African Insurer Old Mutual to Expand Business in China
- Insurer’s China unit sees double-digit growth as market opens
- CEO says company may sell some African units at ‘right time’
Old Mutual generates about 80% of its revenue in South Africa.
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
Africa’s oldest insurer plans to expand its business in China, while weighing exiting some markets on its home base, as part of a refreshed strategy to focus on more profitable areas of its operations.
Just three years ago, Old Mutual Ltd. was considering selling its 50% stake in the venture. At the time, the firm was reversing a nearly two-decade-long global expansion by dismantling operations from the U.S. and the U.K. to India and Latin America to narrow its focus on sub-Saharan Africa. The unbundling was completed in 2018.