Old Mutual establishes Asia Pacific headquarters

Old Mutual plc (“Old Mutual”) today announces the establishment of its Asia Pacific headquarters, based in Hong Kong.  This will form the base from which Old Mutual intends to expand its existing operations throughout the region.

Old Mutual is also pleased to announce the appointment of Steffen Gilbert as Regional Head of Asia Pacific.   Mr Gilbert, formerly Chief Executive of South Africa’s short-term insurer Santam, will lead the team in building the regional business and in particular developing new market entities.   Mr Gilbert will report to Jim Sutcliffe, Chief Executive of Old Mutual.

Within the region, Old Mutual Asia Pacific currently operates in China, India and Australia.   In China, the joint venture between Skandia and Beijing State Asset Management has grown to the seventh largest life assurance company in China by gross premiums, of the 25 foreign-affiliated insurance companies.   The Indian joint venture with the Kotak Mahindra Group, in which Old Mutual has a 26% stake, has increased its exposure to the India market rapidly with a direct salesforce of 27,500 and representation in 55 cities.   Australian Skandia Limited offers retail mutual and institutional investment funds.

Commenting on Old Mutual’s development in Asia Pacific, Jim Sutcliffe said:   

“Asia Pacific is becoming an increasingly significant part of our business.   Strong equity markets and favourable demographics offer a great opportunity for us to expand further and I am delighted to welcome Steffen, whose wealth of experience in building businesses will be invaluable as we develop our presence in the region.”