GDP data released by Statistics South Africa last week signalled the potential depth of the economic crunch that lies ahead this year, a year that is expected to endure the lowest growth since 2020’s pandemic-induced downturn.
, elevated inflation, higher interest rates and severe load-shedding. These factors, including slow job recovery, have negatively affected real income growth, he noted.
Old Mutual’s personal finance and wealth management segment was seemingly worst affected, seeing the value of its new business plummet 47% last year compared to 2021. The insurer reported a 46% jump in normalised headline earnings to R2.2 billion for the six months ended 31 December 2022 and its profit doubled to R1.9 billion during the period.
saw a 17% decline in its present value of new business premiums amid lower new business volumes on both its local and international wealth platforms.
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