DOCSLIB.ORG

Old Mutual at a Glance

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Old Mutual at a Glance OLD MUTUAL AT A GLANCE 31 DECEMBER 2020 WHO WE ARE ON 17 MAY 2021 Old Mutual was established in Cape Town in 1845 as South Africa’s first mutual life OLD MUTUAL TURNED 176. insurance company, offering financial security in uncertain times. This is an incredible milestone Today, the Group has grown into a premier pan-African financial services group that that we can be really offers a broad spectrum of financial solutions to retail and corporate customers proud of. It means we have across key market segments in 14 countries, with listings on five stock exchanges. succeeded in staying relevant We now employ about 30 000 people in our primary operations in South Africa and to our customers the Rest of Africa, and a niche business in China. and responsive to their • Africa (Botswana, eSwatini, Ghana, Kenya, Malawi, Namibia, Nigeria, Rwanda, changing needs, year after South Africa, South Sudan, Tanzania, Uganda, Zimbabwe) year for 176 years. • Asia (China) RFO RESULTS EXCLUDING OUR 2020 RESULTS AT A GLANCE: FROM DIRECT OPERATIONS COVID-19 (RFO) IMPACTS • Results from Operations (RFO) were resilient on a pre-Covid basis at R7.7 billion, 14% down on the prior year 8, 972 1, 663 8, 972 7, 742 81% 14% • Direct Covid-19 impacts for the full year amounted FY 2019 FY 2020 FY 2019 FY 2020 to R6.1 billion due to an increase in pandemic reserves, business interruption and rescue claims and negative mark-to-market losses in the Group’s ADJUSTED HEADLINE credit and private equity portfolios HEADLINE EARNINGS EARNINGS (HE)* • Adjusted Headline Earnings of R2.5 billion were down 75% on the prior year, impacted further by lower shareholder investment returns and Nedbank earnings 9, 856 2, 484 10, 641 5, 088 75% 52% FY 2019 FY 2020 FY 2019 FY 2020 • The Group’s solvency position ended the year AHE Headline Earnings strongly, with the benefits of key regulatory per share (cents)* 209.3 54.3 74% per share (cents)* 236.1 116.1 51% *These metrics include the results of Zimbabwe. All other key approvals and other capital management actions performance indicators excludes Zimbabwe. offsetting lower earnings and additional provisions raised for Covid-19 Also reflecting the strength of the business in these GROUP DIVIDEND • SOLVENCY PER SHARE trying times, return on embedded value remained RATIO (CENTS) positive despite absorbing large negative impacts relating to the pandemic • Old Mutual declared a dividend of 35 cents per share, in line with the dividend policy 185% 35 53% 400 bps 189% 75 FY 2019 FY 2020 FY 2019 FY 2020 Results are in ZAR DO GREAT THINGS EVERY DAY OLD MUTUAL AT A GLANCE 31 December 2020 TOP LEADERSHIP TREVOR MANUEL IAIN WILLIAMSON CASPER TROSKIE CHAIRMAN CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER Trevor is the Chairperson of the Iain is the Chief Executive Officer of Casper was appointed Chief Financial Board. He currently serves as a non- the Company. He joined the Group in Officer in March 2018. He was formerly executive Deputy Chairperson and a 1993 and fulfilled various roles across the Financial Director of Liberty member of the International Advisory employee benefits and personal Board of the Rothschild Group. He Group Limited and the Chief Financial finance before relocating to London is also a Non-Executive Director Officer of Standard Bank Group. He and a Corporate Development role on the Board of Swiss Reinsurance has also served as Director on the Company Limited. He served in at Old Mutual plc. In 2003, Iain the South African Government for returned to South Africa, gaining Board of Stanlib Limited and was a more than 20 years, including as more experience in roles across member of the Standard Bank Global Minister of Finance and as Minister distribution, technology and finance Finance Executive Committee and in the Presidency, responsible for the before being promoted to CFO Retail the Standard Bank Group Executive National Planning Commission. He Affluent and then Managing Director has held ex-officio positions at the Committee. He started his career at of the Retail Affluent segment. United Nations Commission for Trade Deloitte and later returned as partner He was appointed as Old Mutual and Development, the World Bank, and was promoted to Group Leader: the International Monetary Fund, the Emerging Markets Finance Director G20, the African Development Bank in 2015, as Chief Operating Officer in Assurance and Business Unit leader of Group and SADC. 2017 and CEO in July 2020. the Deloitte Financial Services team. OUR BUSINESSES From financial planning to managing financial portfolios, Old Mutual provides a broad range of customers with the advice and solutions they need to strengthen their financial wellbeing. Mass and Foundation Cluster offers a wide range of simple financial services products to customers in the low income and lower middle income markets. These products are divided into four categories: risk, including funeral cover, savings, lending and transactional products. Personal Finance and Wealth Management offers a wide range of holistic financial advice and long