A BRIGHTER TOMORROW BEGINS WITH BELIEVING IN PEOPLE , BUSINESSES AND COMMUNITIES TODAY
par tnership. For many years, the segments that constitute our Social Investments Cluster (Masisizane Fund, ESD and Old Mutual Foundation) have driven socio - economic change across South Africa by suppor ting impactful
Through investing in areas such as funding and developmental suppor t for SMEs, education, as well as disaster relief, we empower individuals, foster sustainable enterprises and strengthen communities for tomorrow.
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The art of longevity: Old Mutual’s 180-year evolution
Its founding motto to be ‘A certain friend in uncertain times’ remains unchanged
● There are only a handful of companies in South Africa that can claim to be 180 or more years old : Old Mutual, founded in 1845 as South Africa’ s first mutual life assurance society, is one of them
Companies that survive and thrive for this long defy the usual lifespan of the majority of businesses Key to their longevity is their ability to adapt, innovate and remain relevant across generations and changing market environments Typically, they will have a strong and enduring mission and values They tend not to be defined by short-term profits, they have a clearly defined purpose that transcends financial gains and they are able to adapt and evolve with changing customer needs
Perhaps most importantly, they prioritise long-term sustainability over short-term gains and continuously build with the future in mind They are good at listening to their customers and understand that building trusted relationships with customers, employees, shareholders and other stakeholders is key They know their core strengths and work to continually improve on what they do best while still being open to new opportunities
Old Mutual meets all of these requirements and more
The business was the brainchild of Scotsman John
Fairbairn, who established The Mutual Life Assurance Society of the Cape of Good Hope based on the idea that people can achieve more together than alone The company was formed with no capital other than the premiums of its first 166 policyholders The fledgling entity’ s founding motto, “A certain friend in uncertain times” , resonated widely, as did its purpose to help its customers thrive, and it wasn ’t long before Mutual Life became a leading insurer in the region
The business has undergone several evolutions in the past 180 years In 1885 it changed its name to the South African Mutual Life Assurance Society but became known as Old Mutual In 1999, it demutualised and Old Mutual Plc listed on the London, Johannesburg, Zimbabwe, Malawi and Namibia stock exchanges
Old Mutual Plc expanded its geographic footprint and its product offering through a series of South African and international acquisitions These included the acquisition of Skandia in 2006, a global insurer based in Sweden with operations in the UK, the Nordics, France, Italy, Germany, Poland, Switzerland, Mexico, Colombia, Hong Kong, Singapore and Dubai; AIVA Holding Group in Uruguay in 2012;
Oceanic Life Assurance Ltd and Oceanic General Insurance Ltd in Nigeria in 2013; Provident Life Assurance Ltd in Ghana in 2013; Faulu in Kenya in 2014; and a majority shareholding in UAP in Kenya in 2015
In 2016, the Old Mutual Plc board announced a managed separation of Old Mutual Plc and the delivery of two separate entities, listed on the LSE and JSE, into the hands of Old Mutual Plc shareholders
The one entity, Quilter Plc, consists principally of Old Mutual Plc’ s UK wealth management operations It is domiciled in the UK, where it has its primary listing The other entity, Old Mutual Ltd, a newly created South African holding company, is domiciled in South Africa and has its primary listing on the JSE After the finalisation of the managed separation, Old Mutual Plc became a wholly owned subsidiary of Old Mutual Ltd and has since been renamed OM Residual UK Ltd
In June 2018, Old Mutual Ltd listed on the Johannesburg, London, Zimbabwe, Malawi and
“Our job is to be there when people need us most and to respond in ways that exceed expectations.”
Celiwe Ross, director of Group Strategy, Sustainability,
People & Public Affairs
Namibia stock exchanges
From its early days as a life insurance company, today Old Mutual is a publicly traded, leading pan-African investment, savings, insurance and banking group offering a diverse range of financial products
What has not changed is its
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founding motto to be “A certain friend in uncertain times” , while its purpose continues to be to help its customers thrive by helping them to achieve their financial goals and create a positive future for themselves, their families, communities and broader society
Old Mutual employs more than 27,000 people and operates in 12 countries across two regions: Africa (South Africa, Botswana, Eswatini, Ghana, Kenya, Malawi, Namibia, Rwanda, South Sudan, Uganda and Zimbabwe) and Asia (China)
Celiwe Ross, director of Group Strategy, Sustainability, People & Public Affairs, joined Old Mutual eight years ago after a career in investment banking
“When I joined Old Mutual, I wasn ’t just stepping into a new role I was stepping into a
business in the midst of a quiet but powerful transformation
Coming from investment banking, I was drawn to the sense that something meaningful was shifting Old Mutual wasn ’t resting on its legacy It was reimagining its future,” she says
There’ s always a risk that a company with deep roots is seen as slow moving But that’ s not Old Mutual’ s reality The company has been making deliberate investments in technology, talent and leadership It is not only relying on brand strength to carry the company forward but, as Ross points out:
“We’ re laying the groundwork for sustainable growth over the next 180 years
“One of the most exciting shifts has been our embrace of
AI Yes, AI is a disrupter, but it’ s also a powerful enabler At Old Mutual, we see it as a partner to
human ingenuity We’ re building use cases across the business from claims to service to high-volume transactions so our people can focus on what matters most: thinking deeply, solving problems and connecting with customers,” she says
“But let me be clear: AI won ’t replace our financial advisers When life gets complicated, people want empathy They want to speak to someone who understands That human connection is irreplaceable, especially in financial services,” says Ross
What technology will do is intensify the competition for scarce skills That’ s why Old Mutual has taken bold steps, including, for example, proactively addressing the gender pay gap
“Equal pay for equal work isn’t just a principle, it’ s a performance driver,” says Ross
