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Media

Old Mutual Namibia is part of the long-term savings and investment business of Old Mutual plc.

  • Johannes !Gawaxab to retire as CEO of Old Mutual Africa at end of 2014

    02 April 2014 - Johannes !Gawaxab, CEO of Old Mutual Africa, announced his decision to go on early retirement in December 2014 after more than 16 years with the Group.

    Under Johannes’s leadership, the profit contribution of Old Mutual Africa (OMA) increased from N$128 million in 2006 to more than N$1 billion in 2013 and assets under management rose from N$22 billion to N$64 billion over the same period. He was notably instrumental in the successful acquisition and integration of life and general insurance businesses in Nigeria, Ghana and Swaziland, and the development of solutions relevant to these markets.

    Johannes began his journey with Old Mutual in 1998 as CEO of Old Mutual Asset Managers Namibia, a greenfield operation he started and built into the number one asset management company in the country. In 2003, he was promoted to MD of the Old Mutual Group in Namibia, an integrated financial services business that is rated today among the top five companies in the country. In March 2006, he was appointed to lead Old Mutual’s African businesses outside South Africa – Zimbabwe, Namibia, Kenya and Malawi. In this role, he helped shape Old Mutual’s strategy and footprint and deepen the Group’s commitment to customer focus and leadership in the financial services sector.

    In order that the Group continues to benefit from his vast experience going forward, Johannes will continue his association with Old Mutual and serve, in a non-executive capacity, on several boards in Old Mutual Africa business, including Namibia, Kenya, Nigeria, Zimbabwe, Ghana, and the Old Mutual Africa Holdings board, starting April 2015.

    The process of appointing a successor will start soon, and once on board, the new Africa MD will continue to be supported by Johannes for Q12015 to ensure a smooth operational transition and continuity of stakeholder relationships across the continent.

    Quoted at a media conference held at the landmark Mutual Tower in the CBD on Wednesday 2 April, Johannes expressed his appreciation for his time as an Executive of Old Mutual over the last 16 years, ‘Smart leaders know when to move on and make way for others and find new arenas to add value. I am sure I am leaving behind companies in Old Mutual Africa that customers trust, stakeholders' admire and respect, and which employees are proud to work for", said !Gawaxab.

  • General public warning

    23 October - Local Scam Syndicates are once again preying on unsuspecting customers of financial institutions in Namibia.

    One of the most recent scams discovered is for fraudsters to call customers who have recently placed obituary notices for family members in the press, and pose as financial advisers who require direct payment in order to speed up death claim payouts.

    Various scam syndicates have been investigated recently, and some criminal fraudsters arrested by the Namibian Police, but financial services customers are warned to remain vigilant about their confidential financial matters.

    Old Mutual wishes to remind customers that at no time will any Old Mutual adviser request direct fee payment to facilitate or speed up any claims process.

    In fact, in terms of current process, no customer of Old Mutual Namibia is expected to pay advisers directly at any time. Should any member of the public be approached in this way, please contact the financial institution concerned immediately with the details of the caller.

    Old Mutual Client Services can be reached at (061) 299 3108.

  • Old Mutual achieves 2014 Top Employer in Africa certification

    27 September - For the second year running Old Mutual has been certified as a top African employer, according to the 2014 Top Employers Africa Certification Programme. The programme is carried out by the Top Employers Institute and independently audited by Grant Thornton. The programme shows that good people management can mean the difference between success or failure on the continent.

    The Top Employers Africa 2014 Certification results published at the beginning of September showed that leading employers in Africa continue to invest heavily in developing their people and that this is a key part of their growth strategy on the continent.

    Old Mutual (in Kenya, South Africa, Namibia and Zimbabwe) was the only financial services company certified as a top employer in all of Africa. The Certified Top Employers Africa 2014 also features Ernst and Young (for South Africa, Namibia, Kenya, Mauritius, Mozambique, Zimbabwe, Botswana and Nigeria), British American Tobacco, information and technology company SAP, security company G4S, Microsoft, and the fast consumable goods company Unilever.

    “Recognition as an Employer of choice goes a long way in affirming Mutualites’ belief in what we do and the positive professional environment we seek to build at Old Mutual” Ralph Mupita, CEO of Old Mutual Emerging Markets, commented.

    In South Africa, Old Mutual was ranked as the No 1 Top Employer in two categories (Financial Services and Insurance) by the certification programme. Old Mutual also improved its overall ranking by moving up two places to fourth.

    Anisha Archary, Human Resources director of Old Mutual Emerging Markets says, ‘The public recognition by the Top Employer Institute strengthens our ability to attract, develop and retain the best talent. This award is proof of the years of work that have gone into continuously improving our employee value proposition.’

    Ms Archary adds, ‘At Old Mutual, we value both individual skill and teamwork that’s inspired and supported by integrity, transparency and performance excellence. As an established financial services and insurance brand, we understand the value and power of investing in people in order to enable a brighter future for all the communities in which we operate.’

  • Old Mutual Trophy Wine Show 2013 - The year of raising the bar

    18 July 2013 - The 2013 Old Mutual Trophy Wine Show consolidates its position as the most important arbiter of the top end of the South African wine industry and has been promoting South Africa’s award winning wines to wine lovers and connoisseurs throughout the region since its inception in 2002 in South Africa.

    This week Old Mutual Namibia was proud to present the 2013 award-winning wines at an exclusive Wine Tasting Master-Class, presented by the renowned Trophy Wine Show Chairman and International Judge, Michael Fridjhon.

    Addressing the audience as the title sponsor of the Trophy Wine Show’s Master-Class in Namibia since 2008, Gim Victor, CEO – Old Mutual, noted that “Old Mutual recognises tremendous value in a process that firstly identifies and rewards top wines and wine makers, but as importantly also delivers the wine experience to discerning customers who appreciate the time and effort necessarily invested in delivering the top-notch wines show-cased each year.”

    Meticulous attention to detail throughout the process is part of how the Trophy Wine Show maintains its reputation as one of the toughest and most rigorous events of its kind in the world. As the country’s leading insurer and asset manager, the value of time, effort and meticulous attention to detail, as the hallmarks of great wine, resonate well with the 167 year old Old Mutual brand.

  • Road runners fast track to the Old Mutual Victory Races

    The third leg of the Old Mutual Victory Races kicked off in Keetmanshoop on the 13th of July 2013. Athletes from all over the country, not only from the south, arrived ready to compete for the 2013 extensive prize list, with a total of 880 participants, the highest in 13 years, competing this year.

    Over the past 13 years, Old Mutual’s commitment of over N$3, 5 million towards these annual races has not only made it possible for thousands of Namibians to enjoy the sheer exhilaration of running in a beautiful country, it has also made it possible for Namibian athletes to compete outside of our country - off the basis of Old Mutual’s sponsorship of travel and entry fees to prestigious regional races such as the annual Two Oceans race in South Africa.

    This year, along with our own significant annual investment of N$ 500 000 to ensure the race series, we are also pleased to recognise and thank Coca-Cola, Mutual & Federal and Marathon Sugar, Business Connexion and Schoemans for their cash and in kind contributions to this annual event’s continuing success.

    The Victory Races also awards monetary prizes to winners each year. This year we have increased these by up to 25% in some categories, and these are shared in both the male and female categories per leg as follows:

    Prize Money

    21 Kilometres

    • 1st Prize – N$ 1700
    • 2nd Prize – N$ 1000
    • 3rd Prize- N$ 800
    • 4th Prize – N$ 600
    • 5th Prize – N$ 450

    5 Kilometres

    • 1st Prize – N$ 700
    • 2nd Prize – N$ 550
    • 3rd Prize- N$ 450
    • 4th Prize – N$ 400
    • 5th Prize – N$ 300

    21km Race Results

    15-19: Female Category

    • 1st Place Shivomwene Shilongo 1:40’58
    • 2nd Place Ndapandula Nghinaunye 1:43’15
    • 3rd Place Johanna Shiwedha 1:55’22

    15-19: Male Category

    • 1st Place Veikko Severen 1:11’38
    • 2nd Place Nghilyeendele Ndahangwanasho 1:11’49
    • 3rd Place Lazarus Nghipunya 1:13’31

    20-39: Female Category

    • 1st Place Lavinia Haitope 1:14’09
    • 2nd Place Anna Amutoko 1:16’08
    • 3rd Place Ndeshimona Ekandjo 1:17’41

    20-39: Male Category

    • 1st Place Mynhard Kauanivi 1:07’11
    • 2nd Place Reonard Namupala 1:07’44
    • 3rd Place Vilho Paulus 1:07’59

    40 Plus: Female Category

    • 1st Place Sieglinde Gontes
    • 2nd Place Elmarie Adriaanse
    • 3rd Place Riaana Blauw

    40 Plus: Male Category

    • 1st Place Jerobeam Amunyoko
    • 2nd Place Mathias Mutoka
    • 3rd Place James Xaba

    These races are one of many value-driven initiatives undertaken by Old Mutual to address social development needs within our communities and Namibia’s passion for sport and running in particular, have shown us that this initiative has answered a genuine Namibian need for safe places to run.