term risk, savings, income and investment solutions, and targets the middle to high income market and high net worth individuals. Old Mutual Investments targets clients in both the listed and unlisted market, providing solutions and funds across a broad investment spectrum. Old Mutual Corporate provides group risk, investments, annuities and consulting services to employee-sponsored retirement and benefit funds. Old Mutual Insure, our Property & Casualty business, provides short-term insurance services to personal, commercial and corporate customers. Rest of Africa offers life and savings, property and casualty (including health insurance), asset management and banking services to retail and corporate customers. We have a leading market share in the Southern African Development Community (SADC) markets. In East and West Africa we are expanding our operations through strategic alliances and leveraging product capabilities into our key markets. Our UAP and Faulu acquisitions have given us a leading position in Kenya. In China, we provide life insurance and investment solutions to retail customers through a joint venture with the China Energy Investment Corporation. OLD MUTUAL AT A GLANCE 31 December 2020 INTRODUCING OUR TRULY MUTUAL STRATEGY In 2020 our board approved a refreshed strategy for Old Mutual. This was a transition from a tactical plan which we referred to as the eight battlegrounds into our Truly Mutual strategy, supported by our five pillars. Truly Mutual is about connecting with our customers’ needs, their journeys and lives and showing that Old Mutual CARES. OUTCOME Responsibly build the MOST VALUABLE BUSINESS in our industry Despite the challenges we faced in 2020, we stayed true to our purpose of championing mutually positive futures every day for all of our stakeholders, giving life to this Truly Mutual strategy: • We fast-tracked the payment of mortality claims worth R13 billion to support customers and their families • The expansion of our integrated digital platforms enabled us to continue servicing customers throughout the lockdown periods. This includes reimagined public websites, mobile applications, WhatsApp and USSD channels across the continent • We committed R400 million towards customer relief initiatives with R290 million disbursed in 2020 • We provided interest-free loans and commercial settlements worth approximately R70 million to qualifying SMEs via Old Mutual Insure • Committed approximately R70 million to Covid-19 community initiatives across education, health, nutrition and food security The safety of our employees, customers and all stakeholders who interact with us remains our top priority. We have strict protocols in place to protect employees providing essential services at our various on-site locations, as well as the customers visiting these premises. We also encourage our customers to use our digital channels instead of visiting our branches. OLD MUTUAL AT A GLANCE 31 December 2020 A RESPONSIBLE BUSINESS Responsible Business is at the heart of our purpose to champion mutually positive futures every day. Caring deeply for our customers, communities and employees is in our DNA and is what sets us apart. It is also what guides our strategy which is made up of five interconnected pillars that spell CARES. OUR FOCUS AREAS Our stakeholder focused approach ensures that we have a common understanding of the areas through which we can make a measurable impact. We are guided by the contribution our initiatives make to the SDGs*, the National Development Plan (NDP) of South Africa and the development frameworks of all the countries in Africa in which we operate. RESPONSIBLE ENTREPRENEURSHIP DIVERSITY AND ENVIRONMENTAL FINANCIAL EDUCATION SKILLS INVESTING Create sustainable INCLUSION IMPACT WELLBEING Improve literacy DEVELOPMENT To deliver jobs by supporting Drive diversity, Focused targeted Encourage saving and numeracy Upskill employees appropriate risk- SMMEs through equity and investments that and investing, at Foundation for future roles adjusted returns preferential inclusion and support ESG* improve credit phase, focus on and skills training to policyholders procurement, supply employee principles and behaviour, financial early childhood for communities, while supporting chain management wellbeing management wellbeing and development focusing on long-term ESG* targeting black of impact on retirement readiness and improve unemployed principles businesses and environment leadership skills at youth, women female-led businesses school and district and people with level disabilities R33.4 billion The Masisizane Fund: Level 1 B-BBEE Mutualpark: Invested R20.8 million R89 million invested in R77.8 million contributor in 27% decrease R31.4 million in towards remote invested in clean energy, SMME funding South Africa. in electricity financial education learning support, training our R1.1 billion approved in 2020. 85% of our consumption, and our initiatives curriculum employees and in education, Initiated the employees in 34% decrease reached over 20 recovery and developing our R5.6 billion in disbursement South Africa in municipal million people psycho-social intermediaries.
