Old Mutual generates the majority of its revenue from the insurance sector, followed by asset management, with the South African market as its main market reflecting strong presence and historical roots, while in recent years the company has expanded operations in the rest of Africa to capitalize on growth opportunities in emerging markets. Recent strategic initiatives include launching the digital-only OM Bank subsidiary in 2025, which reached 150,000 customers and announced a goal of reaching break-even by 2028.
Cyborg Score Rationale
In 2024, Old Mutual's revenue was 104.66 billion ZAR (5.40% increase) with earnings of 7.67 billion ZAR (8.55% increase). The company demonstrates solid fundamentals with strategic digital expansion through OM Bank and acquisition of 10X Investments, positioning it for growth across Africa. However, analyst ratings show a cautious 'Hold' stance with modest price target expectations.
Top Insights
In January 2026, the South African Competition Tribunal unconditionally approved Old Mutual's acquisition of a majority shareholding in Cape Town-based investment firm 10X Investments for R2.2 billion, shifting Old Mutual from joint to sole controller.
OM Bank launched to the public in September 2025 and confirmed in November 2025 that it had reached 150,000 customers, with a goal announced in January 2026 of reaching break-even by the 2028 financial year.
Insurance sector generates approximately 60% of revenue followed by asset management at 25%, with South Africa representing approximately 70% of the company's market base.
The company demonstrates strong capital efficiency with return on equity (ROE) of 11.70% and return on invested capital (ROIC) of 11.36%.
Named Competitors
Life Insurance and Asset Management — Diversified South African financial services and insurance conglomerate
Banking and Financial Services — South African bank and financial services provider
Insurance Products — South African insurance and financial services company
Recent Developments
(January 2026) Competition Tribunal approved Old Mutual's acquisition of majority stake in 10X Investments for R2.2 billion
(November 2025) OM Bank announced reaching 150,000 customer milestone
(September 2025) OM Bank launched to the South African public
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