    The next race takes place in on 27th July 2013 at Jan Mohr Secondary School in Windhoek. For further details contact Revonia Kahivere at (061) 299 3017 or cell. 0813518758.

  • Old Mutual supports Hardap Region striving for Grade 10 Academic

    The Hardap Region, this week, hosted an Education Conference under the theme, Hardap Striving for Grade 10 Academic Excellence. This timely intervention by the Governor and her team was applauded by the Managing Director of Old Mutual Africa Operations, Mr. Johannes !Gawaxab, in his keynote address at this auspicious event.

    The event was attended by Right Honourable Prime Minister Dr Hage Geingob, Minister of Education Honourable Dr David Namwandi, the Governor Honourable Katrina Hanse-Himarwa, His Worship the Mayor of Mariental Mr. Alex Kamburute, Regional Councillors, Local Councillors, teachers, parents, students, other delegates from the public and private sector and members of the media.

    During his keynote address !Gawaxab highlighted that government has made education a top priority and it is common knowledge by now that we need a dramatic improvement in our education system. He went on to emphasise that the very fate of our country rests largely on our ability to deliver results and students that can contribute to our stability, growth and prosperity. Our advancement as a nation can be no faster than our progress in education.

    !Gawaxab said principals, headmasters, inspectors and colleagues in the directorate of education in the Hardap region, should own up, be accountable and use this platform facilitated by the Governor and craft a five-year Acceleration Agenda with an inspiring vision and clear strategic priorities.

    Key strategic priorities of the Acceleration Agenda should include:

    • Strengthen teaching and school leadership
    • Replicate success and turn around low performing schools
    • Deepen partnership with parents and the community
    • Re-design support services to schools. No point in focusing too much on the best performing schools in Hardap. To turn around performance, we should focus on the underperforming schools
    • Prioritise recruitment, hiring and development of top notch teachers. Outstanding classroom instruction is at the core of student and school improvement. Our children will achieve success only if they are educated by first class teachers with commitment, skill and beliefs to help every child reach his/her full potential
    • Expand time required for teaching and studies as the traditional school day is no longer sufficient. !Gawaxab went on to say that Old Mutual has been a strong partner to the growth of young Namibians and through our Transformation commitments we have to date enabled over 50 students to qualify for Old Mutual bursaries.

    In 2007, Old Mutual took a far-reaching decision financially to support leadership development for school principals. This program has today come to be known as the Old Mutual Principals’ Academy; and is executed by the Africa Leadership Institute, ALI. Since inception, Old Mutual has contributed an amount of N$2.238,000 million towards this leadership development intervention and we are, indeed, pleased to share that over 188 school principals from across Namibia have to-date benefitted from this initiative.

    Old Mutual furthermore committed 1Million Namibian Dollars over a 3 year period to The Education Excellence Awards. This year will see Old Mutual contributing over 1.2 Million Namibian Dollars towards education.

    To support the initiative Mr. !Gawaxab challenged the Hardap Region with a sponsorship of N$ 45’000.00 (Forty Five Thousand Namibian Dollar) to be awarded in three categories; The Best overall Grade 10 student from the Hardap Region will receive N$ 10’000.00 (Ten Thousand Namibian Dollar), the runner up will receive N$ 5’000.00 (Five Thousand Namibian Dollar) and the final prize of N$ 30’000.00 (Thirty Thousand Namibian Dollars) will be awarded to the school with the best pass rate turnaround in 2013.

  • Old Mutual continues to deliver on Infrastructure Development

    On the 15th June 2012, Old Mutual Namibia launched plans regarding a new mixed-use development to key stakeholders from a spectrum of society, in Keetmanshoop. A total of N$92 million (Ninety Two Million Namibia Dollars) has been invested in the development and will be fully funded by Old Mutual Namibia.

    The development consists of over 11,000 m2 of space, of which 10,000 m2 is gross lettable space. As of the 1st June, 2013, 7760 m2 occupancy has been secured whilst negotiations are at an advanced stage with other potential tenants to take up the remaining lettable space.

    The Development boasts 95% retail space and 5% office space, which will provide significant footfall within the Centre. Old Mutual will be the first tenant to take up office space upon completion of the development. The Centre will also serve the community with a host of confirmed tenants including, Shoprite, Jet, Edgars Active, Legit, PEP Stores, Mr Price, Clicks, Hektas Fashion and Beaver Canoe. We are also at advanced stages with Spur, Shoprite Liquor, Telecom and various other individual retailers. With only 900 m2 of space still unallocated, we are more than confident that on our official opening on the 1st November 2013, all available space will be leased with all tenants fully operational.

    In terms of the building, the main structures, including the roof are now 80% complete,. All procurement for ancillary services has now been completed, manufacturing is underway and the timeline with subcontractors ensures that we have no wasted time on site. The Shopping Centre was designed, and has been constructed to be scalable in future, based on anticipated economic growth in the south and demand for more retail and/or office space.

    Whilst the initial development will have 10,000 m2 of gross lettable space, Old Mutual has acquired a total of 58,000 m2 providing sufficient scope for further expansion.

  • Old Mutual sponsors the 2013 Baby & Toddler Seminar

    Old Mutual in conjunction with Sr Annemie Higgs held the Baby & Toddler Seminar on the 08th and 15th June 2013, in Walvis Bay and Windhoek, respectively. The main speaker, Melodie De Jager, BabyGym Institute South Africa founder, addressed the audience on brain development in babies and how the first year of a child’s life affects development later on in life.

    Old Mutual was the main sponsor of the seminar and additionally sponsored another N$ 10 000 in the form of a SmartMax Education Policy as a prize. It gives us great pleasure to announce the winner of the SmartMax Education Policy: Lucia Hamukoto. Lucia is a proud mother and aspires to open her own kindergarden soon. We wish Lucia all the best with her future endeavours.

    In today’s world, and as a socially responsible organisation, we are cognisant of the challenges faced with regards to the skills shortages within the professional disciplines of engineering, medicine and many more. However Old Mutual is here to assist you in helping your family succeed financially.

    At Old Mutual we believe that our responsibility as a corporate citizen encompasses fostering and cultivating opportunities for the future leaders of our country and present.

    Old Mutual is proud to create opportunities for people who want to do Great Things.

  • Old Mutual Namibia strengthens its ‘Customer First’ Focus and appoints new MD

    The Old Mutual Group has commenced a process to integrate its short-term insurance businesses outside of South Africa, currently run by Mutual & Federal Africa, into the Old Mutual Africa operations. This strategic and operational integration is an important part of the Group’s stated intention to create value to customers by building a leading integrated financial services brand in all the markets it serves, including Africa.

    The integration of the operations of Mutual & Federal into Old Mutual Namibia delivers a full service offering to Customers, ranging from long-term savings and investment management to short term insurance; while the resulting synergies in operations and focus will ensure additional value to current and future stakeholders across both companies.

    The Board of Directors of Mutual & Federal Namibia is pleased to announce the appointment of Sakaria Haufiku Nghikembua as Managing Director of Mutual & Federal Namibia.

    Sakaria is not new to the insurance industry having spent several years as Chief Executive Officer: Operations at Old Mutual Namibia where he successfully led a number of strategic initiatives including the launch of the Micro-lending business. Prior to Old Mutual, he also spent several years at in the Namibia Post and Telecom Holdings Group, first as a General Manager in various Business Units in Telecom Namibia, and subsequently as Chief Executive Officer of Namibia Post Limited, where he played a critical role in the turn-around and repositioning of that company for growth.

    Commenting on the appointment, LeRoy Munetsi, Mutual & Federal Executive for Africa & New Markets said: “We are excited to have appointed Sakaria and we are confident that his experience and expertise will be instrumental in positioning the business as part of the integrated financial services provider of choice in Namibia. The integration of Mutual & Federal Namibia into the Old Mutual Namibia Group is a stated strategic priority and Sakaria’s appointment is an important opportunity to accelerate this process.”

    Gim Victor, Group CEO: Old Mutual Namibia, added his congratulations, saying: “Sakaria has been with Old Mutual Namibia for the past five years, during which his leadership and executive competence have successfully elevated the contribution to the business of such diverse functions as Properties, Innovation and ICT, Client Services, Marketing, Customer Strategy and Transformation. Sakaria’s new opportunity as MD: Mutual & Federal will allow him to leverage the experience gained in Old Mutual to ensure that Mutual & Federal will integrate smoothly and successfully into the company’s broadened offering to customers. We are confident that this considered and exciting change in leadership will deliver immense value to our customers, brokers, employees and the business in general.”

    As the head of this new reporting entity within the Old Mutual Namibia group, Sakaria Nghikembua, as MD: Mutual & Federal, retains a position on the Old Mutual Namibia Executive Committee.

    Commenting on his appointment, Sakaria stated, “I feel privileged that I have been accorded the opportunity of serving our customers and the Old Mutual Group in this new role. I look forward to adding value to our customers and other stakeholders, as we strive to build a dynamic and responsive integrated financial services provider of choice in Namibia”.

    Sakaria’s first day at Mutual & Federal Namibia is on 1 July 2013.

  • Old Mutual - Q1 Interim Management Statement.