Load more

Recommended publications
  • Independent Auditor's Limited Assurance Report of Old Mutual Unit Trust Managers (RF) (Pty) Ltd (The “Manager”)
    KPMG Inc 4 Christiaan Barnard Street, Cape Town City Centre, Cape Town, 8000, PO Box 4609, Cape Town, 8001, South Africa Telephone +27 (0)21 408 7000 Fax +27 (0)21 408 7100 Docex 102 Cape Town Web http://www.kpmg.co.za/ Independent Auditor's Limited Assurance Report of Old Mutual Unit Trust Managers (RF) (Pty) Ltd (the “Manager”) To the unitholders of Old Mutual Core Conservative Fund We have undertaken our limited assurance engagement to determine whether the attached Schedule IB ‘Assets of the Fund held in compliance with Regulation 28’ at 31 December 2020 (the “Schedule”) has been prepared in terms of the requirements of Regulation 28 of the Pension Funds Act of South Africa (the “Regulation”) for Old Mutual Core Conservative Fund (the “Portfolio”), as set out on pages 4 to 39. Our engagement arises from our appointment as auditor of the Old Mutual Unit Trust Managers (RF) (Pty) Ltd and is for the purpose of assisting the Portfolio’s unitholders to prepare the unitholder’s Schedule IB ‘Assets of the Fund held in compliance with Regulation 28’ in terms of the requirements of Regulation 28(8)(b)(i). The Responsibility of the Directors of the Manager The Directors of the Manager are responsible for the preparation of the Schedule in terms of the requirements of the Regulation, and for such internal control as the Manager determines is necessary to enable the preparation of the Schedule that is free from material misstatements, whether due to fraud or error. Our Independence and Quality Control We have complied with the independence and other ethical requirements of the Code of Professional Conduct for Registered Auditors issued by the Independent Regulatory Board for Auditors (IRBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
    [Show full text]
  • Information Statement 2021
    OLD MUTUAL LIMITED (Incorporated in the Republic of South Africa with limited liability under registration number 2017/235138/06) OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED (Incorporated in the Republic of South Africa with limited liability under registration number 1999/004643/06) OLD MUTUAL INSURE LIMITED (Incorporated in the Republic of South Africa with limited liability under registration number 1970/006619/06) INFORMATION STATEMENT in respect of the ZAR25,000,000,000 NOTE PROGRAMME Old Mutual Limited (OML), Old Mutual Life Assurance Company (South Africa) Limited (OMLACSA) and Old Mutual Insure Limited (Old Mutual Insure, together with OML and OMLACSA, the Issuers or relevant Issuer) intend, from time to time to issue notes (the Notes) under the ZAR25,000,000,000 Note Programme (the Programme) on the basis set out in the Programme Memorandum dated 4 March 2020, as amended and restated from time to time (the Programme Memorandum). The Notes may be issued on a continuing basis and be placed by one or more of the Dealers specified in the section headed “Summary of Programme” in the Programme Memorandum and any additional Dealer(s) appointed under the Programme from time to time by the relevant Issuer, which appointment may be for a specific issue or on an ongoing basis. The specific aggregate nominal amount, the status, maturity, interest rate, or interest rate formula and dates of payment of interest, purchase price to be paid to the relevant Issuer, any terms for redemption or other special terms, currency or currencies,
    [Show full text]
  • Old Mutual Global Investors Series Plc
    OLD MUTUAL GLOBAL INVESTORS SERIES PLC An investment company with variable capital incorporated with limited liability in Ireland, established as an umbrella fund with segregated liability between Sub-Funds and authorised pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, as amended, and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (Registered Number 271517) Interim Report and Unaudited Financial Statements for the financial period ended 30 June 2018 Old Mutual Global Investors Series Plc Interim Report and Unaudited Financial Statements for the financial period ended 30 June 2018 CONTENTS PAGE Directory 4 - 8 GeneralInformation 9-12 