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Iain Williamson, Interim CEO of OMEM, indicated that “Macroeconomic and political headwinds across many of our markets contributed to 2016 being a challenging year for the business. Nevertheless, we are satisfied with our financial performance and we continue to make good progress with our strategic priorities, including preparations for our independent future as the principal operation of the primary listed entity in South Africa.”
He pointed out that OMEM’s strong and well-diversified balance sheet is resilient enough to be able to withstand a number of shocks, including a possible South African sovereign credit rating downgrade.
“A key priority for OMEM in 2016 was strengthening our focus on the needs of all our stakeholders, particularly our 10.9 million customers. Through financial education programmes, we continue to promote the value of advice and drive financial inclusion. We also remain committed to enhancing the overall customer experience across our business,” said Williamson.
“Our asset management strategy to support our investment in socioeconomic development also reflects our deep commitment to doing business that benefits society. In 2016, OMEM committed investments towards affordable housing (R21 billion), other infrastructure (R59 billion), renewable energy (R20 billion) and sustainable agriculture (R942 million)."
“Additionally, a further R142 million was invested in community upliftment towards financial education (R27 million), education upliftment, bursaries and scholarships (R76 million), as well as skills and community development (R39 million).”
Williamson added, “We are confident that OMEM is well positioned to enable positive futures for our customers and communities as we make the most of the opportunities ahead of us in South Africa and the other emerging markets we operate in.”
For comprehensive information on the 2016 Preliminary Results please visit the Old Mutual plc website.