and general insurance, unit trusts and other investments, retirement and savings products, fiduciary and family-office services, asset management, lending and banking. Old Mutual Investment Group and Old Mutual Wealth serve investment and wealth-management needs, while Old Mutual Insure provides general insurance. The group also maintains operations in several other African markets, including Botswana, Ghana, Malawi, Namibia, Nigeria, Eswatini, Zimbabwe and East Africa. Old Mutual has continued to develop its South African financial-services platform. It applied for a banking license in 2022, received regulatory approval in 2024 and launched the digital-only OM Bank to the South African public in 2025. The bank represents an effort to extend the brand from insurance and investment into everyday digital banking. In 2026, the South African Competition Tribunal approved Old Mutual’s acquisition of a majority shareholding in Cape Town investment firm 10X Investments, increasing the group’s exposure to passive investment products. The company also supports bursaries, actuarial education, university initiatives, cultural programs and sporting events in South Africa and other African markets.
History
Old Mutual began in Cape Town in 1845 as a mutual life-assurance society founded by John Fairbairn and other prominent figures. Its original name was The Mutual Life Assurance Society of the Cape of Good Hope; in 1885 it became The South Africa Mutual Life Assurance Society. The organization grew alongside the development of South Africa’s commercial and financial institutions, eventually becoming one of the country’s best-known insurance and savings groups. The group’s physical presence in Cape Town included the art-deco Mutual Building, opened in 1939 on Darling Street and later redeveloped as Mutual Heights. In 1956, Old Mutual moved its head office to Mutualpark in Pinelands, then described as the largest office block in the southern hemisphere. Its expansion also included a major investment in Mutual & Federal in 1970 and a shareholding in Nedcor Bank in 1973. Old Mutual acquired the remaining Mutual & Federal shares in 2009; the insurer was renamed Old Mutual Insure in 2017. During the 1990s Old Mutual expanded into financial intermediation and wealth services outside South Africa. It acquired UK stockbrokers Capel-Cure Myers and Albert E. Sharp in 1997 and 1998. The businesses were combined into Capel-Cure Sharp. In 1999, Old Mutual demutualized and listed on the London, Johannesburg, Zimbabwe, Malawi and Namibian exchanges, establishing a London head office and beginning a more aggressive international-growth phase. In 2000 the company acquired Gerrard Group for a reported $857 million and United Asset Management in Boston for approximately $1.46 billion in cash plus assumed net debt. United Asset Management provided a broad US asset-management platform. Some funds associated with the acquired PBHG business later became involved in US market-timing enforcement actions; the PBHG funds were ultimately absorbed into Old Mutual’s fund group. Gerrard was sold to Barclays in 2003. Old Mutual acquired Swedish insurer Skandia in 2006 in a reported $6.5 billion transaction. The deal added insurance and wealth operations across several European, Latin American, Asian and other markets. The group later sold or renamed many of these businesses. It sold US Life to Harbinger Group in 2011 and Nordic operations to Skandia Liv in 2012. In Africa, it acquired Provident Life Assurance in Ghana and Oceanic Life in Nigeria in 2013, while also establishing a trust and fiduciary business connected with Fairheads Trust Company. The group’s international structure was substantially reorganized from 2016. Its managed-separation strategy aimed to unlock value by separating Old Mutual Emerging Markets, Nedbank, Old Mutual Wealth and Old Mutual Asset Management. Old Mutual reduced its holding in OMAM, sold or reorganized various country businesses and announced that Old Mutual Wealth would be demerged as Quilter. In 2018, Old Mutual Limited and Quilter became separately listed businesses, and Old Mutual unbundled its Nedbank holding. The continuing Old Mutual business moved its head office to No 1 Mutual Place in Sandton and concentrated increasingly on Africa. Old Mutual sold its Latin American businesses in 2019. That year also brought a senior-management dispute when chief executive Peter Moyo was suspended; Iain Williamson served as acting chief executive. In the following years, Old Mutual continued to broaden its South African platform through digital banking. After applying for a banking license in 2022 and receiving regulatory approval in 2024, it formed OM Bank and launched the digital bank in 2025. In 2026, it obtained approval to acquire majority control of 10X Investments, a Cape Town investment business in which Old Mutual had previously held an investment. The transaction supports a stronger position in passive investment products. Alongside its commercial activities, Old Mutual supports social and cultural initiatives. These include bursaries for South African matriculants and actuarial students, study support for employees pursuing actuarial qualifications, university sponsorships, choir and music programs, and sporting events such as the Old Mutual Victory Race. The group has also participated in the United Nations Global Compact and the Carbon Disclosure Project.