    09 May 2013: Old Mutual released their Quarter 1 Interim Management Management Statement today. Julian Roberts, Group Chief Executive, said:

    “Old Mutual has had a good start to the year, with positive net client cash flow in all of our businesses. Sales in Emerging Markets were strong. The UK recorded positive net flows despite some market disruption following the introduction of the Retail Distribution Review.

    Nedbank has continued the progress it has established over the past 18 months and the improvement at USAM continued with net client cash flow of £2.6 billion. We are pleased with the continuing trends in performance of our businesses, following the rising equity markets in the first quarter and, against a backdrop of continued challenging macroeconomic conditions, we are confident in the prospects for the Group for the full year.”

    Highlights

    A good first quarter with positive NCCF in all businesses

    • - Funds under management up 7% to £288.4 billion
    • - Net Client Cash Flow of £3.9 billion, representing an annualised 6% of opening FUM
    • - Gross Sales are up 14% in the life and savings businesses

    Africa expansion progress:

    • - Nigerian life insurance business gaining customers and recording sales for the first time
    • - Terms agreed for Nigerian general insurance acquisition
    • - Nedbank acquires a stake in a Mozambican bank

    Download the full Q1 Announcement pdf

  • Old Mutual donates N$5 000 to the Henties Bay Frail Care Association

    26 March, 2013: Old Mutual donated N$5 000 to the Henties Bay Frail Care Association on 19 December 2012. Present at the Handover was Old Mutual Personal Financial Advisor, Mr. Pieter Kotze.

    The Henties Bay Frail Care Association was established on 17th August 2004 to care for the elderly and disabled of the Henties Bay community. The donated funds will help bolster the organizations building fund. In addition to the existing 10 accommodation rooms and supporting facilities, the organization aims to expand enough to house 14 more clients. All subsequent sponsorships and donations will be applied towards the completion of this much needed facility.

    At Old Mutual it is our policy to identify opportunities where we can play a part in improving the living standards of our communities, and we encourage all fellow corporates to join us in supporting worthy endeavours such as these.

  • Old Mutual Delivers Spectacular Results for 2012

    14 March, 2013: Old Mutual Namibia delivered excellent financial results for the 2012 financial year, with Adjusted Operating Profit up 58% to N$449 million, whilst Non-Life Sales increased by an excellent 21% to end the year at N$5.46 billion compared to N$4.52 billion the year before. Life Sales (on an Annual Equivalent basis) showed steady year-on-year growth at a 4% increase, while total Funds under Management registered an impressive 22% to end the year at N$26.6 billion, re-affirming once again Old Mutual’s leading position as the savings and investment champion for Namibia. The Namibian results were released on 14 March 2013, following the earlier release of the Old Mutual Group’s results on 1 March 2013.

    Old Mutual Namibia remains the market leader in the Namibian financial services sector and continues to play a significant role in the success of the wider Old Mutual Africa Business.

    Delivering these results at a recent media conference and commenting on the company’s role as a force for economic growth and transformation in Namibia, Managing Director for Old Mutual Africa Operations, Johannes !Gawaxab said: “We have delivered very strong results in 2012, underpinned by our commitment to putting our customers first, a focused work ethic and acting in socially responsible manner.

    “These results prove that we are making it easier and more appealing for customers to do business with us. Increasingly, our customers are sharing the good word that we value them and their business, and that the advice we provide regarding their financial futures are the reasons our customers can have peace of mind and be confident ambassadors for our brand.

    “Ongoing innovation in terms of our products and services will always remain a focus, along with our strategic drive to continue to develop our communities through sustainable, long-term social responsibility initiatives allowing us to drive real socio-economic transformation in Namibia”.

    !Gawaxab closed with, “2012 was a very successful year for Old Mutual Namibia. But we are clear on our priorities for 2013: we mostly focus on providing financial success for our customers.”

    Financial Results Summary
    Summary Results 2012 Actual 2011 Actual Movement
    Life Sales (APE) (N$m) 344m 332m 4%
    Non-Life Sales (N$m) 5 458m 4 517m 21%
    AuM (N$m) 26.6bn 21.9bn 22%
    RoC (%) 49% 37% -
    AOP (pre tax) (N$m) 449m 285m 58%
  • Thoughts on Africa in Davos by Johannes Gawaxab

    Johannes was the only Namibian who attended the 43rd World Economic Forum Annual Meeting in Davos, Switzerland which concluded last Saturday. The Forum‘s AGM brings together business, political, academic and other society leaders from all over the world. It is regarded as the foremost creative force for engaging leaders in collaborative activities focused on shaping global, regional and industry agendas.

    01 January, 2013: Attending the Annual Meeting was a great opportunity to be part of the shaping of the greater environment in which we operate, and with finance being such a critical part of how an economy runs and functions, to discuss issues affecting the financial services industry with some very key influential stakeholders.

    I had the privilege over the 4 days in Davos to meet and talk, amongst others, to Raila Ondinga, Prime Minister of Kenya, Dr Henry Kissinger, former US Secretary of State, Joseph Stiglitz, the American economist, and recipient of the Nobel Prize in Economics, Marissa Mayer, the CEO of YAHOO, Governors of 3 Central Banks and Clay Christensen, the Harvard Business School Professor best known for disruptive innovation.

    It is evident from the many discussions that everywhere in the world we are confronted by major adaptive challenges as well as profound transformational opportunities. To manage this towards successful outcomes, we need to master strategic agility and to build risk resilience. A primary insight I gained for us in Namibia is that we are constantly at crossroads where our actions or inactions can shape the future of life of many Namibians.

    Key issues affecting the world

    Global economy, Eurozone fragility, financial system stability, widening inequality, persistent structural unemployment, and climate change appear to be key issues affecting the world. To thrive, never mind survive, global competitiveness is increasingly driven by talent and innovation.

    Major geographical risks in 2013

    The Arab Spring/Winter; the Eurozone crises and the rise of China appear to be amongst the key risks facing the globe. China’s behaviour is important as it’s actions impact the entire world. In Africa, we need to review our relationship with China to one that is mutually beneficial. China has a clear long-term Africa strategy which, understandably is premised on its own interests. It is time for Africa to review this relationship and approach it in a way that is a win-win for both parties.

    Europe will struggle with growth

    Europe is experiencing structural problems and is set to struggle for a long time. Europe is one of Namibia’s main trading partners and if economic growth continues at current levels, there are obvious challenges to growth in Namibia. Diversifying away our exports to new markets should be a consideration if not already embarked upon.

    Risk of unconventional monetary policy

    We are entering a risk period in terms of how much central banks can do. Currency wars have become a real possibility. Central bankers are keeping interest rates low and asset prices high, and every country wants to keep its currency down in order to make exports more competitive. To respond to global economic challenges, monetary policy globally increasingly finds itself in unconventional territory.

    Currency wars

    Although we live today in a world of flat money and mostly floating rates, questions are being asked about the current level and value of the Chinese currency as well as the Japanese Yen - including the latest move by Japan to increase its inflation target from 1% to 2% - and the decision by Bank of Japan to buy $140 billion of mostly short-term government debt each month. The depreciation of the US dollar during 2012 also raised questions whether countries do keep their currencies deliberately low to improve their competitiveness.

    Internet will get closer and personal

    The “interest graph” – the set of things I am interested in and that my friends like – will overtake the “social graph” or the social networks. In the evolution of technology we had the Internet boom era, the second wave revolved around social networks, whilst smart phones are currently experiencing an explosion. The future of technology is personalisation – guided by people’s daily habits. The ultimate source of growth will be technological progress.

    Inequality biggest risk facing the world

    Poverty, unemployment, and inequality are not unique in Namibia. The reality is that across the world – for different reasons and histories – inequality and unemployment are aggravating challenges we all face.

    The secrets of success and competitiveness

    The overarching theme experienced at Davos this year clearly indicates that Success is really about the journey, not the destination. To be competitive, Namibia needs to focus on structural features of competitiveness, on its macro-economic policy - fiscal and monetary policy - innovation, attracting FDI and on its export sector. To ensure internal stability, labour-absorbing growth is almost a no-brainer.

    But to really focus on ensuring Namibia’s success, we need to get our education system on a track that is supportive of our national aspiration. To do this, we need good leaders. Good leaders lead, great leaders transform. Our generation has everything to lift Namibia out of poverty and transform it into a winning nation.

    While many of these observations are known and shared in various forms across Namibia in boardrooms and in huts, I share them with you now with the assurance that we are in good company globally and our growth is their growth and their success, ours too.

  • Bursary recipients get the necessary boost from Old Mutual and Nedbank Namibia

    05 December, 2012: Today 10 bursaries were awarded to deserving students through the Old Mutual and Nedbank Namibia Education Trust and the value of the bursary offering in total, amounts to N$ 305 000 (Three Hundred and Five Thousand Namibia Dollar) for students who will complete their studies at the following tertiary institutions: Polytechnic of Namibia, University of Namibia, University of Stellenbosch, Nelson Mandela University, and the University of Pretoria.

