Old Mutual Begins Operation In Ghana

Nicolette Hendricks(left) in a chat with Mona Quartey, Deputy Finance Minister.

Old Mutual, a leading international long term savings, banking and investment group, has officially launched its brand in Ghana to begin operations.

This follows the Group's acquisition of Provident Life Assurance in 2013.

Old Mutual Life Assurance Company Ghana Limited, the new of the company in the country, will now obtain Provident Life's license to conduct life insurance business in the country and serve its customers.

Nicolette Hendricks, acting Chief Executive Officer (CEO), Old Mutual Ghana, who was speaking at the launch in Accra, said Old Mutual was in Ghana to offer relevant and meaningful life insurance and savings products.

'In so doing, we will change the way individuals and institutions perceive life insurance and the way they patronize it.

'We will draw on 169 years of experience, global expertise and an unwavering focus on the financial needs of our customers,' he said.

Mona Quartey, Deputy Finance Minister, in her speech, advised the insurance industry to play an effective role in the country's socio-economic development by maintaining high professional standards.

She urged them to avoid negative practices such as undue under-cutting of premiums.

Ms Quartey said the insurance sector should also develop the right caliber of personnel, especially through training.

She indicated that in the 2012 National Insurance Commission's report, Ghana's insurance penetration was 1.16 percent, which was well below the African average of 3.5 percent.

The Minister therefore encouraged industry players, particularly Old Mutual, to take advantage of the government's local content initiatives and increase the penetration rate.

Luke Ngwerume, former Group CEO of Old Mutual Zimbabwe, representing Old Mutual Africa, promised that the company would leverage the global experience and financial solidity of its parent group.

'The entry of Old Mutual into Ghana is in line with our priorities for 2014 and beyond. These priorities are to build an African financial service champion and become the recognized financial service leader in responsible business in all of these markets,' he noted.

Now headquartered in London, U.K., Old Mutual currently serves over 16 million customers around the world, and has about 57,000 employees with 293.8 billion pounds under management as at the end of 2013.