• Monday, July 22, 2024
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Old Mutual sees Nigerian financial market opening up for actuaries


Old Mutual Nigeria, member of Old Mutual Group, has identified openings in the nation’s financial services market that would require more actuaries to achieve expected growth.

Consequently, the firm has deployed its group actuarial expertise and resources to train and equip Nigerians participating in forthcoming actuarial examination coming up in May.

Marjorie Ngwenya, chief risk officer, Old Mutual Africa, was on hand since last week taking these students through the integrity of the exams and how to come out in flying colours.

Ngwenya, speaking at the Old Mutual Nigeria Evening with the actuarial community held in Lagos, recently, said the financial services were opening up and there would be huge market for actuaries.

“What we have done is to support you with our resources so that you qualify, become better and be in the position to groom more people. I wish you best of luck,” said Ngwenya.

Zom Chizura, CEO, Old Mutual Nigeria, said this was in line with Old Mutual’s corporate social responsibility pillars to support host community and help them grow, and hinged the training exercise on some of its CSR pillars – financial education, community development and education, and skills development.

“We are committed to impacting our host community. We are committed to supporting the development of the Nigeria market, as we have deployed our group resources to support this set of Nigerians working to become actuaries,” Chizura said.

The directors of Old Mutual said they were recommending a final dividend for the year ended December 31, 2014, of 6.25 pence per share, which will be paid subject to being approved by shareholders at the company’s 2015 annual general meeting on May 29, 2015.

Also, a review of the 2014 result of the company shows that adjusted operating pre-tax profit climbed up 16 percent to £1.6 billion, a good underlying profit growth. Net client cash flow came in at £4.9 billion, with funds under management rising 6 percent to £319 billion.

The company further disclosed that shareholders on the South African, Zimbabwe and Malawi branch registers and the Namibian section of the principal register will be paid the local currency cash equivalents of the final dividend under dividend access trust or similar arrangements established in each country.

The company said shareholders who hold their shares through Euroclear Sweden AB, the Swedish nominee, will be paid the cash equivalent of the final dividend in Swedish Kronor. Local currency cash equivalents of the final dividend for all five territories will be determined by the company using exchange rates prevailling at the close of business on April 9, 2015, and will be announced by the company on April 10, 2015.