Despite Africa's challenges it is a market with huge potential, believes Grant Pote, COO of Old Mutual Africa.
"A growing middle class and low insurance penetration is a potent growth mixture," he
Old Mutual has a long history in Zimbabwe and Kenya, but has been slow off the mark in expanding further and lags behind Sanlam and MMI Holdings
has life and health insurance operations in nine African countries, excluding traditional markets for SA insurers, such as Namibia.
In its first step into other countries, Old Mutual is in the process of buying small Nigerian insurer Oceanic Life from Nigerian bank Oceanic Bank.
"We are open to other acquisitions in West and East Africa," says Pote