“When people feel valued, they thrive And when they thrive, so does the business ” There is widespread acknowledgment that the financial services industry needs to simplify “Terms and conditions shouldn’t be a barrier to dignity,” says Ross. “Our job is to be there when people need us most and to respond in ways that exceed expectations ”
Conceding that the business doesn’t always get it right, she says Old Mutual is committed to getting better “That’ s what drives our longevity: a clear understanding of our strategic priorities Advice remains at the heart of our business Insurance is still largely sold, not bought, and that means our advisers play a critical role in helping customers make informed decisions ”
In a world that’ s increasingly short-term, Old Mutual remains long-term in its thinking Insurance demands it And so does leadership
“When I joined, tenure was overemphasised in talent decisions That’ s changed Today, we intentionally place talented people in key roles I’ m proud to say our executive team is one of the most representative in the industry That’ s not just progress, it’ s a new standard,” says Ross
Since the pandemic, leadership has become more complex Hybrid work has made the workplace a mirror of broader societal shifts Leaders today must be resilient, accountable and comfortable with discomfort They must be brave
“As we look ahead, our focus remains clear: enabling financial prosperity for our customers That means protecting what matters, growing wealth and anchoring everything we do in advice and financial wellness Old Mutual isn’t just preparing for the future We’ re building it, with intention, with courage and with people at the centre,” concludes Ross x
Helping communities grow
The Old Mutual Social Investment Cluster’s innovative social solutions aim to establish pathways for positive change
● Since its inception, Old Mutual has appreciated that making a positive contribution to society is at the heart of being a good corporate citizen The business has redefined corporate social responsibility by integrating it into its corporate strateg y and business operations
The Old Mutual Social Investment Cluster houses all the group’ s social impact initiatives, which include the Old Mutual Foundation, the Masisizane Fund and the Enterprise Supplier Development Fund All three initiatives have an overarching vision to make a difference in the communities in which they operate
“Old Mutual has a deep commitment to creating shared value and fostering collaboration for significant social impact,” says Ndumiso Zulu, CEO of the Old Mutual Social Investment Cluster “As Old Mutual has evolved over the past 180 years, so too has
our approach to responsible corporate citizenship The Social Investment Cluster aims to futureproof our approach to community investment across the group ”
The goal of the cluster is to facilitate greater collaboration and cultivate a more intentional and impact-focused approach to sustainability and shared value Its innovative social solutions aim to establish pathways for positive change
Zulu says that over the next quarter of a century, Old Mutual aims to contribute to inclusive, transformative, impactful and sustainable socioeconomic development through its social impact initiatives. “The intention is that through our collective contributions, we will help to enable a future where social inequalities and poverty are no longer pressing issues.”
The Old Mutual Foundation (OMF) was established in 1999, initially to make investments into vulnerable communities on a purely philanthropic basis Its primary focus areas traditionally have been on education, humanitarian relief and employee volunteerism. However, in
more recent years the foundation has adopted a more focused approach to align with Old Mutual’ s group strateg y and initiatives
The Old Mutual Education Flagship Programme (OMEFP) was established in 2013 to address systemic challenges in underperforming South African schools Over the years, the foundation has embarked on a number of strategic phases to align its efforts with educational needs and business goals These efforts unfolded through three major phases of evolution The first phase, between 2013 and 2019, focused on increasing grade 12 pass rates in mathematics and physical sciences, initially targeting older learners Between 2021 and 2025 the foundation adopted a foundational learning approach to improve literacy and numeracy in early grades (RR 7), focusing on earlystage mother tongue-medium instruction
Since 2024, the focus has been on academically promising yet socially and financially excluded learners through improving access to education and employment opportunities after high school “By shifting the foundation’ s focus to senior learners and their transitions to higher education or employment, we have aimed to create greater alignment with South Africa’ s systemic needs and, more particularly, Old Mutual’ s
Old Mutual Foundation
Ndumiso Zulu, CEO, Old Mutual Social Investment Cluster
Old Mutual Foundation volunteers planting a food garden at a school for Mandela Day
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strategic objectives,” says Zulu
The foundation’ s humanitarian relief efforts have previously consisted of emergency relief, genderbased violence and femicide (GBVF) interventions, psychosocial support, social cohesion, food security and livelihood support In 2021, this focus was narrowed to achieve greater impact with a shift towards proactive disaster risk reduction
“Our refined strateg y has focused exclusively on four of the most prevalent hazards floods, droughts, fires and pandemics with the aim to increase community resilience,” says Zulu “Activities included early-warning awareness, stakeholder training, capacity building for responders and agile emergency relief In addition, the foundation has partnered with municipalities to help them become more resilient and respond faster to disasters ”
Internally, Old Mutual’ s employee volunteerism programme empowers communities through staff-driven initiatives such as payroll giving, team and individual volunteering and skills-based contributions
Masisizane Fund
Old Mutual’ s nonprofit Masisizane Fund was
established in 2007 after the closure of the Unclaimed Share Schemes Trust
The fund provides enterprise development to micro, small and medium businesses via development and commercial financing as well as business support Its funding, which is targeted at blackowned businesses, women, youth and people living with disabilities, has a threshold of between R1m and R20m
“The biggest challenges facing SMEs include finding reliable and relevant information on funding opportunities, regulatory requirements and market trends Strict lending criteria, insufficient collateral and complex application processes prevent many SMEs from securing funding required to grow Simultaneously, a lack of tailored training, mentorship and business development support makes it
