old mutual on thursday posted an increase in gross written premiums for the first quarter of 2023 and that while its life annual premium equivalent sales were almost stable its activity in china weighed the south african financialservices company said its life ape sales slipped 1 to 287 billion south african rand 1491 million in the three months to march 31 on lower savings products sales in the broker channel in china excluding china sales were 7 higher on growth in credit life sales and strong risk sales it added the company said gross written premiums rose 19 to zar651 billion which it attributed to better retention and new business growth in old mutual africa regions medical and general insurance books it saw gross flows of zar4905 billion from zar4020 billion in the comparable period a year earlier driven by higher inflows into money market fixed income and corporate cash products in futuregrowth as well as higher alternative flows this led to net client cash flow improving to zar899 million from negative zar500 billion a year prior and the partial offset of large outflows in wealth management across platforms it said old mutual said its solvency ratio remains stable within its 170 to 200 target range