Insurer Old Mutual has reported a hefty first-half loss after the Covid-19 pandemic resulted in a sharp fall-off in new business and prompted volatility on financial markets.
The group reported a loss after tax of R5.62bn in its six months to end-June, from profit after tax of R5.8bn previously, reporting pressure on its customer base, while a partial closure of its branch network and lack of access to homes weighed on sales. The group also raised additional short-term provisions of R1.34bn in anticipation of worsening mortality claims, saying it had seen an increase in mortality and morbidity claims towards the end of its second quarter, which has continued in the third.
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Old Mutual swings into a loss amid Covid-19 hitA drop off in new business and volatile markets hurt the group, while it prepares for the insurance fallout from the pandemic
Source: BDliveSA - 🏆 12. / 63 Read more »
Old Mutual swings into a loss amid Covid-19 hitA drop off in new business and volatile markets hurt the group, while it prepares for the insurance fallout from the pandemic
Source: BDliveSA - 🏆 12. / 63 Read more »