REG - Old Mutual Ltd - Final Results
18/03/2025 07:00
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RNS Number : 0913B Old Mutual Limited 18 March 2025
Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
ISIN: ZAE000255360
LEI: 213800MON84ZWWPQCN47
JSE Share Code: OMU
JSE Share Code: OMLI
LSE Share Code: OMU
NSX Share Code: OMM
MSE Share Code: OMU
ZSE Share Code: OMU
("Old Mutual" or "Company" or "Group")
Ref: 05/25
18 March 2025
Group annual results and final dividend declaration for the year ended 31
December 2024
A message from the Chief Executive Officer
Our financial performance in 2024 reflects our strategic focus on profitable
organic growth in the core, disciplined capital allocation in new growth
engines and investments in operational efficiencies. We delivered good growth
of 14% in adjusted headline earnings and adjusted headline earnings per share
increased by 17%.
Operating environment
In South Africa, the formation of the Government of National Unity, coupled
with early momentum in the macroeconomic environment and improved load
shedding boosted investor confidence. Benign inflation, strong equity market
returns and a strengthened South African rand portrayed positive signs for
economic recovery in the second half of the year. The market sentiment did not
translate into a broad recovery in consumer confidence. Household debt to
disposable income remained high at 62.2% and a high interest rate environment
continued to pose a challenge for our retail businesses.
In Old Mutual Africa Regions, several countries experienced significant
inflationary pressures, with Malawi particularly impacted. Kenya's fiscal
risks moderated, while Ghana's debt restructuring exercise is substantially
complete. Weakened currencies and climate-related risks impacted some of our
markets.
In 2024, rising geopolitical vulnerabilities and emerging challenges strained
international policy coordination and collaboration, impacting the pace of
growth in the short term.
Reflection on shareholder value creation
Since managed separation in 2018, Old Mutual has focused on a deliberate
strategy to optimise its balance sheet, reduce complexity and enhance returns.
Consequently, Old Mutual has returned R61.6 billion to shareholders,
encompassing a special dividend of R4.9 billion, the Nedbank unbundling of
R49.5 billion and cumulative share buybacks of R7.2 billion. We have
distributed cumulative ordinary dividends of R27.4 billion since 2018.
Notwithstanding these significant returns to shareholders and a reduced
capital base, we have continued to make substantial investments in the future
capabilities of our core and growth businesses including OM Bank. In 2024, our
return on net asset value excluding new growth initiatives was 15.6%. We
remain focused on enhancing our return on net asset value by expanding our
market share in retail segments, implementing strict cost management and
continuously optimising our balance sheet.
Financial performance overview
We delivered growth of 4% in results from operations, with 7% growth in
results from operations per share. Excluding investments in new growth
initiatives, results from operations was up by 10%, driven by exceptional
underwriting results in Old Mutual Insure and strong contributions from Wealth
Management and Old Mutual Investments, partially offset by lower profits in
Personal Finance. Old Mutual Africa Regions continued to contribute positively
to earnings, with all segments delivering in excess of R1 billion to results
from operations.
Our cash generation profile remains robust. Cash remitted from subsidiaries
was R10.5 billion for the year, representing 158% of adjusted headline
earnings. We target a ratio of 70-80% of adjusted headline earnings before
optimisations. Strong growth in cash remitted from subsidiaries included
optimisations which enabled the payment of special dividends of R2 billion
from Old Mutual Life Assurance Company (South Africa) Limited (OMLACSA) and
R1.5 billion from Old Mutual Capital Holding as well as a dividend of R1
billion from Old Mutual Africa Regions.
In line with our dividend policy targeting an ordinary dividend cover range of
1.5x to 2.0x adjusted headline earnings, the Board declared a final dividend
of 52 cents per share, with total dividends for 2024 amounting to 86 cents per
share. This amounts to a 6% growth and a dividend cover of 1.6 times.
Our balance sheet remained strong, with a Group shareholder solvency ratio of
182% for the year ended 31 December 2024, within our target range of 155% to
185%. OMLACSA's regulatory solvency ratio remained strong at 187%, within the
upper end of our target range of 165% to 200%.
