Old Mutual Posts Strong First Quarter Results |
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28 May - Old Mutual, the largest financial company on the JSE in terms of market cap and the mainstay of SA life insurance, posted strong first quarter results but still cautioned that growth would be slow this year. Old Mutual now operates from London where it is a FTSE100 company, but still has substantial South African holdings including Nedbank (4th largest bank in South Africa) and Mutual & Federal (2nd largest insurer in the country for casualty and property). Old Mutual's results beat the analysts' forecasts for operating profit and life assurance sales. The company's operating profit for the first quarter came in at 398 million pounds, whilst the revenue from life assurance premiums beat projections by 12 million pounds by weighing in at 421 million pounds. Another insurance giant that impacts the South African economy on the whole is Liberty Life, and while investors have publicly complained about generous executive bonuses the share price has continued to soar upwards in 2007. Liberty Life has also performed above expectations this year to date despite similarly conservative predictions about the company's future performance. Clearly investors in Liberty Life and Old Mutual are willing to be patient and are buying in to both companies at a rapid rate. Related Insurance Articles: * Medical Aid Giant Has Ailments Of Its Own * Interest Rate Hikes Impact On Home Insurance * Car Insurance Scams In South Africa Exposed * SA Insurance Study Shows Dialling Direct Is The Future * Sanlam Set To Offer Direct Life Insurance * SA Insurance Companies Beset By Fraudulent Claims * SA Car And Home Insurance Risk Factors * Gripes About South African Life Insurance On The Rise 
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| 3/14/2010 7:06:40 AM | |||||||||||||||||||||
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