Tag Archives: Old Mutual

Business

Old Mutual rewards top-performing staff with luxury holiday trip

Jones Gadama

By Jones Gadama

Old Mutual Limited has once again recognized and rewarded its top-performing staff across Africa with an all-expenses-paid holiday trip.

A total of 74 staff members from various countries, including Malawi, Kenya, Rwanda, South Sudan, Uganda, Zimbabwe, Botswana, Eswatini, Ghana, and South Africa, embarked on the trip on June 7 and will return on June 15.

Nine exceptional employees from Old Mutual Malawi are among the recipients of this prestigious reward.

Old Mutual Malawi Group Chief Executive Officer, Tavona Biza, expressed delight that Malawian staff have qualified for this recognition, highlighting the company’s commitment to excellence.

One of the lucky Malawian staff members, Wabwino Kumtambila, an IT Support Officer, praised the trip as a great incentive, reflecting the company’s appreciation for hard work and dedication.

Other Malawian staff members on the trip include Nancy Tembo, Tamandani Banda, Manjaaluso Phiri, Johnas Mwanja, David Masasa, Timanyechi Phokoso, Richard Butao, and Linda Kunsinda.

This annual tradition demonstrates Old Mutual’s commitment to recognizing and rewarding outstanding performance, motivating employees to strive for excellence.

The trip is a testament to the company’s investment in its people and their contributions to its success.

Business, Regional

Old Mutual attains 180 years of services, cherishes Africa-Malawi’ support

MaraviPost

BLANTYRE-(MaraviPost)-A leading Pan African financial service provider Old Mutual Limited has wrapped its 180th anniversary observed every 17th May, with commemorative activities taking place across its markets, including Malawi.

As a business anchored in Africa, the business also joined the rest of the continent in commemorating Africa Day , marked annually on 25 May.

In Malawi, Old Mutual staff observed the occasions by dressing in African attire in selected days in May, shared the Old Mutual Birthday cake and the climax was on Friday 30 May where staff enjoyed African cuisine, participated in fun activities and awarded the best African dressed staff members.

Speaking in an interview, Old Mutual (Malawi) Limited Marketing and Corporate Affairs Executive Patience Chatsika said the birthday offered an opportunity for reflection and celebration considering the number of years the business has existed, how the business has grown and its impact to the communities and the economy in general.

“Old Mutual Malawi is a member company of Old Mutual Limited; we opened our doors in 1954 in Malawi and we have been a key player in the country’s financial services sector for over 70 years.

“The company offers a wide range of services, including life insurance, retirement solutions, investment management, and funeral services,” she said.

Chatsika added that Old Mutual is committed to delivering integrated and customer-centric financial solutions while staying rooted in the values of African unity and prosperity.

“We want to continue growing our business and meet all our customers financial needs. We commit to continue helping customers achieve their lifetime financial goals through simple, accessible, and rewarding services.

“Ultimately, we will keep on positively impacting our communities we operate in”, she said.

Old Mutual Limited was founded in 1845 as South Africa’s first mutual life assurance company,
And now employs more than 27 000 people in 12 countries across two regions Africa (South Africa, Namibia, Botswana, Zimbabwe, Kenya, Malawi, Ghana, Uganda, Rwanda, South Sudan and eSwatini) and Asia (China)

Business

Old Mutual aids MK10m towards Sanwecka’s ICT-related skills mentorship program to 30 youths

Maravi Post Reporter

LILONGWE-(MaraviPost)-In a bid to reach out more youths for self-reliant economically, Old Mutual Malawi on Friday, September 20, 2024 donated MK10 million to Sanwecka Tech Companions.

The funds will enable firm to train 30 young people in various ICT-related skills.

Speaking after handing over the funds in the capital Lilongwe, Old Mutual Malawi’s Marketing and Corporate Affairs Executive Patience Chatsika expects partnership with Sanwecka tech companions to grow.

“Under this partnership, 73 young people have been trained in Mzuzu and Blantyre, and by the end of the Lilongwe training which we commenced this week, 103 people will have benefitted from this initiative.

“We are glad to see young people empowered with various skills including Cell phone repair, Home Gadgets repair, and Dish Installation,” says Chatsika.

She adds, “These young people are provided with start-up equipment so that they start their businesses and be able to support themselves.