- 2026
10X Investments transaction approved
[1]The Competition Tribunal approved Old Mutual’s acquisition of majority control of 10X Investments.
- 2025
OM Bank launches
[1]OM Bank began serving the South African public as a digital-only bank.
- 2024
OM Bank receives banking approval
[1]Regulatory approval enabled Old Mutual to establish its digital banking subsidiary in South Africa.
- 2018
Managed separation completed
[1]Old Mutual Limited and Quilter became separately listed businesses and Old Mutual distributed its Nedbank stake.
- 2016
Managed separation announced
[1]Old Mutual announced its strategy to separate four major business divisions into standalone entities.
- 2006
Skandia acquired
[1]Old Mutual acquired Swedish insurer Skandia, adding operations across multiple international markets.
- 2000
United Asset Management acquired
[1]The acquisition expanded Old Mutual’s international asset-management operations through a Boston-based platform.
- 1999
Demutualization and public listing
[1]Old Mutual demutualized and listed on several African exchanges and the London Stock Exchange.
- 1970
Major investment in Mutual & Federal
[1]Old Mutual acquired a major shareholding in the newly formed Mutual & Federal insurance business.
- 1939
Mutual Building opens in Cape Town
[1]Old Mutual opened its art-deco headquarters on Darling Street in Cape Town.
Products and positioning
A broad African financial-services platform combining protection, savings, investment, wealth and banking products, with a strong South African base.
Life insurance and savings
Old Mutual Life Assurance
Old Mutual’s life-assurance activities provide protection, savings and retirement-oriented financial products for individuals and institutions. The business reflects the group’s original mutual-insurance heritage while operating within a broader modern financial-services platform.
Asset management
Old Mutual Investment Group
Old Mutual Investment Group manages investment strategies and funds for retail, institutional and other clients. Its activities include portfolio management and investment solutions designed for long-term savings and capital growth.
Wealth management
Old Mutual Wealth
Old Mutual Wealth in South Africa provides investment, fiduciary and wealth-management services. The offering includes support for individuals, families and institutions, with specialist activities such as family-office and trust services.
General insurance · 2017
Old Mutual Insure
Old Mutual Insure is the group’s general-insurance business. It developed from Old Mutual’s ownership of Mutual & Federal and provides non-life insurance services in the South African market.
Digital banking · 2025
OM Bank
OM Bank is Old Mutual’s digital-only banking subsidiary in South Africa. It was created after regulatory approval in 2024 and launched publicly in 2025, extending the group’s savings and financial-services proposition into everyday digital banking.
Controversies
2019
Peter Moyo executive dispute
Old Mutual suspended chief executive Peter Moyo, citing a material breakdown in trust and confidence between him and the board. The dispute led to litigation and a period in which Iain Williamson served as acting chief executive.
2019
Old Mutual apologizes after delayed funeral-claim payout
Old Mutual said it regretted the stress caused by a delay in paying Sifiso Mtshali's funeral claim. The company said the claim was paid on November 15 and that it would take steps to accelerate and improve further claim assessments.
2003
PBHG funds market-timing enforcement matter
The PBHG funds associated with Pilgrim Baxter & Associates, a business within the United Asset Management portfolio acquired by Old Mutual, were among funds involved in market-timing charges brought by US authorities. The funds were later renamed and absorbed into Old Mutual’s fund group.
Marketing campaigns
- 2020Old Mutual Amazing Voices
Africa
A pan-African reality television music competition launched by Old Mutual and produced for DStv and M-Net’s regional-interest channels. The program used music and entertainment to build consumer engagement across African markets.
- Old Mutual National Choir Festival
South Africa
A cultural sponsorship associated with Old Mutual’s support for choral music and community participation in South Africa.
- Old Mutual Victory Race
Namibia
A sporting sponsorship in Namibia that connects the Old Mutual brand with mass participation and community activity.
Brand decisions
2026
Acquisition of majority control of 10X InvestmentsM&ABackground
Old Mutual sought greater exposure to passive investments and increased control of a business in which it had previously invested.
