Old Mutual Insure, the non-life division of Old Mutual Group, achieved a net underwriting margin of 7.6% for the first half of 2026. Profitability from underlying insurance activities rose 71% during the period.
Gross written premiums increased by more than 5%. Total premiums reached R12.1 billion. Strategic acquisitions contributed to this growth with an 18% increase in premiums.
The company incurred R376 million in net catastrophe losses from storms and flooding. Results remained strong despite pressures on household affordability. Management attributed the performance to disciplined risk selection and underwriting quality.