Old Mutual re-established its uncontested pole position in this year's rankings of asset heavyweights. Last year its top spot was being challenged by Standard Bank, but the recovery at subsidiary Nedbank and its global expansion helped Old Mutual to put daylight between it and its competitors. The table following on page 29 gives only the asset figures contained in the 2004 and 2005 annual reports available earlier this year. A more recent ranking of SA's largest firms by assets is (year-end in brackets):

1. Old Mutual - £80,5bn (R960bn) (Dec 2005)

2. Standard Bank - R752bn (Dec 2005)

3. FirstRand - R460bn (June 2005)

4. Absa - R407bn (March 2006)

5. Nedbank - R398bn (Dec 2005)

6. Anglo American - R311bn (Dec 2005)

7. Sanlam - R277bn (Dec 2005)

8. BHP Billiton - R274bn (June 2005)

9. Investec - R253bn (March 2006)

10. Liberty - R145bn (Dec 2005)

11. Sasol - R86bn (June 2005)

12. SABMiller - R85bn (Mar 2006) Financial institutions traditionally tend to dominate these listings through their control of corporate and individual savings and loans. But last year proved a particularly prosperous one for SA's life assurers and banks as South Africans went on an unprecedented spending spree, much of it financed by credit, overdrafts and debt.

Reserve Bank figures show total loans and advances extended to the private sector increased by a record R200bn for 2005. Since this was funded by low interest rates and backed by genuine financial improvements among households, banks' nonperforming loans ratios remained low throughout the year.

Among the banks, Standard Bank continued to dominate most lending categories. As a result its asset base was up by almost 20% to R752bn in financial 2005. The bank's performance was aided by the continued sound results of life insurance subsidiary Liberty, which continues to make inroads into the markets previously dominated by Old Mutual and Sanlam.

Until about five years ago the Cape duo were neck-and-neck when it came to controlling key sectors in SA's financial services market. But more recently it's been a bit of a one-horse race. Under the leadership of Jim Sutcliffe, Old Mutual has expanded into the UK, the US and, more recently, Sweden. Sanlam has been content to strengthen its local base and only recently made tentative transactions in India and the UK. On the banking front, too, their fortunes have differed. Sanlam shed its shareholding in Absa, while Old Mutual persevered with Nedbank, which, after three difficult years, is now showing early signs of a recovery.

Beyond financial services it's the mining heavyweights that, not surprisingly, added to their asset base. In the case of the world's largest miner, BHP Billiton, this has been substantial as it is embarking on a significant growth strategy to meet the demand for commodities from China and India in particular. Anglo American's course has been less spectacular, as its growth has been countered by moves to scale back key holdings in its paper, forestry and gold operations.