challenging for SMEs to become investment ready and sustainable,” says Zulu
The Masisizane Fund aims to address these shortfalls It evaluates funding applications on a case-bycase basis to determine whether the project qualifies for funding, giving preference to sectors with high employment and economic growth potential, high development potential and emerging sectors with future potential
“Our funding support is executed through various instruments and has varying terms of payment depending on the sector in which the enterprise operates The fund also assists SMEs to build capacity through training, provides technical specialist supports, mentorship and coaching and provides market access through business linkages,” says Zulu
One of the primary aims of the fund is to foster job creation, increase the participation of black-owned entities in the economy and improve the communities in which SMEs operate Zulu says that to date Masisizane has supported 400 SMEs across various economic sectors, deployed R1bn in funds and facilitated the creation and retention of more than 13,000 jobs
ESD Fund
Old Mutual’ s Enterprise Sup-
plier Development (ESD) Fund was established in 2019 with the objective of providing financial and nonfinancial support to targeted SMEs across Old Mutual, and high growth and social impact SMEs across the country
To date the fund has invested in 17 SMEs and supported the integration of many others as suppliers, distributors and intermediaries for several Old Mutual segments, including Old Mutual Corporate, Old Mutual Insure, the Mass Foundation Cluster, Old Mutual Alternative Investments, Group Marketing, OMiX, OMREHC and Futuregrowth
In addition to the R417m which was invested by June 2025 to the 17 SMEs, the fund has created 202 permanent and 135 temporary jobs, comprising a blend of skilled and unskilled workers
“From a commercial perspective there is a strong argument in favour of corporate institutions investing in the communities in which they operate,” says Zulu “No business exists in a vacuum and if Old Mutual intends to grow and prosper in the next 180 years, we need communities to also grow and prosper Our future success is inextricably linked to the success of communities, which is why it’ s so important that we help grow the small business sector and grow employment ”
Zulu knows that Old Mutual can ’t solve all the country’ s problems and insists that the cluster’ s future will depend on thinking smartly around scale and amplifying impact “As a business, we are aware that we will be operating in a very different environment in the future compared to the past 180 years From a social impact perspective, we therefore need to be very targeted and intentional in our approach ” x
Old Mutual, in partnership with Padel Life, opened a new padel court at Mutual Park, funded by the ESD fund
Masisizane hosted SMEs at the Access to Finance forum
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A legacy reimagined with OM Bank
OM Bank is designed to make banking agile and relevant for all South Africans
● Old Mutual has long been a bedrock of the South African financial landscape, adapting and responding to the evolving needs of its customers For more than 180 years, the business has been a cornerstone in South African households, supporting families through every life stage, from a child’ s first education policy to a parent’ s retirement plan, funeral cover, burial societies and legacy planning, reflecting a deep commitment to intergenerational financial wellbeing
Clarence Netheng we, CEO of OM Bank, says that for many people, especially those from rural areas such as Giyani, Limpopo, Old Mutual is more than just a brand but is a trusted partner that has walked alongside their families through every stage of life “For example, the education policy that funded my undergraduate law degree was taken out by my mom in the early 1980s through Old Mutual,” he says This deep-rooted trust, built over generations, forms the foundation of its latest venture: banking, with Old Mutual’ s application for a banking licence approved in 2024 The launch of OM Bank marks a pivotal moment in the group’ s history, representing the next chapter in its legacy and vision for the next 180 years
“OM Bank is an integral part of Old Mutual’ s broader, diversified financial services offering, meaning customers can access
banking, life insurance, investment, asset management and short-term insurance solutions under the familiar Old Mutual umbrella ”
The launch of OM Bank isn’t just an expansion, Netheng we adds, but a strategic reimagining of Old Mutual’ s role in the lives of its customers, solidifying its position as a holistic financial partner, offering a seamless suite of interconnected solutions under one trusted brand
At its core, OM Bank is built as a digital-first solution, leveraging cutting-edge technolog y to redefine banking for current and future generations while ensuring that customer access to banking services is not restricted by geography or business hours This contrasts with older, more established banks that are hampered by legacy systems
Digital services offered by OM Bank include smart savings tools, financial management tools, budgeting tools and on-demand lending solutions designed for a connected world.
“Digital banking is no longer
Clarence Nethengwe, CEO of OM Bank
a nice-to-have, it’ s the engine driving financial inclusion and relevance in today’ s world At OM Bank, we ’ ve built a platform that gives our customers the speed, access and control they need to thrive But we also know that in South Africa, relationships matter That’ s why we continue to invest in our people real advisers in real branches because while technolog y powers the future, it’ s our human connection that builds trust and drives impact,” says Netheng we Unlike traditional banks constrained by rigid legacy systems, OM Bank is designed to make banking agile and relevant for all South Africans It’ s an approach that ensures that banking is not just a transaction but a genuinely supportive part of each customer’ s financial journey, underpinned by ethical practices and responsible lending in line with Old Mutual’ s ethos of being a purpose-driven organisation with a conscience
“Technolog y makes it possible for banking to be more inclusive and accessible. It lowers the barriers to entry to financial services for lower income earners, allowing them to access banking services including making payments, transferring money and buying products and services, from a mobile device It has also lowered the cost of servicing customers, savings that OM Bank passes on to its customers,” Netheng we says Targeting mass market and mid-income customers earning between R12,000 and R80,000 a month, OM Bank has been positioned to compete directly with play-
ers such as Capitec, but with the added backing of Old Mutual’ s extensive financial services history.
