Swiss Re hands its South African direct book to Old Mutual Insure

Under the agreement announced on 5 November, Old Mutual Insure will be the local insurer issuing policies on the transferred business, taking over pricing, underwriting and relationships with local clients and brokers. Swiss Re Corporate Solutions' South African staff are also expected to move to Old Mutual Insure; headcount had not been disclosed as of 5 November. On 5 November the two companies did not disclose the size of the portfolio, its premium volume or the transfer price; these figures could not be verified.

The transfer is subject to regulatory approval, and as of 5 November no approval timetable had been published. Swiss Re will remain in the structure through Corporate Solutions' international programme capacity, with Old Mutual Insure acting as the local network partner for those programmes in South Africa; the structure was announced on 5 November. According to the company's 5 November statement, the group's property and casualty reinsurance business in the country is unaffected by the transfer.

Swiss Re Corporate Solutions reported net income of 714 million dollars for the nine months on a combined ratio of 86.4%. The unit's insurance revenue shrank by 200 million dollars over the same period to 5.5 billion dollars. The transfer shows a unit that lost revenue in 2026 stepping back from writing policies at the front line into second position behind a local insurer.