Old Mutual counts to invest heavily in Africa

Old Mutual, the South African insurer, is willing to invest nearly 5 billion ZAR (538 million USD) to expand its African network. The group expects an increase of profits made in foreign markets. Among the target markets is Nigeria, whose insurance penetration rate does not exceed 1%. The takeover of the Nigerian non-life insurer, Oceanic, is part of its expansion plans.

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