“Old Mutual Bank is differentiating itself by combining the legacy of a trusted, 180year-old financial giant with a bold, digital-first banking approach, all within a comprehensive, integrated financial services ecosystem focused on empowering everyday South Africans,” says Netheng we
OM Bank is guided by ethical practices and responsible lending, prioritising the empowerment of South Africans with fair products and a focus on long-term financial wellness, not just profit margins
Throughout its long history
Old Mutual has provided clients with safe harbour and stability in turbulent times It survived the Spanish flu in 1918 and has navigated two world wars, the apartheid era, the transition to democracy, global financial crises and the unprecedented challenges of Covid Throughout, Old Mutual has demonstrated its resilience, playing a crucial role in the Nedbank business rescue in 1986 and offering proactive support during the pandemic, reinforcing its reputation as a steady hand in uncertain times
“This legacy of stability forms a vital assurance for OM Bank customers,” says Netheng we “OM Bank carries forward Old Mutual’ s rich legacy, now enhanced with digital tools, intuitive savings platforms and flexible lending solutions tailored for the next generation of South Africans It’ s more than just a bank; it’ s a continuation of a promise made 180 years ago, reimagined and refined for the future Backed by Old Mutual’ s unparalleled expertise and all those years of unwavering trust, OM Bank is poised to empower South Africans to achieve their financial aspirations and secure their futures ” x
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From the mailroom to franchise success
Clint Beech grows a top Old Mutual franchise from humble beginnings
● Old Mutual’ s long-term success is underpinned by its commitment to building strategic partnership ecosystems This is evident in its approach to its franchise model in the Mass & Foundation Cluster, a division that services emerging markets
The model offers an opportunity for individuals, particularly those with a sales background in the financial services industry, to own and operate a financial advisory business under the umbrella of Old Mutual’ s 180-year-old brand Franchises operate under the Old Mutual financial services provider licence and benefit from a structured framework for financial advice and product distribution to customers across South Africa Each franchise is owned by a franchise principal who leads a team of financial agents
Among the standouts is Clint Beech, the owner and franchise principal of Beech Financial Solutions, one of Old Mutual’ s top-performing franchises Having established his business in 2018, his is a story of grit, growth and greenblooded loyalty Beech’ s journey with Old Mutual began straight out of school He says that the iconic green that makes up Old Mutual’ s corporate visual identity runs strong in his family, starting with his mother, who worked at Old Mutual for more than 30 years
“In matric, Old Mutual offered me a job-shadowing opportunity, and once I had matriculated, I joined the com-
pany. My first job was in the mailroom, where I was responsible for putting contracts through a franking machine These same contracts I processed many years ago are now the very customers I serve today,” he says
After working abroad for two years, Beech returned to Old Mutual, where he joined the call centre doing telephonic sales In 2005, he was promoted to a financial advisory position and, after completing a management development programme, was given an opportunity to establish a new branch in 2008 He was later seconded to an underperforming branch and promptly turned it into Old Mutual’ s most successful branch His next move was a promotion to area manager for Cape Town, where he managed eight branches consisting of about 100 staff After completing his MBA, he was appointed regional sales manager for the Old Mutual Corporate division
“By this time, I had explored both the retail sales and corporate clients’ market and decided that it was time to start my own business However, I was hesitant to leave Old Mutual entirely after all, my blood is as green as it gets, and I had lived the brand and the Old Mutual culture for most of my working life So, partnering with Old Mutual to establish my own franchise business was a logical decision,” says Beech
Starting a new business is not without risks South Africa has a higher failure rate of start-up businesses than the global average, with about 70%-80% failing within the first five years There are numerous reasons for this, including a lack of financial and marketing skills among entrepreneurs and an environment that is not as supportive as it could be for small businesses However, Beech found stability in Old Mutual’ s model, which offers both brand equity and tangible support
“The entrepreneurial journey can be a lonely one, requiring the business owner to navigate multiple issues and challenges on their own By partnering with Old Mutual, I alleviated many of the risks that start-up businesses typically face From the outset, I received support from Old Mutual, including business capital in the form of a zero-interest loan, as well as regulatory compliance assistance, talent management and the services of a dedicated franchising consultant to help me navigate challenges Old Mutual was with me every step of the way, from establishing the business to scaling it It has provided my fin-
We’re always looking for opportunities to grow and scale … underpinned by the need to make a difference for our people and the communities in which we operate
Clint Beech, Financial Principal Owner of Beech Financial Solutions
ancial agents with continuous professional development and certification, including relevant regulatory qualifications and ongoing product training More recently, Old Mutual has provided franchises with a digital sales solution, which has created a more efficient and effective process for capturing policy information, saving agents time and allowing them to improve the overall customer experience ”
Now seven years old, Beech Financial Solutions has successfully navigated the challenging pandemic years and has continued to grow steadily Today, it employs 80 people, structured into four adviser teams and an operations team, and offers internship positions
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in collaboration with local colleges To date, the business has been able to absorb three interns into permanent roles within the business
Beech has worked hard to replicate Old Mutual’ s culture in his own business and, like Old Mutual, employs staff who share similar values “Old Mutual has a unique culture; one that is based on acceptance, respect and embracing each person ’ s uniqueness It is a caring environment that encourages support for others All my managers are former Old Mutual employees and have a good understanding of the Old Mutual culture and value proposition ”
He adds: “Sales adviser positions require remarkably high energy levels; that’ s why we test for character, integrity, attitude, commitment and resilience more than competence Rejection is part and parcel of the sales game and insurance is often a grudge purchase, so we look for people who will not take rejection personally ”
Most of the business agents come from the surrounding communities
Knowing that his business is making a difference by creating careers, and rewarding careers at that, is heartwarming, says Beech “The agents in our business are providing for their families, making property investments, holistically improving their lives, and passing the necessary regulatory exams, all of which ultimately make them more marketable ”
The business is a responsible citizen in local communities, supporting a church feed-
ing scheme, providing dignity packs for patients living with cancer and school shoe and sanitary towel drives for the disadvantaged
The franchising division, established a decade ago, has evolved significantly since its inception within the Mass & Foundation Cluster Old Mutual now provides greater support to franchises, and there is mutual respect between the parties, along with a willingness to learn, grow and em-
brace new and innovative ways of doing business
Beech says: “The pandemic provided an opportunity to reset and relook at how we service customers We are no longer restricted by geography and can now service customers around the country ”
Key to ensuring that independent business owners are integrated into Old Mutual was the decision three years ago to recognise and reward top-performing franchisees in its incentive programme
“Previously, this incentive programme was only open to internal staff in an effort to recognise and reward top performers in the business This was a true testament to the values that Old Mutual holds on rewards and recognition for exceptional performance,” says Beech
Not content with being the top-performing franchise for consecutive years, Beech says he still has big ambitions “We’ re always looking for opportunities to grow and scale Beech Financial Solutions, underpinned by the need to make a difference for our people and the communities in which we operate,” he says
His advice to others considering embarking on the entrepreneurial journey: “Manage your expectations Think big, start small and act fast Have a clearly articulated purpose, one that is not only about profit, and ensure that you have adequate support for the first 1,000 days Surround yourself with people you can trust, and understand that it will not always be easy, so you will need to be resilient and tenacious ” x
The business gets actively involved in community projects
The Beech Financial Solutions team
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Benefits, redefined
Building wellbeing into the future of work
● As Old Mutual celebrates its 180th anniversary, the business remains focused on what has sustained it for nearly two centuries: evolving with the needs of its customers That evolution is most visible today in how Old Mutual Corporate, South Africa’ s leading provider of employee benefits, helps employers create healthier, more resilient workplaces
The world of work has changed and so, too, have employee expectations A 2024 survey by the South African Depression & Anxiety Group (Sadag) found that 61% of employed South Africans would leave their jobs if they could afford to citing overwhelming stress, inadequate mental health support and inflexible working arrangements This signals not just a crisis in wellbeing, but a disconnect between employees’ needs and what most workplace benefits still offer.
