Chamwe Kaira
Old Mutual Limited said the reduction in corporate tax in Namibia from 31% to 30%, effective January 2025, is expected to affect the operating environment for financial institutions.
The change follows the Income Tax Amendment Bill 2024.
The company also pointed to ongoing regulatory and compliance pressures, noting that Namibia remains on the Financial Action Task Force (FAFT) greylist alongside Kenya and South Sudan.
This requires stronger anti-money laundering controls and compliance measures.
Old Mutual said Namibia remains an important part of its Southern Africa operations, supported by its position in asset management and its distribution network.
Namibia forms part of the group’s Southern Africa cluster with Botswana, Eswatini, Malawi and Zimbabwe.
The cluster serves about 4.8 million customers and employs more than 3 600 people.
The company said it holds leading positions in several sectors, including asset management in Namibia and uses branches, brokers and digital platforms to reach clients.
It said its brand remains well recognised in Namibia.
Across its Africa Regions business, which includes Namibia, the group paid out N$10.9 billion in claims and benefits during the year.
It also provided N$2.9 billion in lending to individuals and businesses.
Old Mutual Namibia received recognition during the period. It was named Best of Namibia 2025 for Insurance Service Excellence and ranked as the most admired non-Namibian insurance brand.
The company said it plans to grow its presence in Southern Africa by expanding products, improving distribution and increasing efficiency.
Old Mutual has operated in Namibia for more than 100 years and employs over 800 people across all 14 regions.
