Old Mutual Malawi has declared a 34.4 percent bonus on its Guaranteed Fund, saying this has been achieved due to a strong performance on investments.
The company unveiled the bonus at a function held on Friday night at BICC in Lilongwe.
A guaranteed fund is a pot of money consisting of funds which Old Mutual’s clients deposit with the company. The bonus means that money which a client put into the Guaranteed Gund at the start of 2022 has grown by 34.4 percent. Regardless of what happens in the economy, the money that a client has put in as well as the bonuses accrued will never be lost.
Speaking during the event, Old Mutual Assurance Company managing director Roy Punungwe said the performance of the fund was driven by strong performance across all asset classes.
“Old Mutual is declaring a bonus of 34.4% for the year 2022, which is 13% more than the average inflation rate. The Guaranteed Fund has exceeded its targets and delivered on its promise to customers,” said Punungwe.
On his part, Mark Mikwamba who is Managing Director for Old Mutual Investments, said they are trying to drive investment returns for the benefit of clients, some of whom have entrusted the company with funds for their retirement.
He added that though the operating environment is tough, the company is committed to always looking to find something that is beneficial to clients who have put funds into the over K500 billion fund.
Speaking on behalf of clients, Magret Chirombe, Human Resource and Administration Manager at Malawi Agricultural and Industrial Investment Corporation (MAIIC), said they are elated with the bonus considering the harsh economic environment in 2022.
“We believe our investments are safe and we trust that they will do what they have promised to do in 2023,” said Chirombe.
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