Our return on net asset value continues to trend upwards, reflecting operating
earnings growth, higher shareholder investment returns and the impact of
ongoing balance sheet optimisations. Return on net asset value increased to
12.7%, up by 160 bps, underpinned by good growth in adjusted headline
earnings, which was supported by higher shareholder investment returns driven
by positive yields and buoyant equity markets. Return on net asset value
excluding new growth initiatives improved by 250 bps to 15.6%.
After recent poor persistency experience in a tough economic climate, we
strengthened our persistency bases across our Life and Savings segments and
products which negatively impacted a number of our Life and Savings key
performance indicators. We continue to drive management actions to improve
retention and support the financial wellness of our customers.
Our new business metrics came off a high base in 2023 which included strong
savings sales in Old Mutual Corporate. This resulted in a 5% decline in Life
APE sales to R13.9 billion. Strong risk sales in Mass and Foundation Cluster
and higher sales in the smooth bonus and collective investment scheme funds in
Wealth Management were offset by lower sales in Old Mutual Corporate.
Our value of new business margin of 2.5% improved by 20 bps and remains within
our medium-term target range of 2% to 3%. This was supported by a strong
margin in Mass and Foundation Cluster and Old Mutual Corporate, partially
offset by a lower margin in Old Mutual Africa Regions. Value of new business
of R1.8 billion was lower by 8% off a high base in 2023.
Gross flows increased by 9% to R216.2 billion. Excellent inflows in Wealth
Management, Old Mutual Investments and Old Mutual Africa Regions were
partially offset by a decline in Old Mutual Corporate. Wealth Management
performed well across all platforms, Private Clients and Cash and Liquidity
Solutions which was launched towards the end of 2023. Old Mutual Africa
Regions reported higher international fund inflows in Namibia and strong unit
trust inflows in Uganda. Old Mutual Investments recorded good inflows into the
Equity and Multi-Asset capabilities and higher Alternatives flows.
Despite good growth in gross flows, net client cash outflow of R21.5 billion
was adversely impacted by significant outflows in Old Mutual Africa Regions
and Old Mutual Corporate. Old Mutual Africa Regions experienced higher
outflows due to a loss of a single mandate. In Old Mutual Corporate, outflows
included elevated terminations attributable to the planned exit of
unprofitable business on an investment platform and a single large client
termination. Furthermore, there were higher benefit payments related to
retirement and retrenchment benefits and two-pot withdrawals. Across the
Group, two-pot withdrawals amounted to R3.4 billion.
Funds under management grew by 10% to R1.5 trillion, reflecting strong
performance in equities and money market assets, predominantly in South
Africa, Malawi and Kenya.
Gross written premiums increased by 7% to R27.3 billion, primarily due to new
customer acquisitions and robust performance in our alternative risk transfer
and specialist business portfolios in Old Mutual Insure.
Zimbabwe implemented two functional currency changes during 2024 and is now
reporting in US dollars. We therefore ceased to apply hyperinflation
accounting from 1 July 2024. As a result of this change from ZiG to
US dollars we do not expect the Zimbabwe business to continue reporting the
same level of foreign exchange gains, and we expect reduced transfers to the
foreign currency translation reserve in the future. This will substantially
reduce IFRS profits and headline earnings but will have a limited impact on
net asset value and no impact on adjusted headline earnings.
The lower interest rate environment currently prevailing in China, mainly
driven by expansionary monetary policies implemented to stimulate further
economic growth, has negatively impacted the estimated future cash flows of
our investment in Old Mutual-CHN Energy Life Insurance Company Ltd in China
(our investment in China). This has resulted in an impairment of our
investment in China.
Strategic delivery overview
We accelerated the pace of our strategic delivery over the year and I am proud
of our visible progress supported by considered capital allocation to new
growth engines and investments in operational efficiencies. This continued
delivery significantly enhances our competitive strengths and supports revenue
growth and operating margins over the medium to long term. Our strategic and
operational delivery in 2024 further progresses the realisation of our
integrated financial services ambitions.
Growing and protecting the core
Our initiatives to grow and protect the core are anchored in holistic coverage
of customer needs, distribution and digital engagement and operational
efficiencies. We have invested in our core businesses including targeted
acquisitions and investments in future capabilities to expand our value
propositions.