“It is becoming clear that financial insecurity, workplace stress and a lack of support are no longer just personal concerns they have become critical business risks,” says Humphrey Mkwebu, acting MD at Old Mutual Corporate Mkwebu believes companies need to fundamentally rethink their approach to employee benefits moving beyond fragmented, compliancedriven models towards integrated strategies that treat employees as whole individuals with interconnected financial, physical and emotional needs
The workforce has changed so must benefits
Old Mutual’ s own 2024 Workplace Benefits Primary Research, powered by LIMRA,
reveals that two out of three employees experience financial, physical or emotional stress Among those who feel overwhelmed, 75% believe their employer should provide support services to help address these pressures
In response, forward-thinking employers are redesigning their benefits strategies to better align with the real needs of their workforce shifting from transactional offerings to integrated wellbeing solutions
“Correctly structured and integrated into the employee value proposition, employee benefits can drive improved productivity and engagement,” says Mkwebu “Employee wellbeing is therefore no longer a nice-to-have but is essential to performance and retention ”
Integrated solutions drive productivity and retention
To support this transformation from a fragmented benefits model to a holistic, integrated approach to employee wellbeing, Old Mutual offers a comprehensive suite of employee benefits and employee wellbeing solutions designed to enhance employees’ financial resilience, emotional wellbeing, and overall stability These include a Financial Wellbeing Programme that provides free financial education both faceto-face and digitally via WhatsApp, a platform that more than 60% of members prefer for its accessibility and ease The platform allows employees to engage with educational content, book consultations and access tools on demand, helping them make informed money decisions, reduce financial stress and improve their long-term financial security
Smart Salary gives employees controlled early access to
earned wages, while Right Track identifies reckless lending practices that could be harming their financial stability
Recognising the link between physical and mental health, Old Mutual provides Strove, a gamified wellness platform that promotes healthy habits and rewards employees for meeting fitness goals
The company ’ s range of health solutions including health insurance, gap medical cover, employee assistance programmes, consulting and administration ensures access to high-quality health care
“Ongoing retirement reforms represent a fundamental shift in how financial wellbeing must be supported in the workplace,” says Mkwebu “It’ s no longer enough to offer financial benefits employers must ensure they are relevant, accessible and designed to support sustainable long-term outcomes And with more changes on the horizon, benefit strategies must remain adaptable and responsive to evolving employee needs ”
Beyond individual wellbeing, Old Mutual’ s retirement and risk solutions provide financial security at every life stage Old Mutual SuperFund, South Africa’ s largest commercial umbrella fund, offers costeffective retirement savings, while its group risk solutions cover life, disability and critical illness protection
A long-standing innovator in the employee benefits space, Old Mutual was the first provider to launch a commercial umbrella retirement fund solution in South Africa Today, Old Mutual Corporate continues to evolve its offerings to meet the changing needs of employers and their employees
“This year, the Old Mutual SuperFund turns 40 and remains the largest commercial umbrella fund in the country, with close to R179bn in assets under management,” says Mkwebu
“Its size is more than symbolic it enables significant economies of scale, reducing administration and advisory costs while helping to preserve members’ long-term savings The fund’ s flexibility across retirement, group risk, preservation and annuity options is a testament to its structural agility and continued relevance ”
Old Mutual’ s role, he says, is to help employers offer benefits that truly matter benefits that are accessible, easy to manage and aligned with the realities of modern life “By embedding wellbeing into the employee value proposition, we help employers not only support long-term financial, physical and emotional health but also attract and retain the talent their businesses depend on
In doing so, we ’ ve redefined employee benefits as a coherent experience rather than a set of fragmented services one built for today’ s workforce and tomorrow ’ s challenges ” x
Humphrey Mkwebu
Wherever you’re at, let’s go from there.
At Old Mutual, we know that building a lasting legacy is about more than money. It’s about your goals, your vision, and being present for your family now and in the f uture.
Corporate Report Old Mutual
Symmetry: a bold new era with a fresh approach
The business acts as a bridge between clients and underlying asset managers and solutions
● In a strategic move to better meet clients’ evolving investment needs, Symmetry (formerly Old Mutual MultiManagers) repositioned itself from a traditional multi-manager to an investment solutions provider, reflecting the expansion of the business
“Symmetry’ s story is one of growth and adaptation,” says Symmetry MD Kieyam Gamieldien “We started in 2000 as Symmetry Multi-Manager, a multi-management company within the Old Mutual group focused primarily on life-linked institutional business As the market changed, so did the business, expanding through mergers, acquisitions and strategic shifts Today, we ’ ve grown into a modern investment solutions business, managing more than R141bn in assets, operating under a name that honours our history while embracing a modern identity that truly showcases our expanded capabilities and ambitions ”
A key element of this evolution is the integration of the discretionary fund management capability directly into Symmetry, providing a sharper investment focus in this space Additionally, the business has incubated a best-in-class capability These two additions
“Our approach combines multi-management, discretionary fund management and best-in-class solutions”
complement the long-standing multi-management business
Symmetry is also making its expertise more accessible, offering services in a modular fashion covering areas such as strategic asset allocation, tactical asset allocation and manager research
The business now offers broader investment consulting, delegated investment manage-
ment (or outsourced CIO) and focused private market investment products These enhancements are underpinned by a disciplined manager research function and innovative partnerships, including collaboration with Russell Investments, a US-based asset manager and investment consulting firm, to provide access to global investments
“We have focused on building deeper expertise at a business level and will be partnering with proven asset managers with a long-term track record,” says Gamieldien, adding that partnerships will be vital as Symmetry positions itself for growth The business has already partnered with another asset manager to co-create a private debt fund
One of Symmetry’ s main focus areas is reducing trading costs within its funds It is also investigating the investment case for bitcoin and other cryptocurrencies while assessing themes such as AI, tokenisation and related technology
“Our approach combines multi-management, discretionary fund management and best-in-class solutions, all supported by rigorous manager research and strategic alliances Combined, these offerings are designed to better serve our clients and stakeholders,” says Gamieldien
Symmetry’ s vision is: “We partner Design solutions Deliver value.” It reflects the firm’ s proactive approach to understanding and addressing the unique needs of each client