“As a business, we are highly concerned with the problem of unemployment, and we believe that equipping young people with skills would go a long way in changing the status quo”.

Chatsika explains further, “The Malawi 2063, emphasizes Human Capital development as one of the pillars and enablers for economic development. Therefore, investing in young people is critical to transforming our country.

“For over 70 years Old Mutual has been operational in Malawi, we have worked hard to help people achieve their lifetime financial goals through our services and products which encourage savings, investments, and managing risks”.

She said, “We desire to ensure that we are achieving mutually positive futures and we believe that having skills is key for socio-economic development and industrial growth.

“You will agree with me that individuals with skills are empowered to take bold steps that not only transform them but also transform their households, communities, and the nation at large”.

“As a responsible business, we have invested a total of MK30 million which has now been implemented across all the cities of Malawi where urban poverty is so deep.

“Therefore Old Mutual is excited to continue impacting the youth by partnering with organizations like Sanwecka Tech Companies,” assures Chatsika.

She explains, “Apart from the 103 youth we are training in partnership with Sanwecka, we have also impacted over 80 youth in Lilongwe in partnership with Tingathe youth organization and 45 through our skills development scholarships at the SOS vocational training center. In all these, we have invested a total of MK70 million.

“This investment speaks volumes of our commitment to significantly contribute to the attainment of Malawi’s long-term development blueprint, the Malawi 2063. We therefore wish all the young people attending this training all the best. I encourage you to work hard and make the best of this opportunity”.

Netball, Sports

MPICO dangles MK40m for Central region Netball league sponsorship

Maravi Post Reporter

By Edwin Mbewe

LILONGWE-(MaraviPost)-Mpico a member of OLD MUTUAL Group,on Friday 7th June 2024 announced the central region Netball league Sponsorship increase from MK24 million to MK40 million.

Head of property Services at Mpico,Elliot Jambo made the announcement during the press briefing held at the Gateway Mall in the Capital Lilongwe.

“This increment significantly demonstrates our commitment to the development of the game of netball in Malawi which has always been our pride in raising our flag for the longest.

“Over the years, Mpico PLC has generously provided sponsorship to ensure the success and growth of this challenge”, he said.

“Through this initiative Mpico complements government’s efforts towards sports development while empowering the girl child by creating an enabling environment for girls to thrive.

“Let me commend netball fans who patronizes our league and central region committee for running the tournament professionally”, explains Jambo.

Netball Association of Malawi representative Cecilia Bondwe Mtukule hailed Mpico for the unwavering support saying the league has contributed to the development of the sport in the country.

Chairperson of the Central Region Netball Committee, Fernando Ligola was excited with the increase in the package.

“This show that Mpico cares for netball development. Let me promise the sponsors that the league will be run fairly, transparently. As a committee we are anticipating huge competition”, said Ligola.

During the press briefing, it was also revealed that this year’s prestigious Mpico Gateway Mall challenge will throw-off on 22nd June 2024.

Mpico who is a member of OLD Mutual Group started Sponsoring central region netball league in 2016 with money amounting to MK10.5 million and reaching thus far the company has invested MK184 million.

In the 2023 edition which happened to be the sixth since Mpico started pumping in money was participated by 17 teams and Blue Eagles Netball Team emerged the champions.

Business

Old Mutual aids MK2m towards Malawi Network of Microfinance’s lakeshore conference

Maravi Post Reporter

BLANTYRE-(MaraviPost)-Old Mutual has donated MK2 million to the Malawi Network of Microfinance to enable them to host their maiden annual Lake Conference scheduled for 27 and 28 October 2023 in Mangochi.

The company’s Marketing and Corporate Affairs Manager Patience Chatsika, said the sponsorship stands as a testament to their commitment to the advancement of a robust and inclusive financial sector, which, in turn, is poised to make a significant contribution to the growth and prosperity of our country.

She said, “Microfinance institutions play an important role in alleviating poverty by providing access to credit and savings, job creation, and allowing people to generate income thereby improving their living standards”.

On the other hand, the president of the Malawi Microfinance Network, Duncain Phulusa commended Old Mutual for the support and partnership which he said will go a long way in helping to host a successful conference.

The Symbolic cheque presentation was done by Patience Chatsika, Old Mutual Marketing and Corporate Affairs Manager.