    Demographically the student representation is as follows:

    • 34% from Khomas,
    • 17% from Oshikoto,
    • 9% from Omusati, and
    • 8% from Karas, Erongo, Ohangwena, Oshana and Omaheke

    Delivering his key note address, Hon. Minister of Education, Dr. Abraham Iyambo reiterated, “Today, I am particularly pleased to be in the presence of Old Mutual, Nedbank Namibia and their 2013 Education Trust bursary recipients. As you all know, Government’s Targeted Intervention Program for Employment and Economic Growth (TIPEEG), a programme implemented to address the high unemployment rate encourages the private sector to engage and fully commit to transformation initiatives countrywide. Old Mutual has no doubt proven to be a leader in being a responsible corporate citizen through your corporate social investment projects and, as Government, we are thankful to you for your partnership as we steer this heavily laden vehicle.”

    Sakaria Nghikembua, CEO: Operations, Old Mutual stated that, “We need to invest in education. We need to invest in the areas that are critical to national development. We need to identify talent from our midst and then financially enable this talent to pursue studies in those areas which we have collectively identified as key enablers of our advancement. We need to invest in the creation of knowledge which, if constructively applied, can take our country to newer and greater heights. We need to fully assume accountability for our destiny.”

    Old Mutual’s enduring promise customers and stakeholders to help them achieve their lifetime financial goals by enabling positive futures is once again clearly delivered in initiatives such as the Old Mutual NedNamibia Education Trust.

    • The Old Mutual & NedNamibia Education Trust was established in 2006, to provide bursaries to members of participating unions and their dependants. The initiative is part of Old Mutual’s clear commitment to the legislated policy of Black Economic Empowerment in Namibia, not only because this is a legal requirement but also because it is a) the right thing to do and b) it is surely a wise business imperative to invest in the enabling of a diverse and skilled talent pool of skills in Namibia.
    • These bursaries are intended to assist the beneficiaries to further their education at Institutions of Higher Learning within the SADC region and are specifically granted to address specific and direct inequities in the market resulting from previous regime practices of exclusion.
    • These bursary awards ensure that previously disadvantaged Namibians, who meet the high criteria for tertiary study in various fields, are afforded the opportunity to enter into bursary agreements with the Trust to complete their approved study programme.
    • This partnered initiative with Nedbank Namibia (a 20% partner to the Trust), is one of many corporate social investment programmes delivered into the Namibian market by Old Mutual.
  • Cultivating Entrepreneurship through the Old Mutual Women’s Micro Business Project

    03 December, 2012: Today Old Mutual celebrated the graduation of the 2nd Group of female entrepreneurs while welcoming the 3rd Group of female business owners into the programme as part of the Old Mutual Women’s Micro Business Project.

    Old Mutual, in conjunction with the Polytechnic of Namibia, has offered this visionary partnership since 2009 through providing fully-paid skills & capacity development via a specially devised business skills programme, as well as through the extending of interest free loans to the value of N$ 20 000 for each selected candidate. Each intake is exposed to intensive training and mentorship modules which cover:

    • Personal Development;
    • Practical financials (book/record keeping, planning and budgeting);
    • Leadership and Ethics; and
    • General Management

    Graduating today:

    • 1. Ms. Maria Benz , Owner of Ria’s Oasis, from Hardap; Rehoboth
    • 2. Ms. Wilhelmina Pogisho, Owner of W.S. Pogisho Trading Enterprise; Omaheke, Gobabis
    • 3. Ms. Frederika Vries , Owner of Frefran’s Fashins Tailoring;, Karas, Keetmanshoop
    • 4. Ms. Shidjukwe Theresia, Owner of Black is Beauty Salon; Kavango, Rundu
    • 5. Ms. Sylvia Hailonga, Owner of Sylvia’s Creations; Otjozondjupa, Grootfontein
    • 6. Ms. Martha Mangombe, Owner of Tula Trading cc ; Oshana, Oshakati
    • 7. Ms. Kathrine E Dekoe, Owner of EL-CO Photo Studio & Printers; Khomas, Windhoek

    The following business owners form part of the 2012 intake to the programme:

    • 1. Ndeyapo Day, Owner of Printing & Décor Services; Onhangwena, Eenhana
    • 2. Lisaan Gauases, Owner of Catering & Hire Services; Otjozondjupa, Otjiwarongo
    • 3. Miina Antonio, Retailer for Health Products; Omusati, Outapi
    • 4. Melanie Kambonde, Owner of Bambino Day Care Centre; Karas, Luderitz
    • 5. Beatrix Ndjao, Owner of a Hair Salon; Khomas, Windhoek
    • 6. Helena Shaanika, Owner of a Kindergarten: Kunene, Kamanjab
    • 7. Lea Magano Daniel, Owner of Tailoring and Decor CC; Khomas, Windhoek

    These business owners will embark on their training programme early in 2013.

    Patty Olivier, Old Mutual HR Executive encouraged the programme’s participants with the words, “Because of what each of you do, whether graduates or upcoming Women’s Micro-Business partners, I am convinced that the incomes and the standards of living of any number of people throughout our great country will be elevated. Business is not an end in itself, it is a means to an end, to be able to educate children, to be able to have a better home, to be able to provide healthcare, to build economies and create more opportunities. And you are living examples of that.”

    The strategic output of the Women’s Micro-Business Project is to provide an engaging platform for its participants to stimulate intellectual business conversations while demonstrating innovation in delivering on their planned sustainability beyond the year-long program.

  • Construction starts on the Old Mutual Keetmanshoop Retail Centre

    26 October, 2012: History was made today as His Excellency, President Hifikepunye Pohamba, laid the foundation for the N$92 million Keetmanshoop Retail Centre, which is being developed by financial services giant Old Mutual.

    The Centre boasts a total of 10,000 m2 of gross lettable space, of which 95% will be for retail and the remaining 5% is for office space. Old Mutual’s own offices in the southern town will be relocated to the Centre when it opens towards the end of 2013. Already, 87% of the lettable space has been taken up by tenants whilst negotiations with more potential tenants to take up the remaining retail space, are at an advance stage. Confirmed retail tenants include, amongst others, Shoprite, OK Furnishers, Hungry Lion, Shoprite Liquor, Edgars Active, Jet, Legit, CAN, Foschini, Markham, Exact! and Mr. Price.

    The Centre, which was designed by Hugo Scheepers & Augustinho Ferreira architects, is being constructed by NMC Construction Namibia. Other members of the professional team include Dawid Nel Quantity Surveyors as quantity surveyors and Windhoek Consulting Engineers as engineers on the project. The new Centre is scheduled to open for trading in November 2013, well in time for the 2013 Christmas shopping season.

    Speaking at the occasion, Managing Director for Old Mutual Africa Operations, Johannes !Gawaxab, reiterated Old Mutual’s commitment to fostering sustainable economic growth and eliminating poverty by partnering other key players in the economy. !Gawaxab highlighted the need for the private sector to invest in long-term commercial opportunities in order to secure the future, adding that “… investing in economic and social infrastructure should never be seen as a technical process, but rather as an opportunity to mobilize people to create a new society and expand economic opportunities”. !Gawaxab concluded by appealing to all stakeholders to support the project so as to ensure its successful fruition as planned.

  • Old Mutual Awards Keetmanshoop Retail Centre Building Contract

    20 September, 2012: Old Mutual is pleased to announce the awarding of the Keetmanshoop Retail Centre building contract to NMC Construction Namibia.

    NMC Construction Namibia is a multi-skilled building and civil engineering company with a diverse offering that includes an integrated building and civil construction service embracing sustainable and environmentally friendly building practices.

    NMC’s experience, resources, local shareholding, clear and efficient cost structure and client-focused project delivery practices, and their readiness substantially to use local labour and local suppliers, combined to secure them the tender for the construction of Old Mutual’s planned shopping centre in Keetmanshoop.

    Old Mutual is committed to ensuring that the investment brought to bear on its latest flagship project in the south of Namibia, is well-managed, best resourced and openly mandated to deliver a solid return for the financial services leader, for its policy-holders, the southern regions and the country at large.

    The Keetmanshoop Retail Centre ground-breaking ceremony is set for the end of October 2012 and the nearly fully-tenanted new economic hub is set to be open for trading in early November 2013.

  • Old Mutual invests in Paralympic medallist Johanna Benson

    18 September, 2012: Today, Old Mutual awarded Paralympics Gold and Silver medallist Johanna Benson with a Unit Trust Investment to the value of N$ 10 000 (Ten Thousand Namibia Dollar). In celebration of her stellar performance at the recent Paralympics, Old Mutual is honoured to provide financial assistance to this great athlete.

    Speaking at the event, Sakaria Nghikembua, CEO: Operations, reiterated that, “Johanna is a proud brand ambassador of this great nation and has proven to us that there are no limitations to achieving greatness. We are privileged to be in her presence today and applaud her for securing Namibia’s 1st Gold medal in the Paralympic Games. Her performance was certainly world-class and we celebrate her for all she is and for all that she has achieved. In support of her future, and in the best interest of her financial planning, Old Mutual is proud to assist Johanna with this investment into her financial wellbeing. We further undertake to make available a financial adviser to Johanna to assist her with financial planning going forward.

