Old Mutual's funds under management increased: !Gawaxab

04 Mar 2014 15:50pm
WINDHOEK, 04 MAR (NAMPA) - Old Mutual Namibia's total funds under management increased by 15 per cent to end the year at N.dollars 31 billion in 2013, compared to N.dollars 27 billion in 2012.
Funds under management measure the total market value of all the financial assets which a financial institution manages on behalf of its clients, and include pensions, unit trusts and other policies.
Old Mutual Africa’s Operations Managing Director, Johannes !Gawaxab announced Old Mutual Namibia’s annual results for 2013 during a media conference in the capital on Tuesday .
!Gawaxab said the company recorded growth of 36 per cent in group operating profit, delivering N.dollars 589 million in 2013, compared to N.dollars 432 million in 2012.
“This growth has established the brand's dominance as one of the most profitable, relevant and powerful local players in the Namibian business sector,” he stated.
Life sales showed excellent growth, with a 20 per cent increase from N.dollars 344 million in 2012 to N.dollars 412 million in 2013.
Old Mutual Namibia also paid out N.dollars 1,5 billion to Namibians and institutions during 2013, which is equivalent to N.dollars 5,7 million on average every working day.
“While 2013 was a very successful year for Old Mutual Namibia, our focus is already well-directed at 2014's continued delivery of the financial success of our customers. We are already doing great new things,” !Gawaxab beamed.