An insurance giant is throwing retirees a major lifeline with a huge payment bump starting next year. Old Mutual Life Assurance Company Malawi announced a sixty percent hike in annuity payments beginning in 2026, plus a single bonus worth six months of income paid this December. Managing Director Mark Mikwamba said the move aims to ease the cost-of-living pressure on thousands of pensioners, helping them afford basics like food, medicine, and bills while ensuring a dignified retirement.
Mikwamba explained that their annuity product provides a guaranteed lifelong income, backed by the firm's investment strength, and includes extra medical and funeral benefits. He noted the increases are designed to protect purchasing power, pointing out that average annual bonus declarations have historically outpaced inflation. The product is available to members at retirement through various channels, offering what the company calls a stable, reliable buffer against financial anxiety in later life.
Mikwamba explained that their annuity product provides a guaranteed lifelong income, backed by the firm's investment strength, and includes extra medical and funeral benefits. He noted the increases are designed to protect purchasing power, pointing out that average annual bonus declarations have historically outpaced inflation. The product is available to members at retirement through various channels, offering what the company calls a stable, reliable buffer against financial anxiety in later life.
