Old Mutual celebrates a century in Namibia

Old Mutual aim to remain their customer's most trusted lifetime partner, passionate about helping to achieve their financial goals.

16 November 2020 | Business

24 percent of Namibians of working age are direct customers of Old Mutual Namibia. Kosmas Egumbo, Group CEO, Old Mutual Namibia


Namibia's premium financial service provider, Old Mutual, celebrated 100 years of existence and the significant role they play in contributing to the economic development of the country through their financial intermediation role.

Financial institutions such as Old Mutual exist to respond to the financial needs of clients and are key facilitators for economic growth by channelling funds from clients that have surpluses to those who have deficits.

Speaking at the celebration event in Windhoek on Thursday last week, Old Mutual chief executive officer (CEO), Kosmas Egumbo pointed out that the institution has empowered Namibians through employment. To date, they have a workforce of over 900, of which 58% are female.

“These talented and hardworking employees are of service to customers and stakeholders across the country and they truly represent the diversity of the people of this beautiful country.

“We ponder on 100 years of consistently putting the customer at the centre of everything we do and commit to rolling out targeted solutions where the uniqueness off the needs, aspirations and behaviours of customers are at the centre of how we show up”, Egumbo said.

“I must admit, it has not always been smooth sailing along the journey. We have however always kept our focus on what is important for customers and have followed a nonlinear path in finding solutions”, the chief executive office added.

“Those solutions also had to pass the test of showing that we care about social, environmental and governance issues.”

Financial needs

The needs and aspirations of Namibians “inspire us to continually look for new growth opportunities for their savings and investments both within and outside Namibia and we find them by leveraging the Old Mutual limited capabilities,” he pointed out.

Over the years, the institution invested the funds of policy holders, investors and shareholders in sectors that support the Namibian economic development priorities.

This includes amongst others municipal infrastructure and services, housing, tourism establishments, hospitals, educational institutions, renewable energy and shopping centres.

“We have not changed course as we will continue on that path of providing leading solutions that support our customers and communities”, he assured.

Old Mutual Namibia on average paid out about N$2.75 billion every year in the recent past “as we honoured insurance benefits, we promised our customers,” Egumbo pointed out.

Financial inclusion

The needs of customers and stakeholders constantly change. That is why we made it our business to constantly refresh our understanding of what they need by listening to them carefully.

“Old Mutual's offerings and engagements with our customers, will continue to be centred around personalized solutions where the needs, aspirations and behaviours of customers occupy centre stage,” he said.

This year has seen the face of the business world, communities and individuals totally disrupted by an unexpected Covid-19 pandemic.

“As a true friend in uncertain time we have over the past 100 years strengthened our balance sheet to withstand such shocks and that is why we could extend a supporting hand to our stakeholders to alleviate the impact of the pandemic,” he concluded.

[email protected]

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