    Although we can never do enough for her, we would like to request her to accept our gesture of goodwill in this regard. The significance of this contribution from Old Mutual is not so much in its absolute magnitude as it is in the principle it seeks to establish. What underscores our endeavour is our desire to ensure that Johanna is set on a solid path to financial freedom and, for this reason, Old Mutual seizes this moment to call upon other businesses, large or small, societal organizations and individuals, to contribute to Johanna’s Unit Trust investment. It is the least we all could do to demonstrate our appreciation for what she has done for our country – firmly placing Namibia amongst the global community of recognized sporting nations.”

    The Executive Management and Staff of Old Mutual extended their best wishes to Johanna and encouraged her to continue to lead the race for excellence in sports in Namibia, as a shining example to all athletes across the country.

    This is not Old Mutual’s first investment in Paralympics sports codes in Namibia. In addition to the current N$ 10 000 Unit Trust investment for Johanna Benson, Old Mutual availed funds to the first Paralympics swimmer, Gideon Nasilowski, to participate in the Nedbank Challenge in Durban during March this year and sponsored Katrina Mouers and Rozelle Maasdorp, both partially blind ladies, to attend the Overberg Tandem Cycling Event earlier this year.

  • Old Mutual Celebrates Top Employer Status

    17 September, 2012: Following the recent award to Old Mutual as Top Employer in Africa (including Namibia, Zimbabwe, Kenya and South Africa), employees of the local Financial Services giant celebrated the feat with on Friday afternoon country-wide. The award was conferred by The Netherlands-based Corporate Research Foundation (CRF) Institute and surveyed various employers in Africa on key aspects as such as leadership and strategy, and human resources practices – including employee attraction, development, remuneration and recognition schemes. The celebrations took places at all Old Mutual offices country-wide, with over 300 employees and executives convening for the Windhoek event.

    In Windhoek, the various segments of the business engaged in a team exercise and visually depicted what it meant to them to work for Old Mutual. The spirit with which the employees engaged in this team exercise reiterated the passion every employee has for being part of such a pioneering company in terms of the commitment shown to invest in our people. A total of N$10, 000.00 was handed out in prize money to the winning teams.

    Speaking at the event, Johannes !Gawaxab, the MD: Africa Operations at Old Mutual thanked all employees country-wide for their contribution, emphasizing: “This award is a result of the people who invest in us. Our employees have done a splendid job and we are proud of them. We are extremely proud of our employees and embrace their creativity and innovation. The contribution of our employees is invaluable to the success of Old Mutual Namibia – our diversity, attitude and passion all provide significant strengths.”

    The auspicious event was highlighted by the performance of the world class Jazz artist Adora and our own local comedian Slick. This is indeed a great milestone and we are confident that with the creativity and innovation of our employees, Old Mutual will continue to remain a leader in the Financial Services Industry in Namibia.

  • Old Mutual awards Victory Race prizes

    11 September, 2012: Excitement filled the air as the overall winners were announced at the Old Mutual Victory Race Series prize giving ceremony today. Last year’s winner, Junior Fryman, secured 1st place once again in the Junior Male Category while Ndapandula Nghinaunye scored 1st place for the Junior Female Category. Both these winners received a Sports Development bursary worth N$ 12 000 (Twelve Thousand Namibia Dollar) each. Prizes in the Senior Female and Male categories have been awarded to:

    Senior Female Category

    • 1st Place: Lavinia Haitope awarded N$ 15 000
    • 2nd Place: Anna Amukoto awarded N$ 10 000
    • 3rd Place: Sofia Nambambi awarded N$ 5000

    Senior Male Category

    • 1st Place: Kristof Shaanika awarded N$ 15 000
    • 2nd Place: Simon Shipingana awarded N$ 10 000
    • 3rd Place: Uveni Kuugongelwa awarded N$ 5000

    Speaking at the prize giving ceremony, Gim Victor, CEO: Retail Business, Old Mutual Namibia, reiterated that, “Our 12-year commitment with over N$3 million (Three Million Namibia Dollar), including this year’s sponsorship of N$ 510 000 (Five Hundred and Ten Thousand Namibia Dollar) is affirmation of the calibre that this race series holds. Since the launch of the Victory Races in 2001, over 20,012 (Twenty Thousand and Twelve) individuals have crossed the finishing line which shows the eagerness of our athletes to be part of this event.

    We can proudly say that our Namibian athletes, Lavinia Haitope and Kristof Shaanika, will have the opportunity to compete at the Two Oceans Marathon in South Africa on 30 March 2013, as part of Old Mutual’s sponsorship of N$ 16 100 (Sixteen Thousand One Hundred Namibia Dollar) which will cover their travel, accommodation and entry fees to this prestigious regional race.”

    Old Mutual remains a committed corporate citizen in educating and engaging with the youth of Namibia as part of our social development initiatives within our communities.

  • Great Place, Great People, Great Things

    30 August, 2012:Old Mutual Namibia is proud to announce that we have secured the prestigious ‘Top Employer in Africa’ status as confirmed by the CRF Institute which conducted the ‘Top Employers Survey’ earlier this year. This is indeed a great milestone in our participation on this effort to benchmark our strengths against other businesses, in relation to leadership and people practices.

    Not only do the results assist us in understanding your employment experience, it also enables us to enhance our performance and position as an employer of choice. The responses received enable us to measure and improve our current People Practices which provide us with the necessary feedback to monitor and execute efforts in strengthening your employment experience.

    Our company is morally sound, upright and fulfils its promises and contracts undertaken with a sense of complete honesty and transparency in all we do and say and therefore our achievements are present due to our history of success in striving to reach the desired result, be it within our company or with our customers, helping everyone to perform at their best.

    Join us in celebration of this accolade and appreciation for a “Great Place”, the “Great People” and the “Great Things” that are present at Old Mutual.

    2012 is indeed our year of delivery.

  • Old Mutual scoops ‘Top Employer’ award

    30 August, 2012: It’s official - Old Mutual has been certified as a Top Employer in Africa, specifically in South Africa, Namibia, Zimbabwe and Kenya. According to the Corporate Research Foundation (CRF) Institute’s annual Best Employers Certification Index for 2012/13, Old Mutual also won the best large employer in South Africa.

    Old Mutual leads the pack in the Giants category (for companies with more than 10 001 employees) and is also number one in the Financial Services category.

    Comments Anisha Archary, Old Mutual Emerging Market’s Human Resources Director, ‘Our people strategy enables our business strategy and is built on a compelling vision that Old Mutual is a great place to work with people who do great things. Homegrown and now operational in across six continents, the secret ingredient for Old Mutual is that it is a values led and customer centric business. Our employee value proposition ranges from global career opportunities, competitive reward offerings, developing talent, focusing on building future fit leaders, and a great culture to win as one committed team.’

    Says Ralph Mupita, CEO of Old Mutual Emerging Markets, ‘The very best thing about the announcement is that it will unite and strengthen us in our purpose: by enabling positive futures and improving the financial wellbeing of our customers, employees and the communities in which we live.’

    A total of 73 organisations were certified in 2012 – the largest number since the Best Employer campaign began in 2002.

    ‘This increase in certifications indicates a promising rise in awareness that excellent Human Resources practices can give companies a competitive advantage, particularly in the context of a combative labour market and increasingly complex business environment,’ says Samantha Crous, the CRF Institute’s Country Manager.

    With more and more South African companies cultivating emerging market strategies, the CRF Institute is extending its tried-and-tested Best Employers South Africa index into Africa for the first time in 2012.

    The following seven companies were certified as the first Top Employers in Africa - Old Mutual, British American Tobacco, Ernest & Young, Microsoft, Siemens, G4S and Unilever.

    ‘As businesses increase their foothold on the continent, it becomes more and more important to develop applicable, relevant HR policies and practices alongside,’ says Crous. ‘These policies become essential for managing the massive redistribution of talent that will be necessary to sustain successful business development in the continent’s many emerging markets,’ she says. ‘And it’s for this reason that we have created the Top Employers in Africa audit.’

  • !Gawaxab calls for speedy delivery of affordable land, strengthening of public
    economic institutions…

    24 August, 2012: Speedy delivery of affordable land in urban areas, diversification of business activities, exporting of Namibian goods and services to foreign markets and strengthening the capacity of public institutions to deliver services, are all key drivers of economic growth and prosperity for our country. Johannes !Gawaxab, Old Mutual’s Managing Director for Africa Operations, made these remarks at a fundraising gala dinner for the popular, annual Ongwediva Trade Fair at the northern town of Ongwediva recently.

    Addressing an audience of businesspeople, entrepreneurs, Government and civil society leaders at Ongwediva, !Gawaxab stated that the North has huge potential to spur economic growth and businesses there can tap into these opportunities by, amongst others, diversifying their economic activities, introducing value-addition and exporting their goods and services to foreign markets, especially to neighbouring countries such as Angola, Zambia and the Democratic Republic of Congo. Many businesses in the North, which !Gawaxab described as more nimble and adaptable to changes in the economic environment because of their relatively small size, can become key generators of jobs in the Namibian economy.

