Past & Present
In March 1831, The South African Fire and Life Assurance Company first opened its doors. From this start, Mutual & Federal emerged and more than 180 years later, itis one of the leading short-term insurers in southern Africa. We provide insurance solutions, via brokers, to personal, commercial and corporate clients in South Africa, Namibia, Botswana and Zimbabwe.
A brief history of Mutual & Federal
After trading profitably for 64 years, the South African Fire and Life Assurance Company was acquired by the London & Lancashire which, in turn, was absorbed by the Royal Group in 1962.
When South Africa became a republic in 1961, the government directed that all branches of foreign insurance companies operating in South Africa should be registered as South African companies and trade on the Johannesburg Stock Exchange. The conversion was known as the ‘domestication of foreign companies’. As a result, in 1970, the Royal’s many companies in South Africa merged with the Old Mutual short-term company, the SA Mutual Fire & General Insurance company.
To be known as a South African insurance company, a suitable name was needed. The Mutual part was easy as it reflected the involvement of Old Mutual (The Old Mutual Group was established in South Africa in 1845). As the names ‘Royal’ or ‘London’ would reflect a British heritage, it was decided to use ‘Federal’, from the Federal Insurance Corporation. And so the Mutual & Federal Insurance Company was born. The rest, as they say, is history!
In 1998, Mutual & Federal purchased 41% of the equity of the Royal Group in Zimbabwe, and Old Mutual purchased the remaining 49%. In February 2010, Mutual & Federal became a wholly owned subsidiary of the Old Mutual Group. It was also in 2010 that Mutual & Federal, through a partnership with Old Mutual Retail Mass Market, penetrated the direct insurance market for the first time, with the launch of iWYZE valuables insurance.
Our business philosophy
Changing times and environments drive companies to reassess and adapt, especially in the financial services arena, where factors such as rapidly developing Information Technology impacts on how business is done. At Mutual & Federal we’re proud to say that we have consistently kept abreast of the times, while never compromising our core business philosophies.
These are :
To be a successful and profitable short-term insurance business. - To provide appropriate financial returns to shareholders on their investments.
- To offer highly efficient and friendly service to brokers, agents and their clients.
- To provide employees with rewarding careers and job security in an environment where merit is the only criteria for advancement; and
- To embrace change.