Our investment in digital and technology transformation is aimed at delivering
improved shareholder returns by simplifying and modernising our technology
estate and enhancing customer and adviser experience. We successfully
decommissioned 21 legacy systems and increased active digital users by 22% in
2024. We made steady progress in the build phase of our new Savings and Income
proposition, including our pilot roll out with select advisers. Our digital
two-pot retirement solution in South Africa was a key delivery in 2024,
enabling us to process over 275 000 claims, 99% of which were submitted via
WhatsApp.
Fintech-enabled banking and lending is an attractive opportunity in Old Mutual
Africa Regions. Our new fintech platform in Zimbabwe, O'mari, has acquired 1.3
million customers since its launch. We see an opportunity to use O'mari as a
wallet on which other services can be offered and scaling to other markets.
We remain committed to driving operational efficiencies and reducing our
expense base to ensure long-term profitability. During the year as a first
phase, we conducted a detailed Group cost allocation methodology review which
resulted in reallocating shared expenses across segments. This had varying
impacts on segmental key performance indicators dependent on the affected
insurance products. This lays the foundation to reduce our cost base which is
a key focus area for the Group.
Our brand strength has been recognised by Brand Finance, which ranked Old
Mutual as the second strongest brand in South Africa, up from eighth place
last year and the second strongest financial services brand in the country,
solidifying our reputation as a preferred financial services provider and
testament to our customer affinity.
Unlocking new growth engines
OM Bank
We are excited to share our progress on launching OM Bank, having met the
remaining section 17 conditions and received regulatory approval for the
appointment of Clarence Nethengwe as CEO of OM Bank. We have constituted the
board of directors of the bank, with Nomkhita Nqweni as the inaugural
chairperson. These appointments will oversee the execution of our gradual and
risk-based customer acquisition strategy that will culminate in a full
national roll out by the fourth quarter of 2025.
In March 2025, we received the Prudential Authority approval for our banking
license. The launch of OM Bank in South Africa is a material catalyst to our
strategic delivery journey and a concrete realisation of our strategic
ambition to build an integrated financial services business. Between 2022 and
2024, we have spent a cumulative R2.8 billion to build the bank and to secure
a deposit-taking retail banking license. We anticipate a loss run rate of R1.1
billion to R1.3 billion, which will reduce over time as revenue is generated,
reaching break even in 2028. Our next key milestones include a phased approach
to customer acquisition, integrating the Old Mutual Rewards Programme and
positioning OM Bank to reach breakeven in the medium term.
OM Bank is designed to deliver tangible value for our customers and to
position us for long-term competitive advantage in an intensely competitive
market. By leveraging our existing customer base, a highly trusted brand and
our expansive distribution network, we are uniquely positioned to deliver a
digital-first bank at scale to the market and create value for our
shareholders.
Our cloud-based platform offers a seamless, scalable single facility account
with debit, credit, overdraft and savings facilities, empowering customers
with greater financial control while lowering cost to serve.
New growth markets
Following our pivot to corporate in East and West Africa and focus on
improving margins in Property and Casualty, 83% of the portfolio's operating
entities are now profitable, increasing from 52% in 2021. This performance has
been achieved despite macroeconomic challenges.
Following our perimeter review, we exited Life and Savings and Property and
Casualty in Nigeria and Property and Casualty in Tanzania, substantially
de-risking the portfolio.
Sustainable value creation
At Old Mutual, sustainability is at the heart of our business strategy. We
sharpened our sustainability strategy to focus on three key impact areas,
responsible investment, climate action and financial wellness which enables us
to seize emerging opportunities in Africa to create lasting value and manage
associated risks.
Old Mutual Investment Group is leading responsible investing by integrating
ESG considerations into every investment decision. In 2024, we reached R179
billion in green economy and impact investments as well as earned recognition
as the Leading Sustainable African Investment Manager for the third
consecutive year, along with the Best Asset Manager - Sustainable Investing
award in South Africa.
With climate risks escalating, we invested strategically in partnerships such
as the Climate Disaster Relief Fund to mitigate flood risks and enhanced
climate risk modelling at Old Mutual Insure to build resilience against
climate risks and support vulnerable communities.
Through initiatives like the award-winning Moneyversity+, a digital platform
for financial education and our fintech solutions like O'mari in Zimbabwe and
SMEGo in South Africa, we are empowering individuals and small business owners
while fostering financial inclusion. The launch of OM Bank is a key driver and
integral to our financial wellness proposition, with the bank providing
guidance and financial education to encourage financial wellness in the short
term.
