History
Old Mutual Kenya is a wholly owned subsidiary of Old Mutual plc, an international financial services company, with expanding operations in life assurance, asset management, banking and general insurance.
Old Mutual is a FTSE 100 company in the financial sector and ranks as a Fortune Global 500 company.
Time Line
1845
South Africa
The 166-member Mutual Life Assurance Society of the Cape of Good Hope is founded – with no initial capital other than the premiums of its first policyholders.
1870
South Africa
1910
South Africa
South Africa gains self-government from Britain and becomes a Commonwealth Union.
Old Mutual chairman John X. Merriman is elected first premier of the Cape Colony.
Late 20’s
Kenya
Old Mutual operations started in Kenya in the late 1920's and were directed from Salisbury until 1930, when a branch was established in Nairobi with Mr. C. B. Barton as Branch Manager.
Zimbabwe
Old Mutual opens its first office in the capital of Zimbabwe, Harare (then known as Salisbury).
During World War II, Mr. Brooks ran the branch were the staff were on active service. In those years, communications with Head Office were extremely difficult and the staff did an excellent job in helping to keep the flag flying for the Society in East Africa.
1930
Kenya
The first Chairman of the Society's local Board in Nairobi was Mr. R. M. MacGregor who occupied this position for 26 years from the establishment of the branch in 1930 until 1956. The Hon. Sir Alfred Vincent who held this position until his death in 1967 then succeeded him. Messages of sympathy received by Lady Vincent included ones from President Kenyatta and Sir Malcolm MacDonald, British special representative in East and Central Africa.
Gold is discovered in the Transvaal. Old Mutual’s emblem is designed by board chairman Charles Bell – who also designed the Cape colony’s first postage stamps twenty years before.
1954
International
Old Mutual issues its millionth policy.
1963
Kenya
Kenya is granted independence on 12th December 1963.
1966
South Africa
Old Mutual forms the South African Mutual Unit Trust Company Limited to administer its mutual fund/unit trust activities.
1968
Kenya
In a statement in the Kenya Parliament on 11 December 1968, Kenya's Minister of Finance, Mr. James Gichuru, revealed that Old Mutual was investing approximately Pounds 800 000 a year in Kenya. Old Mutual, he stated held sufficient assets in Kenya to cover all of its Kenya liabilities and was investing largely in Government stocks and in loans for house building.
No profits were being remitted to South Africa. “It would not be in the interests of the country or of the many citizens holding policies to prevent Old Mutual from operation in Kenya” He said.
1971
International
Old Mutual’s international’s premium income exceeds R100 million a year.
1973
Kenya
In 1973, the Government of Kenya changed the country's income legislation. With effect from 1 January 1974, it abolished the substantial tax concessions on retirement annuity premiums, reduced the tax concessions on life assurance premiums and increased the taxation by non-domestic life offices.
This made life assurance operations for non-domestic companies in Kenya unattractive. The society made many attempts to have this legislation changed especially the discrimination against non-domestic life offices, but when this failed the only remaining course of action was to cease writing New Business, and became a closed fund.
1974
Kenya
Sam Waruhiu, a local prominent lawyer was appointed to the board of Old Mutual and became chairman in 1974
1982
International
Old Mutual International becomes the first South African life assurer to receive R1 billion in premium income in one year.
1991
International
Old Mutual is ranked as the world’s 38th largest assurer by Fortune magazine.
1995
International
On 17 May, Old Mutual turns 150 years old.
The Old Mutual Group reaches USD 15 billion in total assets, managed on behalf of over 3 million members and clients.
Kenya
A strategic decision was taken to reactivate the company in Kenya, and Stewart Henderson was sent to the company by demutualising it. The Life Assurance Company opened it’s doors to New Business in 1995. The dynamic growth can be seen by the New Business Portfolio, which has increased by over 60 % every year.
1997
UK
Old Mutual acquires leading UK private client stockbroker and investment manager, Capel-Cure Myers.
Kenya
Old Mutual Asset Management company formed in Kenya.
1999
South Africa
Old Mutual South Africa demutualises, and becomes listed in the London Stock Exchange, with subsidiary listing on the Johannesburg Stock Exchange, Namibia stock exchange, Zimbabwe stock exchange and Malawi stock exchange.
Kenya
Old Mutual Investment Services (Kenya) Limited is formed.
2002
Kenya
Old Mutual Asset Management becomes the largest private Asset management company in Kenya with 30billion assets under management.
2003
Kenya
Old Mutual Investment Services Ltd launches two unit trust funds, the Old Mutual Money Market Fund and the Old Mutual Equity Fund.
Overall Old Mutual is making its presence as a formidable player within the Kenyan market. Plans of expansion are inevitable as it continues to operate successfully.
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