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Old Mutual buys Ghanaian insurance firm

4 Jun 2013

International insurance and wealth savings group Old Mutual has expanded its African presence by buying a majority stake in Provident Life Assurance Company Limited based in Ghana.

Provident is the fifth largest life company in Ghana and provides life insurance and investment products‚ mainly via an agency force.

The transaction is conditional on relevant regulatory approvals and is expected to complete by the end of the year. The price for this transaction will form part of the R5bn Old Mutual intends spending in Africa.

Julian Roberts‚ group chief executive said: "This transaction is another important step in our strategy of expanding our emerging markets businesses.

IC Securities Ghana Limited acted as advisors to Old Mutual.

Source: I-Net Bridge

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