Old Mutual Life Assurance Company Malawi has announced a 60% increase in annuity payments effective January 2026, alongside a once-off bonus equivalent to six months’ annuity, payable this December.
Speaking in an interview, Old Mutual Life Assurance Company Managing Director Mark Mikwamba said the announcement reflects the company’s long-term commitment to protecting retirees’ financial wellbeing and dignity in retirement.
“This only shows the level of commitment to our promise to provide retirees with a stable, reliable, and lifelong income that continues to grow over time, the 60% increment and the six-month bonus are tangible proof that Old Mutual remains focused on delivering real value to our annuitants, even in challenging economic environments.” He said.
Old Mutual’s Annuity product is designed to provide guaranteed income for life, ensuring retirees remain financially secure long after leaving active employment.
The product is underpinned by Old Mutual’s strong investment management capability and a long-standing reputation for trust, offering competitive and consistently improving returns supported by annual increments.
According to Mikwamba, the annuity goes beyond regular income payments by offering additional protection through medical and funeral benefits, which help retirees manage rising healthcare costs and unforeseen expenses.
He said, “Retirement should be a time of peace of mind, not financial anxiety, our annuity product cushions retirees against life’s uncertainties and ensures that their income is protected and dependable throughout their later years. The declared increment directly responds to retirees’ desire for income stability and growth, while the once-off bonus provides immediate relief and recognition for years of service and contribution”
Between 2015 and 2025, the annuity product recorded an average annual bonus declaration of approximately 23.2%, against an average inflation rate of approximately 19.1% over the same period. This means there has been a long-term pattern of protecting purchasing power and supporting income growth for retirees.
The annuity product is available to pension members at retirement and is distributed directly to individuals, as well as through Principal Officers and Corporate Business Development Officers.
