REG - Old Mutual Ltd - Q3 2025 Voluntary Operating update

Old MutualAnnouncement

18/11/2025 13:15

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RNS Number : 0187I  Old Mutual Limited  18 November 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 Alpha Code: OMLI

LSE Share Code: OMU

NSX Share Code: OMM

MSE Share Code: OMU

ZSE Share Code: OMU

("Old Mutual" or "Group")

 

Ref: 40/25

18 November 2025

 

OLD MUTUAL VOLUNTARY OPERATING UPDATE FOR THE PERIOD ENDED 30 SEPTEMBER 2025

 

Investors are reminded that, as presented during our Capital Markets Day in
October, we have refined our strategic priorities to focus on disciplined
execution, operational efficiency, and capital allocation, all aimed at
improving competitive positioning and driving growth. There is a strong
commitment to cost efficiencies over the medium term. With strengthened
strategic clarity and a robust balance sheet, the Group is well positioned to
deliver long-term value for shareholders. Progress against the targets set on
our revised value creation metrics, as introduced at our capital markets day,
will be reported on from the 2026 reporting period.

 

The table below sets out certain key performance indicators for the nine
months ended 30 September 2025 compared to the nine month period ended 30
September 2024 ("prior period").

 

 Key Performance Indicators            30 September 2025  30 September 2024  change

 (R million unless otherwise stated)
 Life APE sales ((1))                  10 156             10 052             1%
 Gross flows ((1))                     168 995            168 171            0%
 Net client cash flow ((1))            (6 676)             (2 001)           (>100%)
 Loans and advances ((2))              18 509              18 761            (1%)
 Gross written premiums                21 822             20 735             5%

(1) The comparatives have been re-presented to exclude China

(2) Comparative amounts represent 31 December 2024 ("FY2024") balance sheet
amounts

 

Life APE sales was marginally higher than the prior period supported by strong
risk sales across all distribution channels in the Mass and Foundation
business unit, partially offset by lower guaranteed annuity sales in the
Personal Finance business unit of Old Mutual Life and Savings.

 

Gross flows were in line with the prior period, supported by strong flows in
Old Mutual Africa Regions, offset by decreased inflows in Old Mutual
Investments. The increase in Old Mutual Africa Regions was driven by higher
international fund inflows into money market products in Namibia, strong unit
trust inflows in Uganda and Kenya and increased inflows in Malawi due to new
business. Malawi further benefitted from the impact of inflationary increases
on guaranteed fund and group life premiums. Flows in Old Mutual Investments
were down on the prior period due to 2024 having benefitted from significant
inflows in the Equity and Multi Asset and Alternatives capabilities.

 

Net client cash flow was adversely impacted by significant outflows in Old
Mutual Investments, partly offset by improved inflows in Old Mutual Africa
Regions. Old Mutual Investments was impacted by lower inflows and expected
low-margin indexation outflows of R7.8 billion from a significant offshore
investor. Old Mutual Africa Regions' net client cash flow benefitted from
lower outflows in East Africa following the non-recurrence of the prior period
loss of high value mandates in Kenya, partially offset by higher outflows in
Namibia and Malawi.

 

Loans and advances were 1% down from the prior period. The Old Mutual Finance
loan book decreased marginally due to the sale of underperforming loan book
and relatively stricter credit criteria, as part of ongoing actions to improve
the quality of the book. Loans and advances in Old Mutual Africa Regions
declined by 3%, driven by lower disbursements and competitive buyoffs in East
Africa. This was partly offset by stronger loan sales in Namibia, supported by
targeted debit order campaigns, increased retail activations, and more
competitive pricing.

 

Gross written premiums increased by 5% compared to the prior period. Old
Mutual Insure grew by 7%, mainly driven by strong growth in ONE Financial
Services Holdings, Genric Insurance and the Retail segment. In Old Mutual
Africa Regions, gross written premiums were negatively impacted by lower
renewals in East Africa and the impact of discontinued operations from the
Nigeria business, which was disposed of in June 2024.

 

We will report progress against the targets set under our revised value
creation metrics from Q1 2026.

 

Investor engagement

 

Investors are invited to participate in a conference call to address matters
related to this voluntary operating update on 24 November 2025 at 17:00 pm,
SAST. Investors and media may register on the following link:

Diamond Pass Registration
(https://services.choruscall.eu/DiamondPassRegistration/register?confirmationNumber=1423989&linkSecurityString=373fcbdfb)

 

Please note that registered participants will receive their dial in number
upon registration. We advise callers to dial in at least five minutes before
the conference call starts. A recorded playback will be available for 3 days
after the conference call. The replay can be accessed in the following link:

https://services.choruscall.com/ccforms/replay.html
(https://services.choruscall.com/ccforms/replay.html)

 

Access numbers for recorded playback:

Access code for recorded playback: 48124#

   South Africa                             +27
10 500 4108

   UK
            +44 203 608 8021

   Australia                              +61
73 911 1378

   USA
                +1 412 317 0088

   International                        +27 10 500
4108

 

The financial information in this voluntary operating update including
forward-looking statements is the responsibility of the Old Mutual Board of
Directors and has not been reviewed or reported on by the Group's external
auditors.

 

Sandton

 

Sponsors

 JSE                                                         Equity Sponsor: Tamela Holdings (Proprietary) Limited

                                                             Debt Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank
                                                             Limited
 Namibia                                                     PSG Wealth Management (Namibia) (Proprietary) Limited
 Zimbabwe                                                    Imara Capital Zimbabwe plc
 Malawi                                                      Stockbrokers Malawi Limited

 Enquiries

 Investor Relations
 Langa Manqele                              M: +27 82 295 9840

 Head of Investor Relations                 E: investorrelations@oldmutual.com

Communications

Wendy Tlou
               M: +27 82 906 5008

Chief Communications

and Reputation Officer
   E: oldmutualnews@oldmutual.com

 

Notes to Editors

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 180 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 (http://www.oldmutual.com)
 

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