New Old Mutual Boss Speaks of Plans for SA

February 1 - Patrick O'Sullivan, the new chairman of Old Mutual, made a trip to South Africa from his Swiss base this week and spoke of his connections with the country's insurance market.

O'Sullivan spoke of his plans for the South African arm of the UK based group and said that there intentions to do a better job of focusing on local operations.

These views were sentiments also expressed by Chief Executive of Old Mutual, Julian Roberts.

"We do things well and competitively here," said O'Sullivan. "Part of the mistakes of the past have not been building off that strength."

O'Sullivan takes over as head of Old Mutual from Chris Collins, at a time when sentiments towards the group range from 'divided' to 'ungainly'.

Since the group moved its head office to London at the end of the millennium, the insurance giant has been struggling to find its way back to its former glory.

O'Sullivan explained that, in his opinion, after the group moved to London, "the laudable goals of going overseas to improve earnings and further strengthen the group were not really achieved."

He said that while the group acquired some good businesses, it was simply not successful in driving those strategies - whether for market reasons or management reasons.

The South African insurance market is not new territory for Patrick O'Sullivan, who will divide his time between the local offices and London.

As chairman of SA Eagle (now Zurich Insurance Company), he visited the region many times. He retired from this group in April last year.