Business

Old Mutual equips 45 Mzuzu youths with entrepreneurship skills

Maravi Post Reporter

MZUZU-(MaraviPost)-With support from Old Mutual, 45 young people have completed their one-month-long training in entrepreneurship and ICT-related skills which included phone and home gadgets repair in Mzuzu over the past weekend.

Old Mutual invested MK7 million in the training which Sanwecka Tech Companions implemented in collaboration with Mzuzu City Council.

Speaking during the close of the training at Mzuzu Sunbird Hotel, Old Mutual Marketing and Corporate Affairs Manager, Patience Chatsika said their company is excited to continue impacting the youth by partnering with organizations like Sanwecka Tech Companies and Mzuzu City Council.

“We would want to alleviate poverty by ending unemployment and making and helping the youth to become self-reliant,” she said.

Mzuzu City Council Director for Parks, Wildlife and Environment Yotamu Mtafya commended Old Mutual for the support to the youth saying it will help to reduce poverty.

Business

Old mutual-Gala Macadamia farm’s venture creates 2,000 jobs for Namitete communities

Dorica Mtenje

LILONGWE-(MaraviPost)-Old Mutual and Gala Macadamia farm venture has created over 2,000 jobs for Namitete communities in the border district of Mchinji.

Old Mutual Investment Group Managing Director, Mark Mikwamba revealed this during a Parliamentary Committee on Social Welfare tour at Gala Macs facility on Friday, September 29, 2023.

Mikwamba said the company has 1,300 full-time employees and recruits 500 seasonal basis.

He said the farm has 2,050 hectares of macadamia plantations planted in 12 estates and currently 1400 are under irrigation.

Mikwamba added that Beekeeping which the company plans to start on full scale will also create more jobs for surrounding communities.

In his remarks chairperson for Parliamentary Committee on Social Welfare, Saviel Kafwafwa applauded Gala Macs for paying 50 percent more above the minimum wage set by the government.

Kafwafwa therefore asked Gala Macs to consider pealing all the groundnuts in the country to increase job creation.

He therefore said the committee looks forward to the beekeeping is expected to start soon as it will help a lot of communities.

Gala Macs was introduced in Malawi in 2007 for Macadamia production.

Development

Old mutual, Tingathe donate to Lilongwe’s Msiliza children

Dorica Mtenje

LILONGWE (MaraviPost)-As one way of motivating the local children, Old mutual in collaboration with Tingathe has donated 100 school bags to Msiliza children.

Making the Donation on Thursday, June 29,2023 at Tingathe offices in Msiliza, Old Mutual Corporate Manager, Patience Chitsika said her company believes in community empowerment.

The company also provided MK3 million to Tingathe for the children training skills.

“MK3 million is meant for tailoring and designing as the project works in cohorts,” said Chatsika.

Receiving the donation, Tingathe Founder, Sara Lideile said the organization partnered with old mutual in 2007 and they have managed to train a lot of children through series of cohorts.

Lideile said with the help of Tingathe trainings her office is able to recruit youths for various entrepreneurship skills.

She said the bags were made by the students at the center using the skills that they have equiped.

In an interview with one of the graduated students, Bertha Japana said the project has helped her to improve in behavior as she is now to respect elders.

Business, Malawi

2022 Old Mutual’s 34.4% Guaranteed Fund increase excites customers

Lloyd M’bwana

LILONGWE-(MaraviPost)-Old Mutual Malawi customers are over the moon following the company’s 34.4% bonus declaration for 2022 Guaranteed Fund.

According to the company, this is 13% more than the average inflation rate.

The Guaranteed Fund has exceeded its targets and delivered on its promise to customers.

Managing Director for Old Mutual Life Asurance Company (OMLAC) Roy Punungwe told customers on Friday, April 28, 2023 in the capital Lilongwe that historical data shows that the annualized Fund bonuses for the 3, 5, and 10-year periods were above inflation, delivering a real return to clients over the medium to long term.

He added that the declaration of the bonus is as a result of good performance on investment by the company.

Punungwe is confident the company will continue declaring healthy bonuses in the coming years as it continues to invest in customer focused solutions.

He disclosed that the Guaranteed Fund’s performance was driven by strong performance across all asset classes, achieving 24% returns, which is above the average inflation rate of 21% experienced over the same period.

