The roots of Mutual & Federal reach back more than 175 years to Cape Town. It was here that the South African Fire and Life Assurance Company first opened its doors in 1831.
Trading profitably for 64 years, the company was acquired by the London & Lancashire which, in turn, was absorbed by the Royal Group in 1962. A short eight years later, to meet the demands of a changing market, the Royal Group in South Africa merged with the SA Mutual Fire and General insurance company to form Mutual & Federal. Completing the circle in 1998, Mutual & Federal purchased 41% of the equity of the Royal Group in Zimbabwe, and Old Mutual purchased the remaining 49%.
Changing times and environments force companies to reassess and adapt, especially in the financial services arena where factors such as rapidly developing IT impacts on how business is done.
Although Mutual & Federal has consistently kept abreast of the times, it has never compromised on its core business philosophies of:
- To be a successful and profitable short-term insurance business;
- To provide appropriate financial returns to sha