Old Mutual pays out R2.7bn in Covid-19 death claims in first quarter

Insurer Old Mutual said on Friday it had paid out R2.7 billion ($192.94 million) worth of Covid-19 related death claims in the first quarter of the year, leaving around 1.3 billion rand in its reserves set aside to help it manage the pandemic.

The company, which did not give a forecast for earnings in the trading update, said its measure of operating profit was up 48% in the three months to March 31 at 1.8 billion rand.