    Amongst the key challenges faced by businesses in the North, !Gawaxab highlighted the fact that most businesses in the north are predominantly in trading, with little diversification into manufacturing and/or value-addition. He also highlighted the fact that many businesses in the North are facing diseconomies of scale challenges and are not scalable. Significantly, !Gawaxab stated that the biggest challenge is the fact that many of our institutions do not have the capacity to play their role effectively, adding that “… it is difficult to implement meaningful changes when institutions are the cause of the problem in the first place. Very few municipalities, local and village councils have clean audits and scarce resources are not managed properly. Land is not released quickly into the market and if delivered it is done at exorbitant prices. A culture of impunity is created if there are no consequences for break-downs in controls, poor management and wastage of public resources”.

    !Gawaxab concluded by offering the specific proposals so as to ensure that the North takes its rightful place as the emerging economic engine of Namibia:

    • Northern businesses must focus on diversifying their operations into areas where they can muster competitive advantage, in order to remain sustainable. Retail trading does not necessarily add economic value and small indigenous businesses cannot win the price, scale and productivity war against multi-national retailers or compete effectively against the Chinese business culture which is predicated on low-cost leadership, accessibility and 24/7 availability.
    • Northern businesspeople must look beyond the local market and must start exporting their goods and services into neighbouring markets such as Angola, Zambia and DRC.
    • We need to deliver affordable land urgently to facilitate economic activity. If local governments do not have access to finance to release land, given the high demand for serviced land and low housing stock levels, we need to consider innovative options to use domestic savings to resolve this constraint.
  • Old Mutual Investment Group (OMIGNAM) sponsors National Road Bike Qualifier

    09 August, 2012: Today, Old Mutual Investment Group (OMIGNAM) CEO, Lionel Matthews handed over a sponsorship of N$ 10 000 (Ten Thousand Namibia Dollar) to Nick du Plessis, the cyclist who will represent Namibia at National level for the Road Bike World Championships. The race is scheduled to take place in Pietermaritzburg (South Africa) from the 23rd to 27th August 2012.

    At the handover ceremony, Mr. Lionel Matthews reiterated that “Opportunities such as these allow Old Mutual to engage in value-driven initiatives in furtherance of sports development within Namibia.”

  • Old Mutual Victory Races boast aspiring athletes

    04 August, 2012: The final leg of the Old Mutual Victory Races took place in Windhoek on the 04th August 2012. Athletes arrived ready to compete for the winning prizes, with a total of 512 participants competing this year.

    This year, Old Mutual has made available N$ 510 000 (Five Hundred and Ten Thousand Namibia Dollar) for the race series. Included in this sponsorship are two Sports Development bursaries for learners which are worth N$ 12 000 (Twelve Thousand Namibia Dollar) each. These bursaries will be awarded at the end of the series. Julian Fryman, junior category winner for 2011, utilized his bursary for his tertiary studies at the Polytechnic of Namibia. In addition to this, the remaining funds will cover his sports training expenses.

    Part of the sponsorship will go towards monetary prizes for the winners, and will be shared per series leg as follows:

    21km:

    • 1st Prize: N$1 500
    • 2nd Prize: N$800
    • 3rd Prize: N$600
    • 4th Prize: N$400
    • 5th Prize: N$250

    5km:

    • 1st Prize: N$500
    • 2nd Prize: N$350
    • 3rd Prize: N$250
    • 4th Prize: N$200
    • 5th Prize: N$100

    View Race Results

    Speaking at the prize giving ceremony, Sakaria Nghikembua, CEO: Operations, Old Mutual Namibia reiterated that, “All our race athletes can stand proud this year as we had an international professional route measurer who ensured that both the Windhoek and Swakopmund routes are officially recognised as qualifying heats for regional and other events. This is indeed a great value contribution to athletics in Namibia and we are proud to offer it as a useful innovation to the annual race series.”

    Namibia Beverages has once again committed to be the official soft drink sponsor for 2012. These races are one of many value-driven initiatives undertaken by Old Mutual to address social development needs within our communities.

  • Old Mutual Interim Results 2012

    08 August, 2012: Julian Roberts, Old Mutual Group Chief Executive commented: ‘Against a backdrop of sustained low growth and falling interest rates we continue to deliver good strategic and operational progress. We are expanding in attractive African markets; introducing new products across the Group; and today are unveiling our UK Platform pricing ahead of the introduction of the Retail Distribution Review. 'We have built a portfolio of resilient, high quality and cash generative businesses. Although economic conditions remain uncertain, we remain confident that we have the right offering, the right people and exposure to both emerging and developed markets that will allow us to continue to create value for both shareholders and customers.’

    Financial and operational highlights

    • IFRS AOP up 12% to £791 million; interim dividend up 17%; and core continuing Group NCCF of £4.4 billion
    • Targets: cost reduction met; ROE and margins on track
    • A further £603 million of debt repaid in 2012, less than £450 million left to hit £1.5 billion target
    • Completion of sale of Nordic and £1 billion special dividend paid 7 June 2012

    Expanding our African footprint

    • Continued strong sales and margins in South African mass market, and excellent sales momentum in emerging markets
    • Nigerian life acquisition expected to complete Q3; and considering entry into the Nigerian non-Life market
    • Nedbank delivers another excellent six months, driven by growth in NII, NIR and improved impairments

    Growing Wealth Management

    • Merger of OMAM UK and Skandia Investment Group to create asset management engine to power Wealth Management
    • UK Platform £1.2 billion NCCF
    • Post-RDR pricing structure for UK Platform unveiled

    Turning around US Asset Management

    • Positive NCCF of £2.2 billion
    • Continued trend of improved investment performance; margins strengthening

    View the full interim results on the Old Mutual plc website.

  • Road runners fast track to Oshakati for the Old Mutual Victory Race

    21 July, 2012: The third leg of the Old Mutual Victory Races kicked off in Oshakati on the 21st July 2012. Despite the chilly weather conditions, athletes arrived ready to compete for the winning prizes, with a total of 567 participants competing this year.

    This year, Old Mutual has made available N$ 510 000 (Five Hundred and Ten Thousand Namibia Dollar) for the race series. Included in this sponsorship are two Sports Development bursaries for learners which are worth N$ 12 000 (Twelve Thousand Namibia Dollar) each. These bursaries will be awarded at the end of the series. Julian Fryman, junior category winner for 2011, utilized his bursary for his tertiary studies at the Polytechnic of Namibia. In addition to this, the remaining funds will cover his sports training expenses.

    Part of the sponsorship will go towards monetary prizes for the winners, and will be shared per series leg as follows:

    21km:

    • 1st Prize: N$1 500
    • 2nd Prize: N$800
    • 3rd Prize: N$600
    • 4th Prize: N$400
    • 5th Prize: N$250

    5km:

    • 1st Prize: N$500
    • 2nd Prize: N$350
    • 3rd Prize: N$250
    • 4th Prize: N$200
    • 5th Prize: N$100

    View Race Results

    Namibia Beverages has once again committed to be the official soft drink sponsor for 2012. These races are one of many value-driven initiatives undertaken by Old Mutual to address social development needs within our communities.

    The next race takes place in Windhoek, at Jan Mohr Secondary School on the 04th August 2012. For further details contact Revonia Kahivere at (061) 299 3017 or cell 0813518758.

  • Old Mutual MIDINA Fund invests N$120 million in land delivery in Windhoek

    04 July, 2012: The Old Mutual MIDINA Fund has invested N$120 million in land delivery in Otjomuise Extension 4, in the capital city, Windhoek. This project is being implemented in partnership with the City of Windhoek and local Namibian business men. As a result of this public-private partnership, the following will be delivered between nine to twelve months from now:

    • Total m² of Residential land: 171 487m²
    • Total Number of Dwelling Units (Residential): 571
    • Total m² of General Residential Sectional Titles: 143 535m²
    • Total number of dwelling Units on General Residential Land: 633
    • Total m² of Institutional Land: 12 800m²
    • Total km of Surfaced Road: 2.631km
    • Total m of sewer lines to be installed: 4536m
    • Total m of water lines to be installed: 3695m

    The Midina Fund has since inception in 2004 invested in excess of N$250 million to unlock urban land value through funding the following projects:

    • The servicing of erven in Extension 1 and 2 in Langstrand; and
    • The servicing of erven in Vineta, Swakopmund, which delivered 120 serviced erven;
    • Funding the National Housing Enterprise to service land in Otjomuise and construct more than 200 affordable houses.

    Mr Lionel Matthews, CEO of Old Mutual Investment Group in Namibia (OMIGNAM), reiterated that “Classic economics teaches us that when the factors of economic production, being land, capital, labour and entrepreneurship are optimally combined, sustainable wealth is created. Midina has funded to date more than N$500 million social infrastructure projects, most notably in health, telecommunication, tourism, education and housing sectors of the economy.”

  • Road runners fast track to Swakopmund for the Old Mutual Victory Race

    30 June, 2012: The second leg of the Old Mutual Victory Races kicked off in Swakopmund on the 30th June 2012. Despite the chilly weather conditions, athletes arrived ready to compete for the winning prizes, with a total of 540 participants competing this year.

    This year, Old Mutual has made available N$ 510 000 (Five Hundred and Ten Thousand Namibia Dollar) for the race series. Included in this sponsorship are two Sports Development bursaries for learners which are worth N$ 12 000 (Twelve Thousand Namibia Dollar) each. These bursaries will be awarded at the end of the series. Julian Fryman, junior category winner for 2011, utilized his bursary for his tertiary studies at the Polytechnic of Namibia. In addition to this, the remaining funds will cover his sports training expenses.