Far from displacing single asset managers, Gamieldien believes Symmetry is a bridge between clients and underlying asset managers, tools and solutions “We bridge the complexity inherent in the investment industry Given its expanded capabilities and renewed focus, I believe Symmetry has an exciting future ahead, poised as it is to lead a bold new era in investment solutions, offering a more holistic and dynamic approach to wealth creation and preservation ” x
Kieyam Gamieldien
For tech-savvy investors
● Technology is rapidly changing the way investors access global markets In tandem with this trend, a growing number of investors want to play a more active role in their wealth creation, demanding greater flexibility and independence In addition, research shows the digital native generation, also known as Gen Z, is leveraging technology to build, invest in and secure its financial future
Old Mutual Wealth is meeting this need through EQT (pronounced “equity”), an intuitive, self-directed, digitalfirst trading platform that offers investors the opportunity to trade in more than 60,000 investment instruments globally EQT is not just a trading platform but rather a key resource for both intermediated and self-directed investors focused on long-term investing and growing their wealth, says Shivani Naidoo, head of EQT at Old Mutual Wealth “One of the most significant shifts in investments recently is that investors are engaged with greater interest and aptitude for investing than ever before A growing number of Gen Z investors are becoming increasingly sophisticated in their investment thinking at a younger age, as they understand that they have the benefit of time to build their wealth However,
even when choosing to be selfdirected investors and make independent choices, many still benefit from quality research and advanced tools guided by expert insights, which EQT provides,” she says
EQT meets the needs of these investors by providing them with a comprehensive investment ecosystem that allows them to grow their wealth
through various life stages “In a country which has traditionally had a poor savings culture, this is an opportunity to help create a new generation with a wealth mindset
“Especially for this generation, convenience and engagement are key, and EQT provides both Considering the complexity of investment markets, EQT offers clients the opportunity to engage with a dedicated relationship manager, investment expertise and resources ”
The platform allows investors to execute trades across 27 global markets, including major and niche markets, and keep track of their taxes and performance Clients have access to expert research, in-depth market analysis, analyst recommendations, daily market updates, thematic screeners and personalised newsfeeds, allowing them to make informed decisions Investors also benefit from Old Mutual’ s size and scale through enhanced interest rates and asset swap capacity for greater offshore exposure
Offshore exposure has increased notably, as local investors look to diversify their investments beyond South Africa’ s borders EQT offers
Shivani Naidoo
EQT offers an investment ecosystem for the new generation
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direct ownership of stocks, bonds, exchange traded funds (ETFs) and exchange traded notes (ETNs) Investors can construct a portfolio that aligns with their interests while also successfully navigating market upturns and downturns
“South Africa’ s financial market is small, representing less than 1% of global stock exchanges This means it’ s important for investors to explore international opportunities and industries that may not be available locally, and diversify their investments and risk globally Traditionally, high barriers to entry and complex processes have dissuaded investors from expanding beyond local markets EQT removes these barriers, offering a convenient, intuitive and seamless platform for offshore investing,” says Naidoo Also appealing is EQT’ s straightforward and transparent cost structure “Clients pay only for the services they use, we don’t charge platform fees and there is no minimum account value,” says Naidoo
EQT is more than a mere trading platform but represents a shift towards smarter, borderless investing It provides a guide to help investors navigate the investment world with cutting-edge tools and resources that unlock investment opportunities for first-time as well as seasoned investors
“EQT is a tool that helps people invest with purpose, clarity and accountability The platform is transforming investing for South Africans, particularly more digitally savvy individuals, by combining Old Mutual’ s 180-year legacy of trust with cutting-edge digital innovation It empowers selfdirected investors with institutional-grade tools, competitive pricing and access to global markets ”
The EQT platform is available through the Apple App Store, Google Play or www eqt co za x
NEXT176: Old Mutual’s bold bet on the future
Fintech, wills and more reshaping financial services through strategic investments and partnerships
● One of the biggest risks to organisations, particularly those that have been around for nearly two centuries, is losing sight of the future and failing to plan for future growth and innovation outside their core business
One of the keys to Old Mutual’ s long legacy is its history of being entrepreneurial and future-focused This has resulted in a number of businesses being added to the group as customer needs have evolved, ensuring Old Mutual continues to grow and scale
Established in Old Mutual’ s 176th year of operation, NEXT176 is the company ’ s solution to this challenge: a business dedicated to futureproofing Old Mutual, including reimagining its future and backing bold ideas aimed at improving people’ s lives in South Africa and across the continent
NEXT176 is Old Mutual’ s innovation and new growth arm, founded to create impact in specific ecosystems that influence the future of emerging economies by developing businesses that deliver disruptive and sustainable growth
Led by MD Vuyo Mpako, NEXT176 includes a team of experienced financiers, technologists and entrepreneurs specialising in building, investing and partnering with startups and corporates
“In a rapidly changing world, key to the long-term sustainability of any organisation is to continually revisit
which businesses will still be relevant a decade or more from now, and to identify what opportunities exist beyond its current core business At NEXT176 we put a great deal of effort into assessing which businesses and industries will be key to our business and the economy at large in the future,” says Mpako
He says NEXT176 specialises in securing strategic partnerships that enable sustained innovation and value creation through greater distribution across multiple ecosystems and access to diverse customer bases
“We plan to make a difference where it matters, so we are building, investing in and partnering with businesses through ventures and strategic partnerships in prioritised ecosystems These include health, education, jobs, income protection, environmental sustainability and debt management,” he says Access to financial services has had a hugely positive impact on populations globally, but particularly in emerging markets that were slower to get this access Mpako says NEXT176 sees its role as economic builders through its portfolio of partnerships, investments and ventures; providing parents with loans to pay for their children’ s education, allowing families to buy a home and entrepreneurs to establish businesses, ultimately positively affecting 1-billion lives across the continent
What positions NEXT176 to achieve this ambitious goal, he says, is a good un-
derstanding of the inherent challenges involved for startup businesses, as well as the requirements that corporate investors have before they will provide finance for a new business
