Old Mutual
The company Old Mutual plc, listed on the LSE in London, is an international insurance group. Initially focused headquartered in South Africa, where the company currently has its headquarters in London. In South Africa, the company has the Nedbank Group Ltd.. (formerly known as Nedcor ), South Africa's largest banking group and Mutual & Federal, the second largest property and casualty insurer in South Africa. The company also has smaller enterprise projects in Namibia, Kenya, Malawi and Zimbabwe.
The company was originally founded in 1845. The insurance company took over in 2006 the majority of the Swedish insurer Skandia.
Company History
1845 was founded by 166 members in the Cape Colony, the Mutual Life Assurance Society of the Cape of Good Hope; the start-up capital consisted exclusively of the insurance contributions of the first members. Corporate form was the " Mutual insurance", the German equivalent is the mutual insurance association. 1870 Charles Bell designed the emblem of the Old Mutual. John Xavier Merriman, chairman of Old Mutual, was from 1908 until the formation of the Union of South Africa in 1910, the Prime Minister of the Cape Colony.
Opened in 1927, the Old Mutual its first office in Salisbury (now Harare ), the capital of Zimbabwe. 1954 exceeded the number of contracts the 1 million mark.
In 1966, the South African subsidiary of Mutual Unit Trust Company Limited was established. 1971 exceed the premium income for the first time the limit of 100 million Rand, 1982, the limit of 1 billion rand is exceeded. In 1995, the subsidiary Old Mutual Investment Advisers based in Boston was founded in the United States. In the same year to open offices in Hong Kong and Guernsey. In 1997 and 1998 the two British investment companies Capel- Cure Myers and Albert E Sharp are bought and merged into one company under the name of Capel- Cure Sharp.
In May 1999, the members of the South African Mutual Life Assurance Society decided demutualization. As of July 12, 1999 Old Mutual was listed on several exchanges.
In September 2000, for $ 2.2 billion in the United Asset Management Corporation and renamed to Old Mutual Asset Management U.S..
In early 2006, took over Old Mutual, the Swedish insurance company Skandia. This acquires Old Mutual access to the insurance markets of other European countries, Latin America, the Far East and Australia. The delisting of the shares of Skandia by the stock exchanges in Stockholm and London took place on 23 March 2006.
News
For fiscal year 2007, Old Mutual made a profit of £ 1.2 billion, with £ 16.7 billion in sales. The group employs over 50,000 employees.