These initiatives not only deliver lasting, positive change for our customers
and communities but also create sustainable value for our shareholders
Outlook for 2025
Looking ahead to 2025, South Africa seems poised for a recovery in the
macroeconomic environment. Projections indicate modest economic growth, with
real GDP expected to grow by approximately 1.7%. While inflation is expected
to remain below target, high household debt levels continue to constrain
disposable income providing a challenging backdrop for both customers and
businesses. In Old Mutual Africa Regions, the growth outlook is expected to
benefit from a decline in average inflation rates and a rise in average real
GDP growth, led by East Africa as the highest growth region.
As the industry continues to undergo a transformative period, influenced by a
changing economic landscape, rapid technological advancements and regulatory
reforms, our focus for 2025 will be on:
» Launching OM Bank to the public
» Delivering quality, margin-accretive sales growth
» Improving collections and driving management actions to address
persistency
» Dedicated focus on optimisation of costs and stringent expense management
» Driving capital efficiencies to improve shareholder returns
With our strong capital position and cash generation profile, we are
well-positioned to leverage these operating conditions for sustainable growth
in 2025 and beyond. I am confident that our strategic investments and
commitment to delivering value to our customers and shareholders will drive
our growth momentum in the years to come.
In closing, as I prepare to transition to the next chapter after 32 incredible
years with Old Mutual including the past five years as the Group CEO, I want
to thank all my colleagues for their commitment in putting our customers
first, which has enabled us to deliver solid performance in 2024. I thank our
customers for trusting us to help them navigate their financial affairs. To
all our stakeholders, we appreciate your continued support and engagement. Our
focus remains on building the integrated financial services business of the
future and responsibly building the most valuable business in our industry.
Iain Williamson
Chief Executive Officer of Old Mutual
Group highlights
Key performance indicators
Rm (unless otherwise stated) FY 2024 FY 2023 Change
Results from operations 8 709 8 343 4%
Adjusted headline earnings 6 685 5 861 14%
Headline earnings (1) 8 826 7 380 20%
IFRS profit after tax attributable to equity holders of the parent (1) 7 669 7 065 9%
Return on net asset value (%) 12.7% 11.1% 160 bps
Return on net asset value excluding new growth initiatives (%) 15.6% 13.1% 250 bps
Group equity value 92 460 90 114 3%
Discretionary capital (Rbn) 3.1 1.1 >100%
Shareholder solvency ratio (%) (1,2) 182% 190% (800 bps)
Regulatory solvency ratio (%) (1) 178% 177% 100 bps
Dividend cover (times) 1.6 1.5 7%
Per share measures
Cents FY 2024 FY 2023 Change
Results from operations per share (3) 196.2 183.6 7%
Adjusted headline earnings per share (3) 150.6 129.0 17%
Headline earnings per share (1) 202.7 165.5 22%
Basic earnings per share (1) 176.2 158.4 11%
Total dividend per share 86 81 6%
Interim 34 32 6%
Final 52 49 6%
Group equity value per share (4) 1 950.6 1 880.9 4%
Supplementary performance indicators
Rm (unless otherwise stated) FY 2024 FY 2023 Change
Life and Savings
Life APE sales 13 884 14 604 (5%)
Value of new business 1 758 1 921 (8%)
Value of new business margin (%) 2.5% 2.3% 20 bps
Life and Savings and Asset Management
Gross flows (5) 216 195 198 863 9%
Net client cash flow (21 499) (7 510) (>100%)
Funds under management (Rbn) 1 461.7 1 331.0 10%
Banking and Lending
Loans and advances 18 761 19 391 (3%)
Net lending margin (%) 9.6% 11.3% (170 bps)
Property and Casualty
Gross written premiums 27 336 25 513 7%
Insurance revenue 27 311 25 204 8%
Net underwriting margin (%) 4.8% 0.1% 470 bps
(1) These metrics include the results of Zimbabwe. All other key performance
indicators exclude Zimbabwe
(2) Shareholder solvency ratio represents the regulatory solvency ratio
adjusted for material differences in the way the Group manages capital. For
December 2023, our investment in China was included on a China Risk-Oriented
Solvency System (C-ROSS) basis, with the current year including China on an
