Old Mutual to diversify, deepen insurance penetration

Newly-appointed managing director of Old Mutual Rest of Africa Clement Chinaka has pledged continued growth of the financial services group, saying his focus will be to deepen insurance penetration and diversify its investment. 

He said this on Monday in Blantyre during a cocktail organised by Old Mutual Malawi plc to officially welcome him.

Chinaka said the firm will continue to position itself to provide good returns to its clients and look into untapped investment portfolios.

Mushosho: It will continue on its growth path

“I bring to the Old Mutual knowledge of the market, insurance and hopefully we can, as Old Mutual, move closer to the customers with new and diversified products because we know customer simplicity is one way of ensuring that we can grow.

“Our penetration in the market is low. For instance, in Malawi, insurance penetration is only two percent, which means 98 percent is not consuming insurance products. This is something we can work on to make sure we increase the pull of people who are consuming our financial services.”

Chinaka has been with the group for 26 years serving in various roles, including as chief actuary and general manager of actuarial at Old Mutual Life Assurance Company of Zimbabwe.

He takes over from Richard Mushosho, who has been with Old Mutual since 1990 where he has served in various senior positions for the past 28 years.

In his remarks, Mushosho was upbeat the firm will continue on its growth path.

“I leave a group of people across the continent with a clear understanding of objectives of Old Mutual ready to support economic development in their countries and ready to grow the Old Mutual business,” he said.

On his part, Old Mutual Malawi  board chairperson Ronald Mangani expressed confidence that going forward, the firm will continue to grow on the back of strong leadership the group has.

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