Investment Advisers’ Reports: Old Mutual China Equity Fund 13 Old Mutual Global Strategic Bond Fund (IRL) 14 Old Mutual World Equity Fund 15 Old Mutual Pacific Equity Fund 16 Old Mutual European Equity Fund 17 Old Mutual Japanese Equity Fund^ 18 Old Mutual US Equity Income Fund 19 Old Mutual North American Equity Fund 20 Old Mutual Total Return USD Bond Fund 21 Old Mutual Emerging Market Debt Fund 22 OldMutualEuropeanBestIdeasFund 23 Old Mutual Investment Grade Corporate Bond Fund 24 Old Mutual Global Emerging Markets Fund 25 Old Mutual Asian Equity Income Fund 26 Old Mutual Local Currency Emerging Market Debt Fund 27 Old Mutual UK Alpha Fund (IRL) 28 Old Mutual UK Smaller Companies Focus Fund 29 Old Mutual UK Dynamic Equity
    [Show full text]
  • Old Mutual Limited - Climate Change 2020
    Old Mutual Limited - Climate Change 2020 C0. Introduction C0.1 CDP Page 1 of 53 (C0.1) Give a general description and introduction to your organization. Old Mutual was started in Africa in 1845, and rapidly developed into a recognised brand across much of Southern Africa. Over the years our business expanded internationally and in 1999 we listed on the London Stock Exchange. In March 2016, it was decided that the best way forward for the Old Mutual Group was to separate its four strong businesses into independent, standalone companies. The foremost aim of this strategy – called Managed Separation – has been to unlock and create value for shareholders. In short, it became clear that the Group’s complex structure and the high running costs of operating in diverse geographies and regulatory environments actually locked in value. To unlock that value, a Managed Separation of the four underlying businesses – Old Mutual Emerging Markets, Nedbank, UK based Old Mutual Wealth and US based Old Mutual Asset Management – was necessary. As part of that Managed Separation, it was agreed that Old Mutual Emerging Markets (OMEM) would strengthen its focus on Africa and move its primary listing to Africa. As Old Mutual Limited, our primary listing is now on the Johannesburg Stock Exchange. We also have a standard listing on the London Stock Exchange and secondary listings on three other stock exchanges in Africa: Namibia, Malawi and Zimbabwe. The growth opportunities in Africa are enormous and exciting – and we are well positioned to make the most of those opportunities, while contributing significantly to the socio-economic progress of the communities we operate in.
    [Show full text]
  • Old Mutual at a Glance
    OLD MUTUAL AT A GLANCE OUR STRATEGY Contents To drive strategic growth, through leveraging the Introduction 1 strength of our people What we do 2 and through accelerating Where we do it 4 Our business in more detail 5 collaboration between Summary of our strategy to date 10 our businesses: Our focus Our strategy going forward 12 is to expand in South Africa, Responsible business 14 Africa and other selected Our history 16 Group Executive Committee 18 emerging markets; and Old Mutual – On the move 20 to improve and grow Get connected 21 Old Mutual Wealth and our US Asset Management businesses OUR VISION To be our customers’ most trusted partner – passionate about helping them achieve their lifetime financial goals OUR VALUES ■■ Integrity ■■ Respect ■■ Accountability ■■ Pushing beyond boundaries GROUP CHIEF EXECUTIVE’S INTRODUCTION OLD MUTUAL IS AN INTERNATIONAL LONG-TERM SAVINGS, PROTECTION, BANKING AND INVESTMENT GROUP Old Mutual Old Mutual was founded in South Africa in 1845, and today provides life assurance, asset management, general insurance and banking services to more than 14 million customers in Africa, Asia, the Americas and Europe. We are listed on the London and Johannesburg stock exchanges and are members of the FTSE-100 and Fortune 500. Focus on customers We aim to provide affordable financial services to our customers. Our customers are at the heart of everything we do and we know that ultimately our success is governed by our ability to give them the products, outcomes and service levels that they demand. We have spent the past three years ensuring that our business’ primary focus is our Julian Roberts customers and that this ethos is embedded across the Group Chief Executive entire Group.
