13th Oct 2021 08:34
(Alliance News) - Old Mutual Ltd is planning to make at least two acquisitions over the next five years to bolster its market share in West Africa, Bloomberg reported on Tuesday.
Samuel Ogbu, the chief executive officer at Old Mutual West Africa, told the financial news agency that Old Mutual is targeting companies in insurance and complementary businesses for a takeover in Nigeria, while in Ghana it will probably acquire a pension company.
In Nigeria, where Old Mutual's operations rank 15th in premium income, the Cape Town-based insurer wants to become among the five biggest, Ogbu said. With the planned acquisitions, it also wants to crack the top three in Ghana, where it is now the fifth largest.
Insurance penetration still has significant headroom for growth in West Africa, Bloomberg commented.
Following its expansion, the West African units of Old Mutual aim to contribute 25% of the group's return from operations generated outside of South Africa and China by 2030.
https://www.bloomberg.com/news/articles/2021-10-12/old-mutual-to-expand-west-african-market-share-with-acquisitions
By Greg Roxburgh; [email protected]
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