“We understand each party’ s different priorities and act as a bridge between startup agility and corporate structure For example, start-ups want to become operational as quickly as possible but have little understanding of the regulatory environment that governs a financial service provider such as Old Mutual NEXT176 provides a safe space for both worlds to coexist, including creating an on-ramp for start-ups to graduate to the bigger league ”
Constant innovation: NEXT176 MD Vuyo Mpako
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NEXT176’ s strength, he says, lies in its ability to guide startups on issues such as licensing, regulatory compliance, scaling and financial services
In 2024, NEXT176 announced the merger of its budget app, 22seven, with Autumn the financial goals and wealth planning app developed by SC Ventures, Standard Chartered’ s innovation and fintech arm to create a best-of-breed platform offering smart, accessible and affordable wealth management solutions across Africa and the Middle East
Vault22 is a financial wellness platform that equips users with professional-grade tools to build, grow and protect their wealth, including a spending monitor, an insights generator, learning materials to enhance net worth, automated reminders, best-in-class security features, strategies to pay off debt, and investment opportunities
“Strategic partnerships are a good opportunity to expand further than you could on your own, ” says Mpako. “We are using partnerships and acquisitions to unlock embedded finance opportunities in four industry verticals: financial services to seamlessly deliver fit-for-purpose solutions to traditional and digital banking customers; telecommunications where we enrich protection for customers with insurance and other financial service offerings; automotive and technology where we aim to integrate appropriate financial products to enrich the automotive, manufacturing and technology purchase-to-advocacy customer journey; and retail, where we are adding value to retail customers and better servicing the rising middle class ”
In 2023, NEXT176 acquired tech start-up QuickWill, allowing Old Mutual to offer a more
comprehensive digital wills solution to financial advisers and business partners “More than 70% of South Africans die without a valid will in place This can have devastating consequences for families, as the distribution of assets and guardianship of minor children can be left to the mercy of the courts The acquisition of QuickWill has democratised this space, producing impressive results including tens of thousands of finalised wills in its first year, ” says Mpako In 2025, this business was acquired by one of the divisions of the Old Mutual Group to scale across their digital and adviser channels
NEXT176’ s investments aim to deliver sustainable, disruptive growth Recent examples include JOBJACK, an automated recruiting and integrated psychometric assessments platform, and Jem HR, a WhatsApp-based HR and em-
Striking a balance
As the world races towards a future powered by technology, safe AI adoption remains rooted in sound governance and ethical business values
● AI is redefining the business environment in real time, demanding a disciplined reevaluation of governance structures
As innovation accelerates, governance functions in regulated industries are set to shift from an annual “set and follow” approach to a frequently reviewed, dynamic framework This is to effectively manage and understand the new layers of risk the growing adoption of AI introduces
Responsibly deployed AI is arguably changing our world
for the better In a rapidly evolving business environment, transparency, accountability, ethics and consistency are key drivers of the human and, by extension, the customer, experience
Leading financial services institutions are working frantically to enhance the customer experience journey through the accelerated adoption of AI and automation
As businesses and individuals race towards a future powered by AI, automation and technology-backed innovation, the call to protect and uphold our human values grows louder The Financial Sector Conduct Authority has cautioned that “ we must ensure that hyper-personalisation does not become the byword
for hyper-exploitation, and that generative AI chatbots are not misselling complex products to consumers who do not understand them” .
For executive teams, the potential productivity and profitability gains from fully embracing generative AI and process automation are real This played out in a recent announcement by Microsoft that AI saved more than $500m in costs in one year Microsoft also announced 15,000 job cuts The connection is tempting
Similarly, Salesforce noted that 30% of internal work at the company is being handled by AI, allowing it to reduce hiring for some roles Microsoft also noted that each salesperson is finding more leads, closing deals faster and generating 9%
ployee benefits platform “The biggest lessons we ’ ve learnt from corporate venturing are to investigate each business ’ s strategy and their potential for strong commercial outcomes; how committed the business is to succeeding and growing; and the extent to which good governance and accountability are embedded in the business,” says Mpako
“I’ m excited about the sustainable impact that NEXT176 is making and its potential to uplift communities across the continent,” he says
“The business embodies the future of financial services in Africa, driving digital transformation, innovative solutions and bold ventures We’ ve benefited from some early successes and with the right foundations in place, I’ m confident that we will achieve our goal of positively affecting 1-billion lives across the continent ” x
more revenue through the use of its Copilot AI assistant
The allure of using AI technology to inform opinions, rationalise arguments, improve productivity and profitability is undeniably attractive
Turning to some of the key risks of implementing an AI strategy, top of mind are factors such as the alignment of AI initiatives with organisational policies; overreliance on AI that may stifle critical thinking; the quality of data a model ingests; the monitoring of the potential for models to become less accurate over time if not recalibrated; regulatory and legal risks such as AI applications contravening data privacy laws and regulations; cybersecurity issues; and AI systems unintentionally reinforcing inherent biases
Governance teams at major firms are rightly concerned: unchecked AI adoption, com-
Nazrien Kader
bined with rising cyber risks, could lead to operational incidents and an erosion of public trust And when public trust is threatened, corporate governance must respond, preferably proactively
Illustratively, data protection offers a testing ground for new thinking in AI adoption
At a human level, we understand that the protection introduced by legislation such as the EU General Data Protection
Regulation and South Africa’ s Protection of Personal Information Act are necessary guardrails to guide responsible data collection, and the management of access to and use of data
Giving AI applications unfettered access to this data, however, risks losing control over how we gather, store, use and protect it Systems are further exposed to cybersecurity threats
A 2024 edition of the Harvard Business School affiliated-Harvard Business Review coined the term “trusted AI” as a suggested approach to addressing the erosion of public trust due to AI and machine learning initiatives This concept states there are “levers of trust” which could significantly increase, rather than reduce, public trust in AI
They include “accountability, transparency, consistency and empathy” which if not harnessed, it argues, will hinder successful stakeholder relationships including those between employees and customers regardless of the growing reliance on AI
At a side event of the recent G20 finance track in KwaZuluNatal, South African Reserve Bank governor Lesetja Kganyago commented succinctly on AI: “Technolog y will change The tools we use will evolve beyond recognition But our mandate remains constant ”
