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Financial Services

Old Mutual shows first signs of a struggling insurance sector

May 28 2020 21:38

Old Mutual says life insurance sales almost came to a standstill in its biggest business unit during the lockdown ,as brokers were not able to see customers, while some existing customers are seeking premium holidays and discounts or lapsing their policies.

Financial Services

SA financial system under stress, headed for 'extraordinary shocks' - Reserve Bank

May 28 2020 06:00

The South African Reserve Bank says SA's financial system is under growing stress, with people expected to struggle servicing their debt, or keep their insurance policies in place. Meanwhile, those who have money to save are already opting for short-term vehicles.

Financial Services

SA Banks not immune to collapsing, Reserve Bank warns

May 27 2020 21:12

While South African banks are more resilient than their European counterparts, they are not immune to collapsing as bad debts increase "significantly".

Financial Services

SA Development Bank seeks loans to plug funding gap

May 27 2020 10:11

Development Bank of Southern Africa is in talks with multilateral lenders and commercial banks to help plug a funding gap as disruptions in debt capital markets hinder its ability to sell bonds.

Financial Services

Odds stacked against investment industry as Covid-19 hits pension contributions

May 26 2020 22:15

The investment industry could face one of its toughest years to date in 2020 as people are losing their jobs and cashing out their pensions to survive while companies are giving those who remain employed options to save less for retirement.

Financial Services

Nedbank passes climate resolutions in SA first

May 22 2020 13:05

The bank has become the first South African company to have climate-related resolutions it tabled itself passed by its shareholders.

Financial Services

Investec calls for an acceleration of lockdown easing

May 21 2020 18:15

Group CEO Fani Titi says SA needs courage to accelerate the easing of the lockdown, because the notion that you either have lives or livelihoods is false. The country can do both in a safe manner.

Financial Services

A waiting game for banks as job losses threaten unprecedented credit losses

May 20 2020 05:00

The three-month payment holiday that banks gave qualifying consumers is coming to an end soon, and an increasing number of consumers are starting to panic about how they'll keep up with their repayments after June.

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Financial Services

Insurance group Liberty braces for a bumpy 2020

May 14 2020 12:38

Liberty which went into lockdown with some of its business units already feeling the impact of Covid-19 says it expects increased pressure on new business volumes and margins given the extended lockdown period.

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