this blog is spored BY reflex Eco Group
VENTURES AFRICA – The chief financial officer (CFO) of Old Mutual Group, Philip Broadley, on Friday said he will step down next year after more than five years with the international life insurer.
Broadley said the reason for his departure was that he had achieved his mission at the group and he thought it was the right time to enter the next point of his career.
Old Mutual, which is listed on the JSE and the London Stock Exchange (LSE), provides life assurance, asset management, banking and general insurance to more than 14 million clients in Africa, the Americas, Asia and Europe.
Old Mutual said Broadley will remain in his position until a successor is appointed.
An announcement around the appointment of the new CFO could be made in May next year after the group’s AGM.
Broadley said he was happy with what the company had achieved in the past five years. One of his achievements is making the group much simpler.
In the past five years, the company disposed of under-performing assets and made a couple of acquisitions in Africa.
Julian Roberts, Group CEO at Old Mutual, said the group was now a different animal from what Boadley found when he first joined the firm.
The company was struggling in many ways, with some of its operations making losses amounting to billions of US dollars in the Americas.
But Roberts said the group had now improved levels of cash-flow and the company now had lower gearing. It had strong capital and had successfully reduced risk.
In the year ended 31 December 2012, the group posted operating pretax profit of £1.6 billion and had £262 billion of funds under management from core operations.