South Africa’s Old Mutual eyes continued acquisitions

South African insurer Old Mutual Insure is to eye more acquisitions and partnerships following its acquisition of 51% of underwriting management agency ONE Financial Services Holdings in January.

In its annual report published on Thursday, the company said it would “continue investigating acquisition options and opportunities for inorganic business growth”.

The insurer already owns iWYZE, Credit Guarantee Insurance Corporation (CGIC) and its largest subsidiary, Mutual & Federal Risk Financing (MFRF), its cell captive insurer serving corporate customers. MFRF collected more than R1.7 billion ($120 million) in gross written premiums in 2021, its annual report reveals.

Overall in 2021, the group saw its underwriting return to profit with its margin rising to 4.9%, from a 2.6% loss in 2020. The company’s profit after tax was R729 million.