Old Mutual Namibia Secures N$7.8 bn in Investments via Mauritius-Based Fund

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Old Mutual Namibia has successfully attracted N$7.8 billion in investments into its Mauritius-registered fund, which has become a major savings platform for international investors. This fund, offering access to global money markets, has experienced notable inflows, particularly from those seeking the stability of US dollar-linked assets.

“In Namibia, our Mauritius-domiciled unit trusts give investors exposure to international money markets. These products are crucial savings tools for Namibians and have become increasingly attractive due to their US dollar denomination,” said Clement Chinaka, Managing Director of Old Mutual Africa Regions.

Chinaka attributed this surge in investments to heightened investor caution amid global economic uncertainties. “With increasing market volatility, people tend to gravitate toward safer, dollar-based options. We’re pleased to offer a solution that matches that demand,” he added. Aside from the Mauritius fund, Old Mutual is intensifying its growth initiatives in Namibia, including expanding its customer engagement through the Old Mutual Rewards program.

“We’re focusing on increasing customer enrolment in Old Mutual Rewards across Namibia—it’s a significant push for us,” Chinaka said. This effort supports Old Mutual Africa Regions’ broader strategy shift from resolving operational issues in West and East Africa to pursuing organic growth.

Old Mutual is broadening its footprint across several sectors—life insurance, general insurance, asset management, and lending—with lending operations already established in Namibia, Kenya, and Zimbabwe. The company is also rolling out new savings and income products across Africa, such as a retail funeral policy in countries like Malawi, Botswana, Eswatini, and Zimbabwe.

In Kenya, the company plans to introduce OML Thrive, a wellness and financial incentive program aimed at promoting both physical and financial well-being. These expansion plans coincide with Old Mutual Group achieving its best financial performance since 2019. For the year ending 31 December 2024, the Group recorded a 4% rise in profits, reaching N$8.7 billion—thanks to strategic restructuring and focused investments under Group CEO Iain Williamson.

Chinaka noted that the Group’s strategic direction, implemented in 2020, revolves around two main goals: reinforcing core markets in Southern Africa and driving new growth in banking and East and West Africa. He specifically highlighted the turnaround success of Old Mutual Insure, which overcame past challenges related to weather events, underwriting losses, and cost inefficiencies. “We’ve addressed those issues, and the business has bounced back strongly,” he said.

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Additionally, Old Mutual Wealth in South Africa has reported substantial inflows, reflecting the Group’s broader financial growth. The Africa Regions division has seen its profits rise from R490 million in 2019 to R1.1 billion currently. “We’re proud that every customer-facing unit within Old Mutual Limited now delivers profits of at least a billion Rand,” Chinaka concluded.