Old Mutual’s profit grows 174 pct

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The profit was due to increased premium income and fees, which were largely driven by price reviews coupled with enhanced US dollar earnings.

OLD Mutual Zimbabwe (OM) posted significant growth in 2021, registering an inflation adjusted profit after tax of $28,8 billion up from $10,5 billion achieved in the prior year.

In historical cost terms, this translated to a profit after tax of $35,6 billion up from $11,1 billion achieved last year, the financial services giant’s results showed on Wednesday.

Group chairman, Kumbirayi Katsande said OM also sustained adequate capital, solvency, and liquidity levels to meet regulatory thresholds throughout the period under review, adding that the solid performance was despite significant headwinds.

“2021 challenged familiar ways of doing business, further increasing the imperative for greater adaptability and agility in the ways of doing business.

“Despite continued challenges in the economic environment as well as the adverse impact of Covid-19, we remained committed to building a resilient business that delivers value to customers and shareholders,” Katsande said.

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