    Part of the sponsorship will go towards monetary prizes for the winners, and will be shared per series leg as follows:

    21km:

    • 1st Prize: N$1 500
    • 2nd Prize: N$800
    • 3rd Prize: N$600
    • 4th Prize: N$400
    • 5th Prize: N$250

    5km:

    • 1st Prize: N$500
    • 2nd Prize: N$350
    • 3rd Prize: N$250
    • 4th Prize: N$200
    • 5th Prize: N$100

    View Race Results

    Namibia Beverages has once again committed to be the official soft drink sponsor for 2012. These races are one of many value-driven initiatives undertaken by Old Mutual to address social development needs within our communities.

    The next race takes place in Oshakati, at the Oshakati Independence Stadium on the 21st July 2012. For further details contact Revonia Kahivere at (061) 299 3017 or cell. 0813518758.

  • Road runners fast track to Keetmanshoop for the Old Mutual Victory Race

    16 June, 2012: The first leg of the Old Mutual Victory Races kicked off in Keetmanshoop on the 16th June 2012. Despite the chilly weather conditions, athletes arrived ready to compete for the winning prizes, with a total of 512 participants competing this year.

    This year, Old Mutual has made available N$ 510 000 (Five Hundred and Ten Thousand Namibia Dollar) for the race series. Included in this sponsorship are two Sports Development bursaries for learners which are worth N$ 12 000 (Twelve Thousand Namibia Dollar) each. These bursaries will be awarded at the end of the series. Julian Fryman, junior category winner for 2011, utilized his bursary for his tertiary studies at the Polytechnic of Namibia. In addition to this, the remaining funds will cover his sports training expenses.

    Part of the sponsorship will go towards monetary prizes for the winners, and will be shared per series leg as follows:

    21km:

    • 1st Prize: N$1 500
    • 2nd Prize: N$800
    • 3rd Prize: N$600
    • 4th Prize: N$400
    • 5th Prize: N$250

    5km:

    • 1st Prize: N$500
    • 2nd Prize: N$350
    • 3rd Prize: N$250
    • 4th Prize: N$200
    • 5th Prize: N$100

    View Race Results

    Namibia Beverages has once again committed to be the official soft drink sponsor for 2012. These races are one of many value-driven initiatives undertaken by Old Mutual to address social development needs within our communities.

    The next race takes place in Swakopmund, at the Swakopmund Athletics Stadium on the 30th June 2012. For further details contact Revonia Kahivere at (061) 299 3017 or cell. 0813518758.

  • 12th Old Mutual Victory Race Series Launched

    11 June, 2012: Old Mutual launched the 12th annual Old Mutual Victory Race Series in the capital city today. This event has prominently featured as one of the largest road running events to date. The series kicks off in Keetmanshoop on the 16th of June, and will move to Swakopmund on the 30th of June. The northern leg will take place in Oshakati on the 21st of July whilst the finals will take place in Windhoek on the 4th August of 2012.

    This year, Old Mutual has made available N$ 510 000 (Five Hundred and Ten Thousand Namibia Dollars) for the race series. Included in this sponsorship are two Sports Development bursaries for learners which are worth N$ 12 000 (Twelve Thousand Namibia Dollars) each. These bursaries will be awarded at the end of the series. Part of the sponsorship will go towards monetary prizes for the winners, and will be shared per series leg as follows:

    21km:

    • 1st Prize: N$1 500
    • 2nd Prize: N$800
    • 3rd Prize: N$600
    • 4th Prize: N$400
    • 5th Prize: N$250

    5km:

    • 1st Prize: N$500
    • 2nd Prize: N$350
    • 3rd Prize: N$250
    • 4th Prize: N$200
    • 5th Prize: N$100

    The overall race series winners will receive the following prizes.

    • N$15,000 (Fifteen Thousand Namibia dollar) for 1st place.
    • N$10,000 (Ten Thousand Namibia dollar) for 2nd place.
    • N$5000 (Five Thousand Namibia dollar) for 3rd place.
    • N$12,000 (Twelve Thousand Namibian dollar) each for the Junior.

    Namibia Beverages has once again committed to be the official soft drink sponsor for 2012. These races are one of many value-driven initiatives undertaken by Old Mutual to address social development needs within our communities.

  • Old Mutual launches Multi-Million Dollar Retail Centre in Keetmanshoop

    15 June, 2012: Financial Services giant, Old Mutual Namibia, today launched plans regarding a new mixed-use development to key stakeholders from a spectrum of society, in Keetmanshoop.

    A total of N$92 million (Ninety Two Namibia Dollar) will be invested in the development and will be fully funded by Old Mutual Namibia. The development will consist of a total of 11,000 m2 of space, of which 10,000 m2 is gross lettable space, while the remaining 1000 m2 is common areas. Old Mutual announced at the stakeholder launch that of the 10 000m2 gross lettable space, 8000 m2 occupancy has been secured whilst negotiations are at an advanced stage with other potential tenants to take up the remaining lettable space.

    The Development boasts 95% retail space and 5% office space, which will provide a significant footfall within the Centre. Old Mutual will be the first tenant to take up office space upon completion of the development. The Centre will also serve the community with a host of new tenants including Shoprite and Shoprite Liquor, OK Furnishers, Hungry Lion, Jet, Edgars Active, Legit, CNA, Foschini, Markham, Exact, Mr. Price, Style Clothing and Beaver Canoe. Two commercial banks, namely First National Bank of Namibia and Standard Bank Namibia, have already committed to installing ATMs at the centre; whilst decisions to install ATMs are expected from the other commercial banks in the near future.

    Old Mutual is in the process of selecting a main contractor and the site hand-over is planned for end of July. Construction will commence immediately and the functional completion of the Development is scheduled for September 2013. Tenant fit-outs will be completed during October and trading should commence in November 2013, in time for the 2013 Christmas season.

    Professional teams already contracted to work on the development include:

    • Hugo Scheepers & Augustinho Ferreira Architects JV as Architects and Principal Agents;
    • Windhoek Consulting Engineers as Project Engineers;
    • Dawid Nel Quantity Surveyors as Quantity Surveyors;
    • Stubenrauch Planning Consultants as Planning Consultants; and
    • Old Mutual Properties as the overall Development Managers.

    The centre will offer 222 parking bays catering to retail clients, office tenants and customers and provision for growth is included in the plans. The new centre will be constructed to be scalable in future, based on anticipated economic growth in the south and demand for more retail and/or office space. Whilst the initial development will have 10,000 m2 of gross lettable space, Old Mutual has acquired a total of 58,000 m2 providing sufficient scope for further expansion.

    Speaking at the launch, Johannes !Gawaxab, MD: Africa Operations, said "Not only will this development offer the biggest retail hub within the Karas Region, the reality that all tenants will be new to Keetmanshoop, offers the promise of job creation too, an achievement that clearly speaks to Old Mutual’s corporate commitment to enable economic transformation."

    Old Mutual finances projects with the intention of contributing towards the infrastructural and economic development of Namibia. For more information on Old Mutual infrastructural investment in Namibia, or details on our Corporate Social Investment Programme, please contact: Tracy Eagles, Marketing Executive on +264 (0) 61 299 3924 or email Tracy.

  • Old Mutual’s Trophy Wine Show: A Master Class in Rigour and Skill

    14 June, 2012: For the 6th consecutive year, Old Mutual Namibia has hosted one of Southern Africa’s leading wine-tasting events, and delivered the calendar highlight of a number of local wine connoisseur clients of Old Mutual’s. On Thursday evening, distinguished wine connoisseur and wine master Michael Fridjhon enlightened and entertained Old Mutual guests and public while delivering his signature Trophy Wine Master Class – a guided wine-tasting experience through the winning super-premium wines entered in the recent South African Trophy Wine Competition.

    27 elite brands from top wine makers in Southern Africa were brought to Namibia’s discerning wine lovers by Old Mutual, as part of the 7 city tour these highly vaunted prize-winning wines travel each year after the final South African judging.

    Speaking at the upmarket, beautifully staged event at the Windhoek Country Club, Mr. Sakaria Nghikembua, CEO Operations for Old Mutual Namibia said "The rigour which goes into the Trophy Wine Show's judging methodology, and the talents and skills of the winning winemakers combine to deliver excellence into the market. This combination of rigour and skill resonates with our own approach to market."

    Nghikembua then called on the evening’s wine patrons to enjoy an evening of relaxation and learning, in celebration of Old Mutual’s philosophy to always “Do great things”.

  • !Gawaxab Calls for Public Enterprises Reform

    12 June, 2012: “Public Enterprises were established to address market deficits, capital shortfalls, to promote economic development, reduce mass unemployment and ensure national control over the overall direction of the economy. Exercising such control serves as a catalyst for growing the economy and maximising social welfare benefits. Yet too many public enterprises fall far short of making their rightful contribution on account of a multiplicity of factors”. This was the view of Johannes !Gawaxab, MD: Africa Operations Old Mutual, when he spoke at the Public Enterprise Management for Financial Viability Conference in Windhoek today. !Gawaxab welcomed the conference as ‘ a commitment to re-shaping and improving finance management in public enterprises in Namibia, firstly by shifting performance of public enterprises, and secondly by attempting to engineer a horizon shift to prepare the country for long-term success."

