From Cape Town mutual insurer to digital banking: the evolution of Old Mutual

Nature · Published 20 October 2026 Swipe more like this →

In short: Founded in 1845, Old Mutual has transformed from a traditional South African insurance society into a diversified financial group. After a radical managed separation strategy in 2018, the company has pivoted toward digital banking and passive investment, recently launching its own digital-only bank and acquiring a major investment firm.

Established in 1845 by John Fairbairn and other prominent Cape Town figures, Old Mutual began as a mutual insurance society. Over the next century, it expanded significantly, eventually moving its headquarters to the iconic Mutual Building in 1939 and later to Mutualpark in 1956. By 1999, the company underwent demutualisation, listing on the London and Johannesburg stock exchanges, which marked the beginning of a period of rapid international expansion and complex corporate restructuring.

The most significant strategic shift occurred in 2016 with the announcement of 'managed separation.' This plan aimed to unlock shareholder value by breaking the conglomerate into four standalone entities: Old Mutual Emerging Markets, Nedbank, Old Mutual Wealth, and Old Mutual Asset Management. By October 2018, the process was complete, involving the demerger of Quilter plc and the unbundling of its majority stake in Nedbank, a distribution valued at approximately R43.2 billion. This era concluded with the relocation of the head office to Sandton.

In recent years, the firm has refocused its efforts on its South African roots. In 2024, it secured a banking license, leading to the 2025 launch of OM Bank, a digital-only subsidiary that reached 150,000 customers by November of that year. Simultaneously, the company has expanded its investment footprint, notably through the 2026 acquisition of 10X Investments for R2.2 billion. This deal, which gives Old Mutual sole control over a firm managing over R68 billion in assets, reflects a strategic push to increase exposure to passive investment products within the South African market.

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