You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App

NEW SENS search and JSE share prices

More about the app

Old Mutual pays out R2.7bn in Covid-19 death claims in Q1

‘We continue to closely monitor our claims experience as future waves and their impacts remain uncertain.’
Image: Bloomberg

South African insurer Old Mutual paid out R2.7 billion worth of Covid-19 related death claims in the first quarter, it said on Friday, leaving about R1.3 billion in reserves set aside to help it manage the pandemic.

The numbers reflect the impact of a severe second wave of infections, but South Africa’s curbs are at their lowest level as it once again faces a spurt in cases, fanning fears of a third wave as the colder months of winter approach.

“We continue to closely monitor our claims experience as future waves and their impacts remain uncertain,” Old Mutual said in a trading update.

But the firm was confident its balance sheet and liquidity position could withstand future pandemic impacts, it added.

The update did not give an earnings forecast, but the firm said its measure of operating profit was up 48% in the three months to March 31, at R1.8 billion.

This was due to factors such as benefits from a stronger performance in the local equity market, fewer bad debts and cost control, it said, adding that it was on track to deliver its cost-saving target of 750 million by the end of 2022.

COMMENTS   3

Sort by:
  • Oldest first
  • Newest first
  • Top voted

You must be signed in to comment.

SIGN IN SIGN UP

This only mentions the “Covid-19 related death claims” and does not mention the above par deaths now next to per covid times.

Let’s not forget the business interruption insurances amounts??

The Old Mutual share is seriously undervalued. NAV is R14.70

The analysts did not see this one coming.

End of comments.

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR
BTC / USD

Podcasts

INSIDER SUBSCRIPTIONS APP VIDEOS RADIO / LISTEN LIVE SHOP OFFERS WEBINARS NEWSLETTERS TRENDING PORTFOLIO TOOL CPD HUB

Follow us:

Search Articles: Advanced Search
Click a Company: