Old Mutual
| Old Mutual plc
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|---|---|
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| legal form | Public limited company |
| ISIN | GB00B77J0862 |
| Seat | London , UK |
| Number of employees | 50,000 (2007) |
| Branch | Insurance |
| Website | www.oldmutual.com |
The company Old Mutual plc , listed on the LSE in London , is an international insurance group. Originally headquartered and focused in South Africa , the company is currently headquartered in London. In South Africa, the company owns Nedbank Group Ltd. (formerly known as Nedcor), South Africa's largest banking group; and Mutual & Federal , the second largest property and non-life insurer in South Africa. The company also has smaller corporate projects in Namibia , Kenya , Malawi and Zimbabwe .
The company was originally founded in 1845. In 2006, the insurance company acquired the majority of the Swedish insurer Skandia .
Company history
In 1845 the Mutual Life Assurance Society of the Cape of Good Hope was founded by 166 members in the Cape Colony ; the start-up capital consisted exclusively of the insurance contributions of the first members. The form of the company was "Mutual Insurance ", the German equivalent of which is the Insurance Association . In 1870 Charles Bell designed the Old Mutual emblem. John Xavier Merriman , chairman of the Old Mutual, was the Prime Minister of the Cape Colony from 1908 until the formation of the Union of South Africa in 1910.
In 1927, Old Mutual opened its first office in Salisbury (now Harare ), the capital of Zimbabwe . In 1954, the number of contracts exceeded the 1 million mark.
In 1966 the subsidiary South African Mutual Unit Trust Company Limited was founded. In 1971 premium income exceeded the limit of 100 million rand for the first time, and in 1982 the limit of 1 billion rand was exceeded. In 1995, the subsidiary Old Mutual Investment Advisers was founded in Boston , USA. In the same year offices are opened in Hong Kong and Guernsey . In 1997 and 1998 the two British investment companies Capel-Cure Myers and Albert E Sharp are bought up and merged into a company under the name Capel-Cure Sharp.
In May 1999 the members of the South African Mutual Life Assurance Society decided to demutualize . As of July 12, 1999, Old Mutual was listed on various stock exchanges.
In September 2000, United Asset Management Corporation was taken over for $ 2.2 billion and renamed Old Mutual Asset Management US .
In early 2006, Old Mutual took over the Swedish insurance company Skandia . This gives Old Mutual access to the insurance markets of other European countries, Latin America, the Far East and Australia. The shares of Skandia were delisted from the Stockholm and London stock exchanges on March 23, 2006.
Current
For the 2007 financial year, Old Mutual had a profit of £ 1.2 billion on sales of £ 16.7 billion. The group employed over 50,000 people.
Web links
Individual evidence
- ^ Company History . ( Memento of the original from April 30, 2008 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. Company history on the Old Mutual website.
- ↑ Annual report 2007.
