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OLD MUTUAL INSURE LIMITED (Incorporated in the Republic of South Africa) Registration Number: 1970/006619/06 JSE alpha code: MFEI (“Old Mutual Insure” or the “Company”) Old Mutual Insure acquires specialist insurer Genric Old Mutual Insure is pleased to announce the signing of a Share Purchase Agreement that will see Old Mutual Insure acquire 100% of Genric Insurance Company Limited (Genric). Genric is a licensed non-life insurer that partners with and holds ordinary equity interests in a number of specialist underwriting management agencies, start-up businesses and insure-tech innovators. This transaction brings Old Mutual Insure not only an ability to rapidly test and scale new product ideas but also access to a new customer base in accident and health, medical insurance, as well as other niche insurance such as value-added products, cash in transit, equine, marine, travel, taxi, heavy commercial vehicles, and shack insurance. The acquisition is likely to enhance Old Mutual Insure’s customer service experience by including value-added services offerings (VAPs) offered by Genric, develop more innovative products, and give it access to new markets through low-cost products. Genric has demonstrated its ability to identify and incubate start-up businesses. The Transaction is still subject to regulatory approvals, including Prudential Authority and Competition Commission approvals. 5 September 2022 Debt Sponsor Nedbank Corporate and Investment Banking, a division of Nedbank Limited