    [Show full text]
  • International Companies with U.S. Branches
    INTERNATIONAL COMPANIES WITH U.S. BRANCHES ® CLEMSON UNIVERSITY MICHELIN CAREER CENTER Company: Home Country: Type of Business: Royal Dutch/Shell Group Netherlands oil & gas Royal Dutch/Shell Group United Kingdom oil & gas BP United Kingdom oil & gas DaimlerChrysler Germany automobile Toyota Motor Japan automobile Mitsubishi Japan trading & distribution Mitsui & Co Japan trading & distribution Allianz Worldwide Germany insurance ING Group Netherlands diversified finance Volkswagen Group Germany automobile Sumitomo Japan trading & distribution Marubeni Japan trading & distribution Hitachi Japan electronic equipment Honda Motor Japan automobile AXA Group France insurance Sony Japan household durables Ahold Netherlands food & drug retail Nestle Switzerland food products Nissan Motor Japan automobile Credit Suisse Group Switzerland diversified finance Deutsche Bank Group Germany diversified finance BNP Paribas France bank Deutsche Telekom Germany telecom services Aviva United Kingdom insurance Generali Group Italy insurance Samsung Electronics South Korea semiconductor equip & prods Vodafone United Kingdom wireless telecom svcs Toshiba Japan electronic equipment ENI Italy oil & gas Unilever Netherlands food products Unilever United Kingdom food products Fortis Netherlands diversified finance France Telecom France telecom services UBS Switzerland diversified finance HSBC Group United Kingdom bank BMW-Bayerische Motor Germany automobile NEC Japan computers & peripherals Fujitsu Japan computers & peripherals Bayer HypoVereinsbank Germany bank
    [Show full text]
  • South African Insurers: Simran Parmar Ali Karakuyu Sustained Capital Resilience, Amid Grey Clouds Liesl Saldanha
    Trevor Barsdorf South African Insurers: Simran Parmar Ali Karakuyu Sustained Capital Resilience, Amid Grey Clouds Liesl Saldanha March 16, 2021 Key Takeaways – SouthSouth AfricanAfrican insurersinsurers havehave demonstrateddemonstrated resilientresilient creditworthinesscreditworthiness basedbased onon theirtheir strongstrong capitalcapital metrics,metrics, despitedespite aa weakweak operatingoperating environmentenvironment andand thethe ongoingongoing pandemic.pandemic. AlthoughAlthough earningsearnings generationgeneration hashas weakened,weakened, wewe seesee thethe pandemicpandemic asas anan earningsearnings event.event. – EconomicEconomic recoveryrecovery prospectsprospects andand debtdebt consolidationconsolidation overover thethe mediummedium termterm dependdepend onon macroeconomicmacroeconomic conditions.conditions. TheseThese affectaffect thethe overalloverall operatingoperating environmentenvironment andand assetasset qualityquality withinwithin thethe sector.sector. – WeakWeak economiceconomic growthgrowth prospectsprospects andand thethe riskrisk ofof aa slowerslower recoveryrecovery willwill depressimpact the the sector’s sector’s performance performance in in 2021 2021.. WeWe expectexpect GDPGDP growthgrowth willwill reboundrebound toto 3.6%3.6% inin 20212021 afterafter aa sharpsharp recessionrecession estimatedestimated atat 7.0%7.0% inin 2020.2020. TheThe technicaltechnical recoveryrecovery withinwithin thethe insuranceinsurance sectorsector isis likelylikely toto bebe similar,similar, butbut growthgrowth isis likelylikely
    [Show full text]
  • Old Mutual Global Investors Series Plc