adjusted South African Prudential basis
(3) Results from operations per share and adjusted headline earnings per
share are calculated with reference to adjusted weighted average number of
shares. The adjusted weighted average number of shares is adjusted to reflect
the Group's Black Economic Empowerment shares and retail scheme shares as
being in the hands of third parties. Adjusted weighted average number of
shares used was 4 439 million at 31 December 2024 (FY 2023: 4 544 million)
(4) Group equity value per share is calculated with reference to closing
number of ordinary shares. Closing number of shares used in the calculation of
the Group equity value per share was 4 740 million at 31 December 2024 (FY
2023: 4 791 million)
(5) The comparative amounts for Old Mutual Investments were re-presented to
include institutional products that are an alternative to bank deposits on a
net flow basis
Annual results announcement
This results announcement is the responsibility of the Old Mutual Board. The
Group annual results can be found on our website at
https://www.oldmutual.com/om-docs/blt978245604eb99707/2024_Annual_Results_booklet.pdf
(https://www.oldmutual.com/om-docs/blt978245604eb99707/2024_Annual_Results_booklet.pdf)
and the annual reporting suite can be found on our website at
https://www.oldmutual.com/investor-relations/reporting-centre/reports
(https://www.oldmutual.com/investor-relations/reporting-centre/reports) . This
results announcement has not been reviewed or reported on by Old Mutual's
independent joint auditors but contains extracts from the consolidated annual
financial statements. The annual reporting suite includes the consolidated
annual financial statements which is also available on the JSE cloudlink and
has been audited by the Old Mutual's independent joint auditors, Deloitte
& Touche and Ernst & Young Inc, who expressed an unmodified opinion
thereon. Any reference to future financial performance is the responsibility
of the directors and has not been reviewed or reported on by Old Mutual's
independent joint auditors.
The Group annual results include non-IFRS financial measures which are the
responsibility of directors and have not been reported on by Old Mutual's
independent joint auditors. The non-IFRS measures are provided for
illustrative purposes only and provide information that is useful to investors
and are appropriate to assess the Group's operational results and financial
performance. Because of their nature, they may not fairly present Old Mutual's
financial position, changes in equity, results of operations and cash flows.
The consolidated annual financial statements and the independent joint
auditors audit opinion is available on our website at
https://www.oldmutual.com/investor-relations/reporting-centre/reports
(https://www.oldmutual.com/investor-relations/reporting-centre/reports) .
Any investment decisions by investors and/or shareholders should be based on
consideration of the consolidated annual financial statements accessible via
the JSE cloudlink
https://senspdf.jse.co.za/documents/2025/jse/isse/OMUE/FY24Result.pdf
(https://senspdf.jse.co.za/documents/2025/jse/isse/OMUE/FY24Result.pdf) and on
our website above as the information in this announcement does not provide all
the details. While the consolidated annual financial statements are available
on the JSE cloudlink, the rest of the annual reporting suite and Group annual
results are only available on our website.
Final dividend declaration
The Old Mutual Board declared a final dividend of 52 cents per share. This
results in a full year dividend of 86 cents per share and a dividend cover of
1.6 times for the year ended 31 December 2024, which is in line with Old
Mutual's dividend cover target range of 1.5x to 2.0x adjusted headline
earnings over the financial year. The growth in the final dividend from the
prior year was due to our resilient operational performance and strong capital
and liquidity position. The final dividend will be paid out of distributable
income reserves to all ordinary shareholders recorded on the record date.
Old Mutual's income tax number is 9267358233. The number of ordinary shares in
issue in the Company's share register at the date of declaration is 4 712 897
403.
