By Lehlohonolo Lehana.
Old Mutual announced on Monday that Prabashini Moodley has been appointed as its CEO of a newly configured Life & Savings segment, effective August 1, 2025.
Moodley will report directly to the Old Mutual Group CEO, Jurie Strydom.
The Life and Savings segment will consist of four business units – Personal Finance, Old Mutual Wealth Management, Old Mutual Corporate, and the Mass and Foundation Cluster (MFC), excluding banking.
The managing directors of these business units will report to Moodley.
The formation of the Life and Savings segment will ultimately enable more effective delivery to customers and intermediaries in South Africa and greater leveraging of the benefits of scale efficiencies in key areas, Old Mutual notes.
Moodley is currently the managing director of Old Mutual Corporate and has been with the group for over two decades.
She joined Old Mutual in 2002 and qualified as an actuary shortly thereafter.
Moodley also holds a global executive MBA from IESE Business School of the University of Navarra and has served in various roles across Personal Finance, the Old Mutual Investment Group, and the MFC, including four years as the MFC’s CFO.
In addition, Old Mutual Finance and Old Mutual Transaction Services will now fall under the executive oversight of OM Bank CEO Clarence Nethengwe.
This move comes as Old Mutual is preparing for the launch of OM Bank, expected to take place in the fourth quarter of 2025.