Better Health for All
20
Old Mutual demonstrates a strong commitment to 'Better Health for All' through several initiatives. Its mental health programs are transformative, offering unlimited telephonic counselling
1
, virtual consultations via its Strove product
2
, a dedicated 'Mental Health Programme' for individuals and practitioners covering various conditions including substance abuse
3
, and employee wellbeing initiatives
4
. The company exhibited exceptional global health crisis response during Covid-19, providing R4 billion in cover to 430,000 healthcare workers
5
, R5 million for personal protective equipment
6
, and pledging R50 million for relief efforts
7
. Old Mutual also offers exceptional health equity programs and price accessibility, with affordable health solutions
8
, micro-insurance
9
, and a community eye care initiative targeting lower-income earners, uninsured, and marginalized communities
10
. Its 'On The Money' program reached 75% black beneficiaries
11
and invested 25% in rural communities
12
. Furthermore, the company's financial education and wellness programs are exceptional, reaching 17.7 million people
13
and integrated into the Kenyan education curriculum
14
. Preventative health measures are comprehensive, including personal health advisors
15
, employee wellbeing programs
16
, and preventative care benefits in student health insurance
17
. The company's core offerings, such as health insurance
18
, critical illness plans
19
, and telehealth investments
20
, reflect a strategic focus on health-positive impact. Health data responsibility is addressed through commitment to POPIA compliance for data collected by products like Strove
21
. As a financial services group, Old Mutual does not produce food products, so its 'FoodCare' micro-insurance focuses on ensuring access to groceries
22
.
Fair Money & Economic Opportunity
0
No specific, quantifiable data was available in the provided articles to score the company against the rubric's thresholds for any of the KPIs. Information regarding percentages of underserved clients, share of loan book for inclusion initiatives, percentage of profit reinvested, or customer-specific outcomes like credit score changes was not provided. Similarly, details on pricing fairness, exploitative fee exposure, data accessibility features like open-banking APIs, fair lending compliance findings, debt burden ratios, geographic inclusion percentages, or product simplicity metrics were not present. While Old Mutual has launched digital platforms like O'Mari and Phuka, reaching over 1.5 million users
1
, and provided financial education to over 2 million people in Ghana
2
, the articles do not provide these figures as a percentage of the total customer base, which is required by the rubric's quantitative thresholds for scoring.
Fair Pay & Worker Respect
0
The company's voluntary employee turnover rate was 22% in 2023, a decrease from 26% in 2022.
1
In 2023, contingent workers constituted 12.14% of the total workforce (3,767 out of 31,032 workers).
2
Old Mutual implemented a minimum annual salary of R180,000 for all non-sales, permanent South African-based employees in April 2023
3
, which will increase to R192,000 from April 1, 2025.
4
This policy ensures South African-based employees are appointed at this new minimum pay line.
5
The company engages in collective bargaining with unions for bargaining unit employees in South Africa, and their guaranteed pay increases have exceeded those of management since 2019.
6
Primary caregivers are eligible for four months of fully paid parental leave
7
, and secondary caregivers for one month.
8
Fair Trade & Ethical Sourcing
0
No specific, concrete data points were found in the provided articles to assess Old Mutual plc against the 'Fair Trade & Ethical Sourcing' KPIs. The articles consistently state a lack of detailed information or specific quantifiable data regarding fair trade practices, ethical sourcing in industries like metals and mining, and supply chain transparency. As per the scoring rules, KPIs for which no explicit evidence is provided must be omitted.
Honest & Fair Business
-20
Old Mutual reviewed and approved multiple restatements of its annual financial statements for 2023, including for total intermediaries, policy count, and fees and commission paid.
1
In September 2024, Old Mutual Life Assurance Company (South Africa) Limited received an administrative sanction of R15.9 million from the South African Reserve Bank for non-compliance with the Financial Intelligence Centre Act, with R5.9 million conditionally suspended for 36 months.
2
The company received an S&P Global ESG Score of 56.
3
As of 2024, 80% of the board members are Independent Non-executive Directors, and directors are required to disclose conflicts of interest and sign quarterly declarations.
4
Old Mutual has a zero-tolerance Anti-bribery and Corruption Policy, supported by its Maadili Charter, which includes annual employee and CEO attestations, annual anti-bribery risk assessments, due diligence for business partners, suppliers, and agents, and specific role-based training.
5
Gifts are limited to R2,000 per annum for employees and R1,000 for tied advisers.
6
A comprehensive whistleblower policy is in place, featuring an independent hotline run by Deloitte South Africa, a non-retaliation policy, regular employee training, a documented disclosure response plan, and annual management information on whistle-blows.
7
Group Internal Audit assesses the program's effectiveness.
