Old Mutual appoints Prabashini Moodley as CEO of Life & Savings segment, shifts oversight ahead of bank launch
Financial services
Old Mutual Corporate MD Prabashini Moodley has been appointed as its CEO of a newly configured New Life & Savings segment,
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Old Mutual announced Monday that Prabashini Moodley has been appointed as its CEO of a newly configured Life & Savings segment, while Clarence Nethengwe, CEO of the to-be-launched OM Bank, has also been appointed to executive oversight of OM Finance and OM Transaction Services.
The life assurance and financial services group said Moodley’s appointment was effective August 1, 2025. She will report directly to the group CEO, Jurie Strydom.
The Life & 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 MDs of these business units will report to Moodley.
The formation of the Life & Savings segment will enable more effective delivery to customers and intermediaries in South Africa and greater leveraging of the benefits of scale in key areas, said Old Mutual CEO Jurie Strydom.
Moodley is currently the MD of Old Mutual Corporate and joined the group in 2002, qualifying as an actuary shortly thereafter. She also holds a Global Executive MBA from IESE Business School and has served in various roles across Personal Finance, Old Mutual Investment Group, and the MFC, including four years as the MFC's chief financial officer.
Her international experience includes a stint at Skandia México, where she established and led a customer segment business.
Strydom said in a statement he was confident that Moodley will bring the clarity, energy, and accountability needed to lead her team and create value across these business units.
Strydom said the shift of Old Mutual Finance and Old Mutual Transaction Services to fall under the executive oversight of OM Bank CEO Clarence Nethengwe, marked a strategic step in aligning Old Mutual's banking operations in South Africa, “as we prepare for the launch of OM Bank.”
“These changes reflect Old Mutual's commitment to enhance organisational effectiveness, drive operational efficiency, and deliver sustainable value to customers and all stakeholders,” he said.
Old Mutual received SA Reserve Bank approval to launch the bank at the end of January this year, and media reports suggest OM Bank is expected to launch publicly in the fourth quarter, after a series of soft launches to a select customers, on an operational pilot basi.
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