OLD Mutual Insurance Company recorded a growth in gross written premium (GWP) to $28,4 million in 2013 from $6 million as the company takes pole position in short-term insurance, an executive has said.
Speaking at the rebranding of RM Insurance (RMI) to Old Mutual Insurance Company yesterday, managing director Donald Muthe said the company’s market position had grown from number six to number one in 2013 and the market share has grown to 13,5% from 7,8%.
“During its wandering, the Old Mutual Insurance Company acquired Phoenix Insurance Company in 1999,” Muthe said.
“At the same time, the United Kingdom-headquartered company’s Commercial Union was merging with General Accident Insurance to form CGU Insurance.
“RMI then bought the newly merged CGU operation.
“We had to do numbers from 2009. Numbers from 2000 to 2008 proved a bit challenging. The bar graphs needed a quite few metres to fit.”
He said the company’s underwriting profit grew to $3,43 million in 2013 while profit before tax increased to $7,8 million in 2013 from $1 million.
Muthe said the company’s balance sheet grew to $32 million in 2013 from $10 million in 2009 and the shareholders’ funds increased to $19,5 million in 2013 to $4 million in 2009.
He said the rebranding to Old Mutual Insurance Company was coming back with multiplied wealth, as the largest general insurance company and it holds the highest rating by global credit rating for eight consecutive years.
Old Mutual Group chief executive Jonas Mushosho said the rebranding was part of a holistic evolution in response to changing customer needs in Zimbabwe.
“The decision to rebrand was backed by feedback from customers who found it easy to associate RM Insurance with the main Old Mutual brand,” Mushosho said.
“It also made business sense for us to rebrand our short-term insurance business because this would affirm Old Mutual’s position as Zimbabwe’s leading integrated financial services group.”