Nedbank Group's relationship with Old Mutual PLC
OLD MUTUAL PLC STRATEGIC REVIEW
NEDBANK GROUP'S RELATIONSHIP WITH OLD MUTUAL PLC
WHO WE ARE
We provide investment, savings, life assurance, asset management, banking and property & casualty insurance in Africa, Europe, the Americas and Asia. We have over 17 million customers and approximately 61 500 employees.
Our vision is to be our customers' most trusted partner - passionate about helping them achieve their lifetime financial goals.
Old Mutual began in Cape Town in 1845 as South Africa’s first mutual life insurance company, offering financial security in uncertain times. Today, 170 years on, we build on this heritage of trust and accountability by meeting a broad range of our retail and commercial customers’ financial services needs at each stage of their lives. We take a long view, aiming ultimately to enable a positive future for all our stakeholders. We have been listed on the London and Johannesburg stock exchanges, among others, since 1999.
We operate through market-leading international and local brands including Old Mutual, Nedbank and Mutual & Federal.
Creating enterprise value through growing in markets of greatest opportunity and where we have a strong competitive positioning, while becoming recognised as the financial services leader in responsible business:
HOW WE OPERATE
Our commitment to be a leader in responsible business stems from our purpose in society, which is to help our customers thrive by enabling them to achieve their lifetime financial goals, while investing their funds in ways that will create a positive future for them, their families, and the community and world at large. We have selected two areas where we wish to lead: enabling the financial wellbeing of our customers, and responsible investment. Our focus on these two areas complements our existing five-pillar approach to responsible business, established following extensive stakeholder engagement in 2010 and reviewed in 2013.
Our five pillar framework of responsible business -
Our approach emphasises that our customers are at the heart of our business, and will help us to continue building on the strong foundation of ethical values, treating customers fairly and good governance that is so critical to our custodianship of people’s money.
We pursue value by balancing the risk assumed with the capital required and view good governance as a vital ingredient of operating a successful business.
As a Group we are governed by the EU solvency regulations and our local businesses are governed by the regulatory bodies of the country in which they operate. At 31 December 2014, we had an FGD surplus of £2.1 billion (as submitted to the Prudential Regulation Authority (PRA)) and liquidity of £1.8 billion. For the year ended 31 December 2014, Old Mutual reported adjusted operating profits before tax of £1.6 billion (on an IFRS basis) and funds under management from core operations of £319 billion.
OUR VALUES AND PEOPLE
Key to delivering this strategy is adhering to our core values and continuing to invest in our people as we embrace the richness of cultures across the Group. Accountability, Integrity, Respect, Pushing beyond boundaries
WE BRING THESE TOGETHER THROUGH ACT NOW!
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