JSE, MSE, NSX, ZSE LSE
Declaration date Tuesday, Tuesday,
18 March 2025 18 March 2025
Finalisation announcement and exchange rates announced Tuesday, Tuesday,
1 April 2025 by 11:00 1 April 2025 by 11:00
Transfers suspended between registers Close of business on Tuesday, Close of business on Tuesday,
1 April 2025 1 April 2025
Last day to trade cum dividend for shareholders on the South African register Tuesday,
and Malawi, Namibia and Zimbabwe branch registers
8 April 2025
Ex-dividend date for shareholders on the South African register and Malawi, Wednesday,
Namibia and Zimbabwe branch registers
9 April 2025
Last day to trade cum dividend for shareholders on the UK register Wednesday,
9 April 2025
Ex-dividend date for shareholders on the UK register Thursday, 10 April 2025
Record date (South African register and Malawi, Namibia and Zimbabwe branch Close of business on
registers)
Friday,
11 April 2025
Record date (UK register) Friday,
11 April 2025
Transfers between registers restart Opening of business on Monday, Opening of business on Monday,
14 April 2025 14 April 2025
Final dividend payment date Monday, Wednesday,
14 April 2025 7 May 2025
Share certificates for shareholders on the South African register may not be
dematerialised or rematerialised between Wednesday, 9 April and Friday, 11
April 2025, both dates inclusive. Transfers between the registers may not take
place between Tuesday, 1 April at close of business and Friday, 11 April 2025.
Trading in shares held on the Namibian branch register through Old Mutual
(Namibia) Nominees Proprietary Limited will not be permitted between Tuesday,
1 April at close of business and Friday, 11 April 2025, both days inclusive.
The dividend for South African shareholders will be subject to dividend
withholding tax of 20% for all shareholders who are not exempt from or do not
qualify for a reduced rate of withholding tax. International shareholders who
are not exempt or are not subject to a reduced rate in terms of a double
taxation agreement will be subject to dividend withholding tax of 20%. The net
dividend payable to shareholders subject to withholding tax of 20% amounts to
41.60000 cents per ordinary share. Distributions made through the dividend
access trust or similar arrangements established in a country will not be
subject to South African withholding tax, but may be subject to withholding
tax in the relevant country. We recommend that shareholders consult with their
tax adviser regarding the in-country withholding tax consequences.
Shareholders that are tax residents in jurisdictions other than South Africa
may qualify for a reduced rate under a double taxation agreement with South
Africa. To apply for this reduced rate, non-South African taxpayers should
complete and submit a declaration form to the respective registrars. The
declaration form can be found at:
https://www.oldmutual.com/investor-relations/dividend-information/
(https://www.oldmutual.com/investor-relations/dividend-information/)
Notes to editors
A webcast of the presentation for the 2024 Annual results and Q&A will be
broadcast live on Tuesday, 18 March 2025 at 11:00 South African time on the
Investor Relations website: https://www.oldmutual.com/investor-relations/
(https://www.oldmutual.com/investor-relations/) . Analysts and investors who
wish to participate in the call may do so using the following link or
telephone numbers below:
https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=2644997&linkSecurityString=ba266c0fc
(https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=2644997&linkSecurityString=ba266c0fc)
South Africa +27 105 004 108
UK +44 203 608 8021
Australia +61 73 911 1378
USA +14 123 170 088
International +27 105 004 108
Replay access code 47185
To access the replay using an international dial-in number, please select the
link below:
https://services.choruscall.com/ccforms/replay.html
(https://services.choruscall.com/ccforms/replay.html)
The replay will be available until 21 March 2025.
Sponsors
JSE equity sponsor: Tamela Holdings (Proprietary) Limited
JSE debt sponsor: Nedbank Corporate and Investment Banking, a division of
Nedbank Limited
NSX: PSG Wealth Management (Namibia) (Proprietary) Limited
ZSE: Imara Capital Zimbabwe plc
MSE: Stockbrokers Malawi Limited
Enquiries
Investor Relations
Langa Manqele
M: +27 (0)82 295 9840
E: investorrelations@oldmutual.com (mailto:investorrelations@oldmutual.com)
Communications
Wendy Tlou
M: +27 (0)82 906 5008
E: oldmutualnews@oldmutual.com (mailto:oldmutualnews@oldmutual.com)
About Old Mutual
Old Mutual is a premium African financial services group that offers a broad
spectrum of financial solutions to retail and corporate customers across key
market segments in 12 countries. Old Mutual's primary operations are in Africa
and it has a niche business in China. With over 179 years of heritage across
sub-Saharan Africa, Old Mutual is a crucial part of the communities it serves
as well as broader society on the continent. For further information on Old
Mutual and its underlying businesses, please visit the Corporate website at
www.oldmutual.com.
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