    OLD MUTUAL GLOBAL INVESTORS SERIES PLC An investment company with variable capital incorporated with limited liability in Ireland, established as an umbrella fund with segregated liability between funds and authorised pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (Registered Number 271517) Interim Report and Unaudited Financial Statements for the period ended 30 June 2015 Old Mutual Global Investors Series Plc Interim Report and Unaudited Financial Statements for the period ended 30 June 2015 CONTENTS PAGE Directory 4-8 General Information 9-12 Investment Advisers’ Reports: Old Mutual Greater China Equity Fund 13 Old Mutual Global Bond Fund 14 Old Mutual World Equity Fund 15 Old Mutual Pacific Equity Fund 16 Old Mutual European Equity Fund 17 Old Mutual Japanese Equity Fund 18 Old Mutual US Dividend Fund 19 Old Mutual North American Equity Fund 20 Old Mutual Total Return USD Bond Fund 21 Old Mutual Emerging Market Debt Fund 22 Old Mutual European Best Ideas Fund 23 Old Mutual Investment Grade Corporate Bond Fund 24 Old Mutual Global Emerging Markets Fund 25 Old Mutual Asian Equity Fund 26 Old Mutual Local Currency Emerging Market Debt Fund 27 Old Mutual UK Alpha Fund (IRL) 28 Old Mutual UK Smaller Companies Focus Fund 29 Old Mutual UK Dynamic Equity Fund 30 Old Mutual Global Equity Absolute Return Fund 31 Old Mutual Global Strategic Bond Fund 32 Old Mutual Pan African Fund 33 Old Mutual Monthly Income High Yield Bond Fund 34 Old Mutual Europe (ex UK) Smaller Companies
    [Show full text]
  • SUN LIFE FINANCIAL INC. Being a Sustainable Company Is Essential to Our Overall Business Success
    At Sun Life, we believe that being accountable for the impact of our operations on the environment is one part of building sustainable, healthier communities for life. The adoption of “Notice and Access” to deliver this circular to our shareholders has resulted in signifcant cost savings as well as the following environmental savings: 535 35 lbs 249,750 16,720 lbs 46,050 lbs 249 mil. BTUs Trees water gallons of solid waste greenhouse of total pollutants water gases energy This circular is printed on FSC® certifed paper. The fbre used in the manufacture of the paper stock comes from well-managed forests and controlled sources. The greenhouse gas emissions associated with the production, distribution and paper lifecycle of this circular have been calculated and offset by Carbonzero. 2020 SUN LIFE FINANCIAL INC. Being a sustainable company is essential to our overall business success. Learn more at sunlife.com/sustainability 1 York Street, Toronto Ontario Canada M5J 0B6 NOTICE OF ANNUAL MEETING sunlife.com OF COMMON SHAREHOLDERS MIC-01-2020 May 5, 2020 MANAGEMENT INFORMATION CIRCULAR M20-009_MIC_Covers_E_2020.indd All Pages 2020-03-10 10:25 AM Contents Letter to shareholders .................................................................................................1 Notice of our 2020 annual meeting ............................................................................2 Management Information Circular ..............................................................................3 Delivery of meeting materials ...........................................................................................3
    [Show full text]
  • Remuneration Report 2020
    REMUNERATION OLD MUTUAL LIMITED REMUNERATION REPORT 2020 DO GREAT THINGS EVERY DAY ABOUT BACKGROUND POLICY IMPLEMENTATION About our report Approval The Board has considered the integrity of this report and has concluded that it adequately provides material disclosures of the Group's remuneration policy and implementation thereof. The Board INTEGRATED CORPORATE REMUNERATION RESPONSIBLE BUSINESS TAX TRANSPARENCY approved this report on REPORT GOVERNANCE REPORT REPORT IMPACT REPORT REPORT 15 April 2021. Reporting frameworks TM Our stakeholders Six capitals • King IV Report on Corporate Governance for South Africa, 2016 (King IV). Copyright and trade marks are owned by the Institute of Directors in Southern Africa NPC and all of its rights are reserved. • Johannesburg Stock Exchange (JSE) Listings Requirements Financial Natural Communities Regulators Capital Capital • South African Companies Act, 71 of 2008 (as amended) Scope and boundary Social and This report covers the remuneration activities of the Group for the period 1 January 2020 to Human Employees Investors Relationship Capital 31 December 2020. Capital Assurance A review was performed by management to ensure the accuracy of our reporting content, with the Board and Remuneration committee providing oversight. Intellectual Manufactured Intermediaries Customers Capital Capital Abbreviations: TGP Total guaranteed package Feedback STI Short Term Incentive We value stakeholder Investor Relations: Communications: feedback. Please share your LTI Long Term Incentive Sizwe Ndlovu Tabby Tsengiwe
