Old Mutual history

Where South Africa's economy had been based, in large part, on agriculture, the discovery of gold in the Transvaal region in 1870, and the discovery and exploitation of the region's vast mineral resources, including diamonds, helped transform the colony into a regional economic leader.

In 1885, the company changed its name, to South Africa Mutual Life Assurance Society, to reflect its status as an insurance provider for the entire South African colony.

Old Mutual's importance for the colony was confirmed after South Africa was granted its independence in 1910, and Chairman John X. Merriman was elected as the new British commonwealth's first premier.

1927: A branch is opened in Zimbabwe.

1930: A Kenya branch is opened.

1954: The one millionth policy is issued.

1966: The company sets up a new subsidiary, South African Mutual Unit Trust Company, which takes over the society's mutual fund and unit trust products.

In 1986, the mutual bought Providence Capital, based in the United Kingdom, which later formed the foundation of the group's Old Mutual International subsidiary.

1993: The company sets up OMAM (Old Mutual Assets Managers).

The end of apartheid and the creation of a new South African government led by Nelson Mandela in 1994, signaled the start of a new era for the country and for its leading financial services group.

In 1995, the group set up a new business in Boston, Massachusetts, Old Mutual Investment Advisors.

1997: Capel-Cure Myers in the United Kingdom is acquired.

1998: The company acquires Alfred E. Sharp, which is merged with Capel-Cure Myers to form Capel-Cure Sharp.

By 1999 it was demutualised and the company listed on the London, Johannesburg, Zimbabwe, Malawi and Namibian Stock Exchanges as Old Mutual.

In 2000, it bought the Gerrard Group, a financial services concern, for $857 million.

In March 2001, the company paid $45 million to acquire Kansas's Unified Life Insurance Co.

Total Assets: £37 billion (2003)

In 2005, Mike Levett retired as Chairman and was succeeded by Christopher Collins.

February 2006 - Old Mutual plc completes the acquisition of Skandia

Patrick O'Sullivan became chairman of Old Mutual in 2010, succeeding Christopher Collins.

In 2011, Old Mutual sold US Life to Harbinger Group Inc. for $350 million.

Old Mutual sold its Nordic operations to Skandia Liv for £2.1 billion in 2012.

Also in 2013, Old Mutual acquired the Fairheads Trust Company, one of the oldest trust companies in South Africa, and established the Old Mutual Wealth Trust Company.

Later in 2014, Old Mutual Wealth sold Skandia Germany, Skandia Austria and Skandia Poland.

May 2015 saw Old Mutual celebrating 170 years of operations and Bruce Hemphill becoming Group Chief Executive in November.

In March 2016, Old Mutual plc announced a new strategy for the Group, called 'managed separation', that sought to unlock and create value for shareholders.

Mutual & Federal was renamed as Old Mutual Insure on 5 June 2017, and is now a part of the Old Mutual Emerging Markets business.

On 15 October 2018, Old Mutual unbundled their majority shareholding in Nedbank, marking a distribution worth approximately R43.2 billion to Old Mutual shareholders, and the completion of Old Mutual Group's managed separation.

In April 2019 the company sold its Latin American businesses to Lily Bermuda Capital, a wholly owned subsidiary of Singapore-based CMIG International Holding.