OLD MUTUAL INSISTS THAT ITS FOCUS WILL REMAIN ON SOUTH AFRICA

South Africa’s largest insurer Old Mutual has insisted that its domestic market will remain its major sphere of activity, despite its recent purchase of UK-based broker and funds manager Gerrard Group. Newly appointed head of financial services Roddy Sparks said that the UK acquisition would still mean that only 10% of Old Mutual’s business would be in foreign markets. He added that although Old Mutual wanted this to rise to between 20% and 30%, the company still saw its South African strategy as being central to its activities. However, Mr Sparks admitted that Old Mutual’s large size meant that it was more difficult to grow further in the South African market, with acquisitions and growth opportunities easier to achieve in the international insurance market.