Old Mutual's banking ambitions and stronger financial results feature as CEO Jurie Strydom wins African Insurer award
Old Mutual Group CEO Jurie Strydom has won the African Insurer award at the AFIS Awards 2026 in Luanda, Angola, as the South African financial services group reports stronger first-half results and expands its retail banking operations. His recognition comes as Old Mutual pursues a strategy centred on group equity value and cash generation, with its insurance, investment and banking businesses contributing to its broader financial services operations.
Strydom, an actuary by training, took over as Old Mutual CEO in June 2025 after leading Sanlam Life and Savings, Regent Insurance Group and Alexander Forbes Life. He also served as an executive director of Imperial Holdings. Following his appointment, he made group equity value and cash generation the central measures of value creation, directing greater attention towards the group’s financial performance and returns to shareholders.
Jurie Strydom takes African Insurer award at AFIS 2026
The award recognises insurance executives whose companies demonstrate strong financial performance, regional expansion, innovation, community impact and business development. AFIS presents the recognition as part of its assessment of leadership and the contribution of insurance businesses to the development of Africa’s financial services industry. The 2026 awards are held in partnership with Forvis Mazars.
Strydom’s recognition comes against the backdrop of Old Mutual’s established presence across 12 African countries. The group operates across insurance, savings, investment and wealth management, giving it an extensive financial services footprint that provides a foundation for its expansion into retail banking.
His previous leadership experience across insurance and financial services also provides context for the priorities he has established at Old Mutual. The group is pursuing stronger financial returns while developing additional ways to serve customers through its different business operations.
Old Mutual reports stronger first-half financial performance
Old Mutual’s first-half 2026 results show growth across several financial measures. Sales increased by 21%, while results from operations per share rose by 11%, reflecting the group’s performance during the six months. The board also increased the interim dividend by 8% and approved a further R1 billion share buyback.
The dividend increase and additional buyback are particularly relevant to Strydom’s focus on equity value and cash generation. Both decisions form part of the group’s approach to capital allocation and shareholder returns, alongside the operating performance reported during the period.
Old Mutual’s Mass and Foundation cluster also recorded a 19% increase in results from operations. The business serves customers in the mass and lower-income segments, making it an important part of the group’s efforts to reach a broader market with insurance and other financial products.
The cluster’s performance adds another dimension to the group’s strategy because customer access and distribution are important considerations in the markets where Old Mutual operates. Its banking expansion provides another route through which it can develop relationships with retail customers.
OM Bank expands Old Mutual’s retail financial services reach
OM Bank has become a significant part of Old Mutual’s efforts to expand beyond its traditional insurance and investment operations. The bank was approaching one million customers in September 2026, while retail deposits reached R1.6 billion at the end of August.
The customer and deposit figures illustrate the scale of the group’s entry into retail banking. Through OM Bank, Old Mutual has another channel for serving mass-market customers, complementing its existing insurance, savings and investment businesses.
Old Mutual’s banking expansion also places the group within a wider contest among African financial services companies to serve more of their customers’ financial needs. South African banking groups have been pursuing opportunities across the continent, including Nedbank’s acquisition of a controlling stake in Kenya’s NCBA Group, which gives it access to an established regional banking operation.
Other financial institutions are also extending their product offerings through digital distribution. Absa, for example, has expanded its Absa Next platform to include investment products, while Safaricom has been developing M-PESA’s wealth management and merchant financing services. These developments reflect the commercial importance of connecting customers to banking, payments, savings, credit and investment products through accessible channels.
For Old Mutual, OM Bank adds retail banking to an existing business that serves customers across multiple African markets. Its progress towards one million customers, alongside the growth in deposits, gives the group another component of its strategy under Strydom’s leadership.
The bank’s expansion, the improvement in Old Mutual’s first-half financial performance and the group’s continued focus on shareholder returns provide the wider business context for Strydom’s African Insurer recognition at AFIS 2026.
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