Old Mutual is targeting Africa

Old Mutual is changing strategy. After three years spent in search of opportunities in Europe (takeover of Skandia Group) and the United States, the insurer shifts attention towards Africa. According to its management, this continent provides more potential than the other markets. Old Mutual is already present in South Africa, Namibia, Malawi, Zimbabwe, Kenya and Swaziland. It is planning to extend to other regional countries soon. The group has recently withdrawn from Portugal, the Czech Republic, Hungary, Chile and Australia. Its life subsidiary in the United States, deemed hardly profitable, has been ceded at the beginning of August for 350 million USD.