Similarly, from an enterprise risk perspective the foundation for safe AI adoption will continue to be a robust governance framework, rooted in ethical business values
The rationale behind Trumponomics
For now, it looks like Trump has a plan, but the execution will be messy, so expect volatility
● The constant stream of news emanating from the US during the first three months of President Donald Trump’ s second term is making it challenging for investment professionals to decipher the signal from the noise Uncertainty and
volatility are the order of the day, as trade tariffs emerge as the preferred tool to force concessions from the US’ s main trading partners
To see through this noise, we need to try to understand what the problem is that the Trump administration is trying to solve On the face of it, the US economy is performing well, with decent levels of economic growth and low unemploy-
ment But when you scratch below the surface, you can find plenty to worry about
The world’ s wealthiest country is blighted by a severe debt problem In fact, much of the country’ s recent economic growth has been achieved through increases in government spending and employment The result is a government debt burden that exceeds 120% of GDP and is
Governance frameworks should be flexed to focus on requirements such as evidence on how AI is used, tested and maintained; at which stage do processes include a “humanin-the-loop” for critical decisions; when, how and how often AI models are tested for bias; whether decisions taken by AI can be explained to users (transparency); and if there is clear accountability, including who is responsible when AI influences a decision that goes wrong Lastly, whether training programmes include the adequate upskilling of teams to work responsibly with AI
In the interest of accountability and transparency, continuous disclosure of the reliance on AI in an organisation is vital
Stewards of corporate governance and risk management tasked with protecting humanbased legacy frameworks must continue to revert to value systems ethical and moral foundations of human values to defend brands led by a purposedriven approach x Nazrien Kader is the global group head of tax and a nonexecutive director of Old Mutual
growing by about a trillion dollars every few months; a $36-trillion debt pile with unsustainable interest payments
Trump 2 0 inherited a government juggernaut that has grown substantially and now makes up about half the US economy The numbers confirm a staggering 52% (26% in real terms) increase in government spending from $4 5trillion to $6 7-trillion per annum during the four years of the Biden administration Once you offset government receipts of about $4 7-trillion, the Trump administration faces an annual budget deficit of about $2-trillion, or 6% of US GDP
To support this level of gov-
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ernment spending and finance the deficit, the US has increasingly turned to money printing, also known as quantitative easing While this easy money is a soothing balm in the near term, in the medium term it leads to inflation So, you should not be surprised to learn that price levels in America have risen by about 25% in recent years with a basket of essential retail items up by about 35%
Another notable issue is that the US lower and middle classes are being left behind The real incomes for 90% of Americans have been stagnant for five decades, while those in the top 10% have seen their incomes more than double contributing to rising inequality in the world’ s richest country
On some measures, 60% of US wealth is now held by the richest 1% of Americans, compared to 30% in the early 1990s
The final component in the problem set is that China looks to be winning in a multipolar world As US economic fundamentals take strain, China is powering ahead In fact, China’ s Belt and Road Initiative, launched in 2013 to improve trade and investment flows between itself and the rest of the world, has evolved from focusing solely on infrastructure to encompassing sectors like AI, digital technology and green energy
Amid these problems, you can draw correlations between the US today and the Roman Empire at its peak in 189 CE Before it fell, Rome faced declining economic strength and political reach and showed reluctance to engage outside its borders Internally, it faced severe inequality, rising populism and high inflation
The US today looks like it checks each of these boxes
Since taking office in January 2025, Trump has taken a sledgehammer to this problem statement His first “hit” seeks
to redirect the domestic economy away from government and towards the private sector
The second attempts to reset the global trade landscape and push back against China
Globally, Trump is looking to reassert America’ s dominance, initially by ensuring fair trade, hence the trade tariff sabre-rattling Trump’ s approach has been to threaten superhigh tariffs on everyone, and then negotiate back to sensible, reciprocal tariffs in a stream of new trade agreements The planned windfall from this approach will be a combination of additional revenue collection, incentives for the private sector to onshore production in America and better overall trade deals for US exporters
Domestically, Trump wants to get government spending under control, reduce inflation and unleash private sector investment Government cost-cutting is being spear-
headed by the department of government efficiency (Doge), which is reviewing government expenditure on a contract-by-contract basis The private sector has also been promised a leg up through widespread deregulation
Next steps include reducing taxes funded by government savings, tariff revenues and the newly proposed $5m US golden visa programme Tax cuts will be targeted at the lower and middle classes, with an overarching ultimate goal of zero income tax for anyone earning less than $150,000 a year, covering about 80% of Americans
The global geopolitical policy under Trump 2 0 is framed around the creation of a strong “North Atlantic Alliance” , including the Arctic This explains the moves towards Greenland and the Panama Canal
The US also wants to force European Nato
countries to raise defence spending and strengthen their capability as a trusted and robust partner in the North Atlantic Alliance
Other notable geopolitical moves include bringing Russia back into the global financial and economic system, ending the war in Ukraine and promoting Saudi Arabia as a power player in the Middle East The US will also push hard to neutralise and de-nuclearise Iran and its proxies and extend the Abraham Accords to include additional key regional players (notably Saudi Arabia)
As for China, Trump wants a comprehensive trade deal on terms that would allow for growth and prosperity, but not never-ending Chinese global expansion
In the near term, Trump’ s approach has contributed to widespread uncertainty in financial markets Each proposal or counterproposal sends prices plummeting or soaring This volatility is on a par with what investors experienced during Covid, the global financial crisis and even the Black Monday crash of October 1987
Risks in the coming months remain high At this stage, one can take solace from the fact that it looks like Trump has a plan, but one has to recognise that the plan’ s execution will be messy and there are no guarantees it will work What is clear is that serious steps of some kind do need to be taken to address the perilous state of US government finances, inequality in America and the relentless rise of China In short, keep looking for the signal amid the noise and expect continued volatility x Hywel George is director of Investments at Old Mutual Investments
Writer: Lynette Dicey
Sales: Michael Anthony Cover: Old Mutual
Hywel George
THE FUND SOUTH AFRICAN EMPLOYEES GREW UP WITH
Adapt
