Latest news with #OldMutual
IOL News
4 days ago
- IOL News
Old Mutual says policy was accidental death as widow cries foul over R1. 68 million rejected claim
A Gauteng woman is locked in a bitter conflict with Old Mutual over a policy payout following the tragic death of her husband. Insurance company, Old Mutual, clarified that the policy held by a deceased client was an accidental death benefit, not a life insurance policy as the widow had stated. The statement follows accusations from Annette Monica Mulder, a 60-year-old Gauteng resident, who claimed Old Mutual unjustly denied her claim after her husband, Rudolf Johan Frederick Mulder, died tragically in January 2018. According to Mulder, her husband took a policy with Old Mutual in 2009 and at the time of his death, it was R1.68 million. Old Mutual explained that the accidental death benefit policy inherently excludes suicide, as it is not considered accidental death. However, Mulder maintains that her husband's death was accidental, asserting that the firearm involved was defective. "I have a report from a forensic gun specialist that says the gun had a faulty safety clip. The cartridge of the bullet was stuck in the gun on the police photos, and when we received the gun back from the SAPS, we found it was not working. I took it to a gunsmith the same day they found it faulty and a piece of metal behind the safety," she said. Mulder said that even if her husband's death was suicide, Old Mutual failed to produce concrete evidence to support the allegations. "The medical examiner said she couldn't tell if it was an accident or suicide. Also, nowhere does the police report say suicide, they say suspicion of suicide. Old Mutual didn't prove without reasonable doubt that my husband died of suicide," she said. Moreover, she said the words on the policy can be easily misconstrued due to the grammar. "In the Afrikaans version of the policy, the title may appear as 'Accidental Disability and/or Death.' However, due to the absence of appropriate punctuation, the term 'Accidental' cannot be conclusively interpreted as modifying or applying to 'death.' On this basis, 'death' stands as a distinct and separately covered event under the policy, irrespective of whether it was accidental or not." According to Mulder, the life insurance contract specified just three exclusions: death while committing a crime, death in war, or death during a strike. "Those were the three exclusions that were listed in the contract. If they decided to add suicide, it's something they added without notifying us. We were certainly not made aware of this,'' she said.
Reuters
13-06-2025
- Business
- Reuters
S.Africa stocks suffer $3.7 billion losing streak from foreign investors
JOHANNESBURG, June 13 (Reuters) - Foreign investors have pulled $3.7 billion out of South African equities since October in the longest such streak of outflows in five years, a report showed, as the continent's biggest equity market struggles to attract international portfolio flows. International investor confidence in stocks listed in Africa's most industrialized economy has been fragile for years, with equities having suffered annual outflows since 2022, calculations by the Institute of International Finance show. But the latest streak marks a sharp acceleration, coming in at double the $1.9 billion of outflows across 2023 and 2024, the IIF said. South Africa is at risk of missing out on moves by global fund managers reallocating into regions outside of the U.S. without growth, said analysts, even as stocks trade at discount prices. "Investors are looking to diversify outside of the U.S., but that doesn't automatically (make) South Africa a primary destination," said Graham Tucker, portfolio manager at Old Mutual Investment Group. The local market was "relatively cheap", he added, but that reflected a decade of declining per capita income and depressed growth. Emerging stocks as a global asset class have suffered outflows more widely since October. But that changed in May when major emerging stock markets from Brazil to Turkey and from Taiwan to South Korea attracted fresh inflows, according to IIF data. Latin American countries are especially well-placed to benefit from the U.S. market shifts. The Johannesburg Stock Exchange has also seen higher volumes of investments in recent weeks, but rising purchases are matched by rising sales, the bourse's data shows. South African equities have delivered a 29% return in dollar terms year-to-date, placing them among the top five performers globally behind only Greece, Spain, Germany and Italy, Bank of America said. In the week to last Friday, non-residents bought more than 30 billion rand in South African stocks, the highest weekly value in years, but that also coincided with heavy selling of 24.70 billion, the JSE data shows. So far this year, non-residents have been net sellers of $5.9 billion, a billion more compared to the same period in 2024. "Foreign investors, if anything, behave like tourists. They will come for a trade, especially in gold stocks when the commodity runs, but they won't stay without long-term policy certainty," said Tucker. Higher offshore volumes mostly reflect global uncertainties, as the country's growth fundamentals have not improved significantly, Nedbank economist Isaac Matshego said. Data from the country's statistics agency showed last week that the country's gross domestic product stagnated in the first quarter, mainly owing to six straight months of contractions in the mining and manufacturing sectors. ($1 = 17.9439 rand)