“Assets under management increased by 38% to close at MK539bn as of 31 December 2022 Contributions increased by 49% on the back of strong new business performance. Benefit payments increased by 38% attesting to the growth of the Fund.

“Old Mutual embarked on a project to refresh customer-facing material across allproducts, including the Guaranteed Fund, to align with best practices and improve Customer understanding of the products The business managed to implement FRS17,” he said.

Punungwe added, ” The standard is an important step in ensuring that financial statements are more reflective of the performance of insurance businesses.

“Guaranteed Fund has delivered strong returns and is committed to exceeding customer expectations. Old Mutual continues to invest in customer-focused solutions and is committed to providing investors with a diverse range of investment options”.

One of the pontential customers, Magret Chirombe, a Human Resources manager for Malawi Agricultural and Industrial Investment Corporation (MAIIC) expressed satisfactory over Old Mutual’s performance on guaranteed fund.

Chirombe hinted that their pension funds are in the safe hands.

“We are Vlvery grateful for old mutual’s performance for giving us better bonuses than last year.

“The company has instilled trust in us. Our bonus increase has surpassed expectations”, excited.

This comes in 2022, headline average inflation increased to 20% due to increases in both food and hon food costs.

Interest rates also increased as the Policy Pate was raised to 14% in May 2022 and then again to 18% in October 2022.

Additionally the Government devalued the Kwacha by about 25% on May 26, 2022, due to Forex shortages.

Business

Old Mutual donates MK2.5m to Malawi Police

Maravi Post Reporter

By Edwin Mbewe

LILONGWE-(MaraviPost)-Old Mutual Malawi Life Assurance Company (OMMLAC) has donated money amounting to MK2.5 million to the Malawi Police Service.

The donation is twofold as MK1 million will help Malawi Police Service to send Athletes to SARPCCO games slated for Tanzania in September.

Chipao Left and Punungwe Right, hold a dummy cheque

The other MK1.5 million will be used to purchase 10,000 litres water tank at Mtakataka Police Training College in Dedza district.

In his remarks OMMLAC Managing Director, Roy Punungwe said the company thought it wise to assist the institution after being approached for SARPCCO games and Water tank.

“The first chunk is in support in their planned trip to Tanzania where they are expected to participate in SARPCCO games while second chunk is the highlighted need on Water tank in Mtakataka Police College hence providing the donation so that they purchase the 10,000 litre tank.

“I think with this support the athletes will do better in the tournament as they will be motivated bearing in mind that they have partners who are behind them. We are ready to assist whenever we are approached as Old Mutual”, explains Punungwe.

Speaking at the handing over ceremony which took place at National Police Headquarters Officers Mess in area 30 on Tuesday, Dennis Chipao Malawi Police Commissioner PPM responsible for Human Resource Management, hailed OMMLAC for the timely gesture, saying the donation will play a great role in preparation for the Southern African Regional Police Chiefs Cooperation Organization (SARPCCO) games and for the much needed water tank at Mtakataka.

“As Malawi Police Service we are very appreciative and grateful to Old Mutual for the timely intervention. The donation will help our athletes in preparation of the tournament in Tanzania, accommodation and transport among others.

“With this support, we anticipate them to perform better and bring medals to Malawi. However, sports also keep the cops fit and good health, including sharing new ideas with fellow Police Officers from SADC.

“The other amount which will go to our training institution Mtakataka,will play huge role in purchasing a 10,000 litre water tank that will help to improve the welfare of our recruits and other staff based there. Let me appeal to other stakeholders and well wishers to emulate this gesture since we have big projects to implement which we can not manage on our own”, Chipao said.

Director of Sport in the Malawi Police Service Audlow Makonyola highlighted that the preparations are going on well and at advanced stage.

He added they will have second camping starting from 15th July expected to end on 28th,2022 with the final camp anticipated from 15th August to 29th which will be the departure day for the Malawi team to Dar -es-Salaam, Tanzania.

Blue Eagles Football Club which represented Malawi Police Service won 2015 football tournament which took place in Eswatini formerly known as Swaziland under head coach Derklerk Nsakakuona.

About 150 athletes in different sports codes football, netball, women’s football, darts, chess among others are expected to travel to Tanzania.