Old Mutual reported that its life insurance sales are up 19% for the first three months, compared to the same period last year. The Value of New Business (VNB) is up 53% to R454 million. In the past, Old Mutual received much higher claims than it had provided for. Also, it had to raise additional provisions, which ate away at its profits. Old Mutual Corporate grew group risk sales by 79%, compared to the first three months of 2021. The Group’s total funds under management declined by 3%, after it recorded R5 billion in net client outflows.