    Citing the African continent as being on the brink of a major transformation against the backdrop of a changing world order, !Gawaxab noted that Namibia’s economy has developed, its society is changing, and its aspirations have evolved, and in this context, public finance management cannot be seen to be static.

    Improving Namibia’s competitiveness will require strengthening public enterprises, improving public finance management, ensuring that sound monetary and fiscal policies are implemented, that strong human development is facilitated and that adherence to the rule of law is enforced, he said. The financial performance of SOEs since 2001 has been disappointing in most instances with government expenditure and lending to SOEs growing by leaps and bounds. This appears unsustainable.

    Suggesting that the answer would seem to lie in better understanding and application of The State-Owned Enterprise Governance Act (No. 2 of 2006) as the key legislation pertaining to the governance of public enterprises, !Gawaxab outlined some of the governance challenges facing public enterprises currently. These included, amongst others, the competing and incongruent roles Government as owner of public enterprises holds, including being shareholder, policymaker and regulator.

    Accountability and leadership by experienced and qualified directors and CEOs should enable appropriate setting of performance indicators and measuring of performance of public enterprises, including the performance of management and the Board, whereas politically motivated appointments may adversely impact strategy execution, policymaking and fulfilment of these enterprises’ mandates. Ideally, Public Enterprise Boards, in accordance with best practice, should be the centre of corporate governance.

    Notwithstanding Namibia’s skills deficit, the management of public enterprises face a profound challenge of maximising efficiency on the one hand, and upholding the equity of politics of the government sector on the other; which involves an interaction of politics and the market.

    Speaking specifically to financial viability as being the ability to generate sufficient income to meet operating payments, debt commitments, and where applicable to discharge the mandate of the entity efficiently and effectively, !Gawaxab identified 4 key elements relating to necessary viability: Firstly, not running out of cash - this largely talks to profitability and cash-flow management – to meet financial obligations as they are due, and to serve as a buffer for difficult times. Secondly, making sound investment decisions. Thirdly, making sound financing decisions, and fourthly, ensuring that governance and risk management is robust in these enterprises.

    In his final recommendations, !Gawaxab reiterated the need for a governance culture and framework that is aligned with best practices and consistent with the shareholders’ mandate; that Boards take up the oversight responsibility with new vigour; that the capability of public enterprises would be enhanced through stronger cooperation with UNAM and POLYTECH to attract talent with financial skills; and that a clearly defined funding framework for public enterprises could be implemented which pro-actively anticipates and provides for the capitalisation of entities that require financial assistance, in addition to the transfers for targeted interventions. We need to use the power of the state to unlock the dynamism of the market, said !Gawaxab.

    Noting that clarifying and optimising developmental, political and commercial objectives of public enterprises would be very helpful in dealing with the cost recovery principle, !Gawaxab reiterated that this would necessitate the clarification and alignment of Government’s role as shareholder, policymaker and regulator.

    !Gawaxab closed with, "Every transformational generation has left a legacy. It is time to be bold and create our own legacy."

  • Windhoek Jazz Festival Handover

    12 June, 2012: Old Mutual completed the official handover of the annual Old Mutual Jazz Encounters brand property to the City of Windhoek today, whereafter the event will be known as the Windhoek Jazz Festival.

    In conjunction with the various new sponsors for this year’s event, Mr. Sakaria Nghikembua, CEO: Operations, Old Mutual Namibia stated that “Old Mutual’s intent is to ensure this event is owned more comprehensively by a number of local partners, in order to provide a wider opportunity for local and international performers, and to ensure greater community involvement”.

    Started in 2007, the annual Jazz Encounter has grown to the magnitude of an annual, highly sought after social event on the entertainment calendar. As of 2012, and in collaboration with Old Mutual, DB Audio, Ad Force, Air Namibia, Hilton Windhoek, 99FM, the National Arts Council of Namibia and Heineken, have all committed as Jazz sponsor partners to “Bring music and opportunity to all” beginning with this year’s Windhoek Jazz Festival 2012.

    Old Mutual remains the event’s main sponsor to ensure that this broader ownership delivers its wider-ranging scope of ideas and contributions from all partners in the context of the Old Mutual Jazz Encounters experience and expertise base. However, the new Windhoek Jazz Festival will be promoted and delivered under the auspices of the City of Windhoek, to ensure this much loved event truly becomes the property of all Namibians.

    Jazz enthusiasts will have the opportunity to share in their love of music on the 3rd November 2012 at the Hage Geingob Stadium. Tickets will be available via Computicket.

  • 12th Old Mutual Victory Race Series Launched

    11 June, 2012: Old Mutual launched the 12th annual Old Mutual Victory Race Series in the capital city today. This event has prominently featured as one of the largest road running events to date. The series kicks off in Keetmanshoop on the 16th of June, and will move to Swakopmund on the 30th of June. The northern leg will take place in Oshakati on the 21st of July whilst the finals will take place in Windhoek on the 4th August of 2012.

    This year, Old Mutual has made available N$ 510 000 (Five Hundred and Ten Thousand Namibia Dollar) for the race series. Included in this sponsorship are two Sports Development bursaries for learners which are worth N$ 12 000 (Twelve Thousand Namibia Dollar) each. These bursaries will be awarded at the end of the series. Part of the sponsorship will go towards monetary prizes for the winners, and will be shared per series leg as follows:

    21 Kilometers

    • 1st Prize – N$1 500
    • 2nd Prize – N$800
    • 3rd Prize- N$600
    • 4th Prize – N$400
    • 5th Prize – N$250

    5 Kilometers

    • 1st Prize - N$500
    • 2nd Prize - N$350
    • 3rd Prize - N$250
    • 4th Prize - N$200
    • 5th Prize - N$100

    The overall race series winners will receive the following prizes.

    • N$15,000 (Fifteen Thousand Namibia dollar) for 1st place
    • N$10,000 (Ten Thousand Namibia dollar) for 2nd place;
    • N$5000 (Five Thousand Namibia dollar) for 3rd place;
    • N$12,000 (Twelve Thousand Namibian dollar) each for the Junior.

    Winners

    Namibia Beverages has once again committed to be the official soft drink sponsor for 2012. These races are one of many value-driven initiatives undertaken by Old Mutual to address social development needs within our communities.

  • Old Mutual issues N$ 60 million in Special Dividend payout

    07 June, 2012: Following the announcement of the recent sale of our Nordic business to Skandia Liv, on both the London and Johannesburg Stock Exchanges, today, Old Mutual announced the special dividend payout totalling N$60 million (Sixty Million Namibia Dollars) to Namibian shareholders which include Policyholders, BEE partners and Old Mutual staff members.

    Shareholders will each obtain a special dividend at N$ 12.0684 per share, which will not influence the individual percentage holding of investors. Disbursements of this magnitude are inevitably larger than ordinary dividends paid out by a company, and are a non-recurring distribution of company assets to shareholders.

    In addition to the payout, Old Mutual will also undertake a consolidation of shares to ensure the comparability of the share price and earnings per share, before and after the payment of the special dividend. This will allow our shareholders to compare earnings per share and share prices with previous financial periods.

    Even during uncertain times, the value returned presents Old Mutual with an opportunity to deliver value back to its shareholders, whilst capturing a significant portion of assets and in return, potentially assisting our fellow Namibians achieve their life time financial goals.

  • Old Mutual celebrates Diversity Day

    30 May, 2012: In celebration of our 167th birthday in May, Old Mutual recently hosted a Diversity Day competition, as part of recognizing our diverse cultural heritage; we have both locally and within our Emerging Markets businesses.

    Operating within 11 countries worldwide, our multitude of cultural legacies, span the coast lines of Namibia, South Africa, Zimbabwe, Nigeria, Kenya, Swaziland, Malawi, Mexico, Columbia, India and China.

    Our vision remains to be our customers' most trusted partner, passionate about helping them achieve their lifetime financial goals. A diverse team, such as Old Mutual, generates more creative ideas and presents an organization with a unique competitive edge.

    Old Mutual is a great place to work with people who do great things.

  • Old Mutual elevates local artists to financial stardom

    2 March, 2011 - This week, Old Mutual Namibia, as part of its financial education program in conjunction with NASCAM (Namibian Society of Composers and Authors of Music), presented the first ever Artist Financial Education Workshop. Whilst Old Mutual usually offers financial education to companies such as Nampost and Telecom, this initiative is particularly aimed to promote and provide financial education to Namibia’s music industry performing artists.

    ‘As the music industry significantly grows, artists continue to capitalize off its demand. This workshop is therefore a learning opportunity for artists in the areas of budgeting, dealing with debt and increasing your wealth’, said Mrs. Hilda Basson Namundjebo.

    The artists had a one day intensive training on financial management by learning methods of financial discipline and shrewdness through Old Mutual’s unique Money Management System.

    Financial Education is the cornerstone of financial wealth and prosperity and, as a responsible corporate citizen, Old Mutual therefore endeavours to offer and provide its clients with the best financial education in order to assist its clients in reaching their lifetime financial goals.

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