Action taken
The Competition Tribunal approved Old Mutual’s acquisition of a majority shareholding in 10X Investments.
Aftermath
The transaction shifted Old Mutual from joint to sole control of 10X and strengthened its position in South African passive investment products.
Transaction value. R2.2 billion (2026)
2022
Entry into digital bankingStrategyBackground
Old Mutual sought to deepen its direct relationship with South African customers and extend beyond insurance and investment products.
Action taken
The group applied for a South African banking license and subsequently established OM Bank after regulatory approval.
Aftermath
OM Bank launched publicly in 2025 as a digital-only subsidiary.
2018
Nedbank stake unbundlingM&ABackground
The managed-separation program required Old Mutual to unwind its majority ownership of Nedbank.
Action taken
Old Mutual distributed its Nedbank shareholding to shareholders.
Aftermath
The transaction, reported at approximately R43.2 billion, marked completion of a major part of the group separation.
Distribution value. approximately R43.2 billion (2018)
2016
Managed separation strategyStrategyBackground
Old Mutual’s international portfolio had become complex, and management sought to make its businesses more focused and independently valued.
Action taken
The group announced separation of Old Mutual Emerging Markets, Nedbank, Old Mutual Wealth and Old Mutual Asset Management.
Aftermath
The strategy culminated in the creation of independent or separately listed businesses, including Quilter, and the distribution of Old Mutual’s Nedbank stake.
2006
Acquisition of SkandiaM&ABackground
Old Mutual pursued international scale in insurance and wealth management.
Action taken
It acquired Swedish insurer Skandia in a transaction reported at approximately $6.5 billion.
Aftermath
The deal added businesses across Europe, Latin America, Asia and other markets, many of which were later sold or reorganized.
Transaction value. approximately US$6.5 billion (2006)
1999
Demutualization and listingStrategyBackground
After more than 150 years as a mutual insurer, Old Mutual sought access to public capital and a structure suited to international expansion.
Action taken
The organization demutualized and listed on the London and several African stock exchanges.
Aftermath
The listing supported a period of acquisitions and geographic diversification.
Recent events
Ecobank partners with insurers to offer bancassurance[4]
Reported:
Ecobank Group’s Commercial Banking business partnered with five insurance companies to offer bancassurance solutions to SME customers across its markets. The service rollout is planned in phases, beginning in 12 named markets.
Old Mutual ends relationship with MacG[5]
Reported:
Old Mutual, a sponsor of the podcast, said it had decided to end its relationship with MacG with immediate effect and distanced itself from harmful commentary against the LGBTQI+ community.
Old Mutual appoints Iain Williamson as CEO[6]
Reported:
Old Mutual appointed its former chief operating officer, Iain Williamson, as CEO with immediate effect.
- Unconfirmed
Jonas Mushosho retires from Old Mutual[7]
Reported:
Old Mutual Zimbabwe group chief executive Jonas Mushosho retired from the conglomerate after reaching retirement age. The article says he discussed his reflections at a farewell reception the previous week.
Old Mutual apologizes after delayed funeral-claim payout[3]
Reported:
Old Mutual said it regretted the stress caused by a delay in paying Sifiso Mtshali's funeral claim. The company said the claim was paid on November 15 and that it would take steps to accelerate and improve further claim assessments.
- Unconfirmed
Peter Moyo sues Old Mutual over dismissal[8]
Reported:
Former Old Mutual CEO Peter Moyo is suing Old Mutual for R250 million or permanent reinstatement. The source does not specify when the suit was filed.
Sources11 sources
- 1Old Mutualen.wikipedia.org
- 2Old Mutual official websiteoldmutual.com
- 3Old Mutual apologizes after delayed funeral-claim payoutcitizen.co.za
- 4Ecobank与保险公司合作提供银行保险服务guardian.ng
- 5Old Mutual终止与MacG的合作关系iol.co.za
- 6Old Mutual任命Iain Williamson为首席执行官sowetan.co.za
- 7Jonas Mushosho从Old Mutual退休thezimbabwedaily.com
- 8Peter Moyo 就解雇事宜起诉 Old Mutualallafrica.com
- 9Old Mutual apologises for delay in funeral claim payoutofm.co.za
- 10Old Mutual apologises for delaying payout for KZN family's funeral claim | News24news24.com
- 11Old Mutual appoints new CEO from within: Iain Williamsonbiznews.com
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