Old Mutual plc, the London-based insurer, said first-quarter sales gained 18 percent as revenue from operations in Africa jumped by a third. Gross sales increased to 7.3 billion pounds ($11.5 billion), from 6.3 billion pounds a year earlier, Old Mutual …
AXA SA, the largest foreign insurer active in Nigeria, sees the peaceful manner in which the country is handling its first transition in political power in decades as supporting economic growth in the country and beyond. “We think that political …
Old Mutual plc, Africa’s biggest insurer, said 2014 profit fell after the average rate of the South African rand weakened 18 percent against the pound. Net income from continuing operations declined to 902 million pounds ($1.39 billion) from 980 million …
Old Mutual plc, which earmarked 4.3 billion rand ($374 million) for acquisitions in Africa, increased its stake in Kenya’s UAP Holdings Ltd., meaning that the insurer has now spent more than half of that war chest. Old Mutual, which is …
Liberty Holdings Ltd., the South African insurer controlled by Standard Bank Group Ltd., said it may conclude a deal in Nigeria by the end of January. “We have an opportunity we hope to conclude at the end of the month,” …
Alexander Forbes Group Holdings Ltd., a South African financial services company, swung to a profit in the first half after changing its capital structures in preparation for its initial public offering in July. Net income was 114 million rand ($10.4 …
One Re Ltd., the first reinsurer approved under Britain’s “twin peaks” system of financial regulation, said it’s seeking clients across 38 African countries in the next year as growth outpaces developed regions. One Re, started by Johannesburg-born brothers Andrew and …
LeapFrog Investments, the private equity firm with a focus on Africa and Asia, said it will pay 1.68 billion shillings ($18.6 million) to gain control of Kenya’s Resolution Insurance and tap growth in health coverage. LeapFrog will invest through Resolution …
Old Mutual plc, Africa’s biggest insurer, has 4.3 billion rand ($386 million) for acquisitions on the continent, where growth rates higher than advanced countries may help boost sales after third-quarter growth declined. “We’ve identified Nigeria, Kenya and Ghana as the …
Global insurance companies are flocking to Africa, where millions of people have started earning enough to afford business cover and protection for their families, said private equity firm LeapFrog Investments. “We’re at an immense inflection point in history where millions …