8
The company has refuted whistleblower allegations, stating internal investigations did not corroborate claims.
9
Kind to Animals
0
As a financial services group, Old Mutual's core business operations do not involve animal testing, animal agriculture, or the production of animal-derived products. Consequently, most animal welfare metrics, such as cruelty-free certifications, alternative testing usage, humane certifications for operations, ethical input substitution, cage-free sourcing, animal testing policies and volume, innovation investment in animal-free technologies, animal agriculture ethics, and animal-free R&D collaboration, are not applicable. The company offers a Staff Payroll Giving Programme, which allows employees to donate to various causes, including animal welfare.
1
Additionally, Old Mutual Investment Group engaged with a South African pork producer on factory farming practices and humane treatment of pigs, providing recommendations for improvement.
2
No War, No Weapons
0
Old Mutual plc (OML.LSE) is a financial services group and is not directly involved in arms manufacturing, military contracts, or conflict facilitation.
1
Its investment arm, Old Mutual Alternative Investments (OMAI), has a policy not to finance activities involving weapons and munitions if they form more than 10% of an investment’s primary business activities.
2
Old Mutual is a signatory to the UN Global Compact
3
and states it is fully compliant with all its principles, including human rights.
4
Planet-Friendly Business
-30
Old Mutual Property sourced 9.4% of its total electricity consumption from solar in 2024.
1
The waste diversion rate for Old Mutual Property increased to 74% as of December 2024.
2
The company's climate reports are guided by the Task Force on Climate-related Financial Disclosures (TCFD) framework, and it incorporates climate change considerations into investment decision-making, publicly disclosing climate-related risks.
3
Old Mutual conducts stress and scenario testing, adopting three reference scenarios from the IPCC and aligning scenario modeling to lines of business requirements.
4
The company evaluates the risk of stranded assets against investment value and reduced its listed equity thermal coal exposure from 8.3% to 5.8% between 2021 and 2024.
5
Respect for Cultures & Communities
70
Old Mutual Kenya established 23 formal partnerships in 2024, including one with the Kenya Institute of Curriculum Development and 22 with universities, to provide financial education.
1
Additionally, in 2024, 83% of employees across the company's Alternative Investments portfolio were previously historically disadvantaged individuals.
2
Safe & Smart Tech
10
Old Mutual has not experienced any data breaches affecting customer data in the past eight years; the last reported incident was in May 2017, which involved unauthorized access to customer names, telephone numbers, and some investment values, but no transactional or credit card details.
1
The company's Board and Risk Committee actively consider AI strategy, implications, and risks, and monitor frameworks for the ethical use of data.
2
Old Mutual explicitly applies privacy by design and by default principles, integrating data protection into product development from the outset.
3
Changes to systems are security tested before implementation, enforced by regular, comprehensive external testing.
4
The company also implements strong data governance, monitoring access and usage to detect and prevent misuse, and has not reported any incidents of unauthorized data use.
5
Users are granted comprehensive rights to access, update, correct, delete, restrict processing, withdraw consent, and object to processing of their personal information, with mechanisms provided via website, app, and email.
6
Data minimization practices include collecting only adequate, relevant, and non-excessive data, and retaining it only as long as necessary, with data destruction standards in place.
7
However, in September 2024, Old Mutual Life Assurance Company (South Africa) Limited received an administrative sanction from the South African Reserve Bank, including a R15.9 million financial penalty (R5.9 million suspended), for non-compliance with certain provisions of the Financial Intelligence Centre Act.
8
The company states it monitors compliance with GDPR standards and has implemented controls to fully comply with South Africa’s Protection of Personal Information Act.
9
Zero Waste & Sustainable Products
10
Old Mutual's Mutualpark achieved an 88% waste diversion rate from landfill.
1
The company enforces a policy for on-site vendors to use 100% plant-based biodegradable containers, and its offices at Mutualpark and 1 Mutual Place have eliminated plastic bags and straws, allowing only certified compostable packaging.
2
Old Mutual has implemented numerous waste reduction initiatives, including source separation, organic waste composting, and a #GOGREEN campaign that transformed 16 tons of marathon waste into 667 'Green Desks' from 100% recycled materials.
3
The company also partnered to recycle polystyrene packaging.
4
Old Mutual has set ambitious waste reduction targets, aiming for zero waste to landfill at Mutualplace by 2026, Mutualpark by 2027, and for investment properties by 2030, with a minimum 70% waste diversion for investment properties by 2025.
5
In hazardous waste management, Old Mutual revised its maintenance policies to use R410 gas, which is less harmful, in air conditioning systems instead of R22 gas.
6
The policy requiring on-site vendors to use 100% plant-based biodegradable containers also serves as a supplier waste requirement.
7