Old Mutual declares 26.5 percent bonuses

Post was last updated: March 24, 2018

Old Mutual, which is listed on the Malawi Stock Exchange (MSE), has declared 26.5 percent bonuses through its Guaranteed Fund for the year 2017.

The declaration was made during a cocktail event at Mount Soche Hotel in Blantyre, which was presided over by Old Mutual Malawi Group Chief Executive Officer, Edith Jiya.

Old Mutual Investment Group Managing Director, Mark Mikwamba, said some of the components of the Guaranteed Fund bonuses, include the fact that all contributions after benefit payments and fees are deducted, portion of bonuses declared annually in arrears that could be taken away in adverse market conditions.

He said others are that: “All contributions after benefit payments and fees are deducted. Portion of bonuses declared annually in arrears and cannot be taken away.”

Mikwamba, therefore, said smoothing pool used to reduce fluctuations on the member’s portfolio is also essential.

“In fact contributions to the fund, amounted to K32.8 million and claims amounted to K9.06 million,” he said.

Mikwamba said their flagship investment include the fact that one will not lose the net capital in volatile and uncertain times, and risk balanced exposure to different asset classes.

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