IOL News
10-06-2025
- Business
- IOL News
Gauteng widow in distress after Old Mutual rejects R1. 68 million claim following husband's death
Old Mutual's non-profit entity 'Masisizane' Fund has reached a milestone by disbursing R1 billion to over 400 SMEs and creating more than 13,000 jobs. A Gauteng woman is locked in a bitter conflict with Old Mutual over a life insurance payout following the tragic death of her husband. Annette Monica Mulder, 60, lost her husband, Rudolf Johan Frederick Mulder in January 2018. Before his death, he had taken out a policy with Old Mutual in 2009 and according to his wife, at the time of his death, it was R1.68 million. Mulder's anguish began when Old Mutual denied her claim, citing suicide as the cause of death. "When my husband died, they refused to pay out the policy and claimed that my husband killed himself. The policy never excluded suicide, there was no clause mentioning suicide. Because it wasn't clear how my husband died, they decided to pick suicide to avoid making payment," she said. According to Mulder, the life insurance contract specified just three exclusions: death while committing a crime, death in war, or death during a strike. "Those were the three exclusions that were listed in the contract. If they decided to add suicide, it's something they added without notifying us. We were certainly not made aware of this,'' she said.
IOL News
09-06-2025
- Entertainment
- IOL News
Old Mutual Music at the Lake celebrates Father's Day with Just Jinjer and Watershed
Just Jinjer will be perfoming their chart-topping classics at the Old Mutual Music at the Lake concert on Father's Day in Durban. Image: Supplied What better way to spend Father's Day than enjoying an unforgettable afternoon of music, family, and celebration at the Old Mutual Music at the Lake concert on Sunday, 15 June. South African music icons Just Jinjer and Watershed will take to the stage in the scenic surrounds of the Durban Botanic Gardens, bringing their timeless hits and electric live energy to this much-loved outdoor venue. Attendees can bring picnic baskets, camping chairs, and cooler boxes, and settle in for an afternoon of legendary local music, surrounded by lush greenery and the joyful spirit of Father's Day. Watershed will be performing at the Old Mutual Music at the Lake Father's Day concert at Botanic Gardens. Image: Supplied Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Proceeds from the event support the Garden Window Project – an innovative people and plant development initiative that forms part of the Durban Botanic Gardens' commitment to community upliftment and environmental education. 'At Old Mutual, we're proud to support the Music at the Lake series—an uplifting celebration of local talent, unity, and cultural pride. This partnership is part of our ongoing commitment to building stronger communities and creating meaningful moments of joy. "Events like these, especially on special occasions like Father's Day, offer families the chance to connect, celebrate, and make lasting memories together. We believe in the power of music to bring people closer, and we're honoured to play a role in making that happen in the heart of Durban's iconic Botanic Gardens,' said Bandile Mngoma, Senior Manager: Sponsorships & Events at Old Mutual. Expect the unmistakable vocals and chart-topping classics from Just Jinjer, as well as the soulful songwriting and soaring melodies of Watershed—two of South Africa's most celebrated bands—sharing one stage in a rare and special live collaboration. Tickets are on sale from Webtickets. For more information, visit or call the Info Centre on 068 5981396. THE MERCURY
The Herald
05-06-2025
- Business
- The Herald
Innovate Africa: Inside the future – a conversation with Vuyo Mpako from NEXT176
NEXT176 is Old Mutual Group's new growth and innovation arm. While the parent company has been around for 180 years, NEXT176 is focused on what's next, backing bold ideas that can improve people's lives across Africa. Led by MD Vuyo Mpako, the team is working to make a difference in health, education, jobs, financial wellbeing, sustainability and debt management. Their goal is to have an impact on 1-billion lives on the African continent. In our interview, Mpako shares the hard lessons of corporate venturing, how NEXT176 bridges the gap between start-up speed and corporate structure, and why partnering with the likes of SC Ventures makes sense when trying to build financial tools that work for everyone. This is a conversation about real-world innovation, what it takes, what's working and where it's going. TimesLIVE
