(BusinessDay SouthAfrica) – The new head of Old Mutual ’s emerging markets unit said yesterday the unit planned to meet tough profit targets set by the global insurer for its operations in Africa outside SA.

Old Mutual wants these operations to record annual profits equal to 10% of those to be achieved in SA by the end of this year, rising to 15% by the end of 2015. Operations outside SA are in Kenya, Malawi, Namibia, Nigeria, Swaziland and Zimbabwe.

In an interview yesterday, the CE of emerging markets at Old Mutual’s long-term savings unit, Ralph Mupita, said the earnings targets could be achieved given the potential in existing and untapped insurance markets in sub-Saharan Africa. “Africa is at the stage where the Asian insurance market was 20 years ago and there are great opportunities for us,” Mr Mupita said in Sandton. Click here to read more