    [Show full text]
  • Demutualization of Life Insurers Method of Analysis
    DEMUTUALIZATION OF LIFE INSURERS METHOD OF ANALYSIS COMMENTS ON THE PERFORMANCE OF Review of 20 companies in 5 countries that have fairly DEMUTUALIZED LIFE INSURERS AND DISCUSSION OF mature insurance markets THE FACTORS THAT HAVE AFFECTED THEIR FIINANCIAL RESULTS Basis of Review: – Financial performance, from an investor’s point of view – My observations, and those of my colleagues, on actions and Presentation to the Institute of Actuaries of Japan strategies of the companies, before and after their demutualization by Daniel J. McCarthy, FSA, MAAA February 5, 2008 1 2 2008年2月5日 2008年2月5日 THE COMPANIES AND THE COUNTRIES COMPOUND ANNUAL INVESTOR RETURN (through 12/31/07 or earlier acquisition) UNITED STATES Allmerica, AmerUs, Equitable, John Hancock, MetLife, MONY, Phoenix, Principal, Provident, Prudential, StanCorp, UNUM STRONG POSITIVE(15% or more): 11 companies CANADA Manulife, Sun Life WEAK POSITIVE (9% or less): Allmerica, MONY, UNUM U.K. AVIVA, Friends Provident, Standard Life NEGATIVE: AMP, AVIVA*, Friends Provident, Phoenix Not included: Standard Life (too new)、Provident (no IPO) AUSTRALIA AMP, National Mutual * Measured from CGNU merger in 2000 SOUTH AFRICA Old Mutual 3 4 2008年2月5日 2008年2月5日 1 TIMING OF DEMUTUALIZATION STRATEGIC THEMES Often, best results occurred when strategic moves had been Very few were “distress” situations, although several did made before demutualization need more capital Getting out of small or non-core lines of business is quite Sometimes, fast is best (example: MetLife) common Sometimes, slow
    [Show full text]
  • NOTICE of ANNUAL MEETING Sunlife.Com of COMMON SHAREHOLDERS
    At Sun Life Financial, we believe that being accountable for the impact of our operations on the environment is one part of building sustainable, healthier communities for life. The adoption of “Notice and Access” to deliver this circular to our shareholders has resulted in signifcant cost savings as well as the following environmental savings: 499 33 lbs 233,179 15,610 lbs 42,993 lbs 233 mil. BTUs Trees water gallons of solid waste greenhouse of total pollutants water gases energy This circular is printed on FSC® certifed paper. The fbre used in the manufacture of the paper stock comes from well managed forests and controlled sources. The greenhouse gas emissions associated with the production, distribution and paper lifecycle of this circular have been calculated and offset by Carbonzero. 2019 SUN LIFE FINANCIAL INC. Being a sustainable company is essential to our overall business success. Learn more at sunlife.com/sustainability 1 York Street, Toronto Ontario Canada M5J 0B6 NOTICE OF ANNUAL MEETING sunlife.com OF COMMON SHAREHOLDERS MIC-01-2019 May 9, 2019 MANAGEMENT INFORMATION CIRCULAR M19-009_MIC_Covers_E_2019.indd All Pages 2019-03-07 2:13 PM Contents Letter to shareholders ...................................................................... 1 Notice of our 2019 annual meeting.................................................... 2 Management Information Circular ..................................................... 3 Delivery of meeting materials.......................................................... 3 Š Notice and access .................................................................
    [Show full text]