Old Mutual-Namibia - Old Mutual Namibia is strongly capitalised, was the primary message from Sakaria Nghikembua, Old Mutual Namibia's CEO of Operations, as the group ended 2010 with N$1.16 billion in excess capital, covering the required capital of N$4 million many times over. The financial services provider last week announced its performance results for 2010 in Windhoek. Nghikembua said the group delivered outstanding performance across all its business units, which include long-term savings (life assurance), Nedbank and Mutual & Federal. Nghikembua said that the group's "aim is to dominate financial services in Namibia," and based on results, it appears to have delivered. Year on year, after-tax profit rose from N$349 million in 2009 to N$354 million in 2010.

Life sales was the only component which did not register an increase from 2009 to 2010. The group registered life sales to the value of N$247 million in 2009, compared to N$245 million in 2010.

For the first time, total funds under management exceeded N$20 billion. This has solidified Old Mutual's leading position in investment management in Namibia and resounding investor confidence. It also prompted Nghkembua's statement that the financial service provider is one of the top five most profitable companies in Namibia.

Speaking on the Namibian economic context for 2011, Nghikembua singled out the mining, agriculture and transport sectors as reflecting key growth opportunities.

He added that Old Mutual Namibia finds itself well positioned to continue playing a key role in the economy.

Nico Smit

The Namibian/14/03/2011