REG - Old Mutual Ltd - Trading Statement

Old MutualAnnouncement

10/09/2024 11:00

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RNS Number : 5850D  Old Mutual Limited  10 September 2024

Old Mutual Limited

Incorporated in the Republic of South Africa

Registration number: 2017/235138/06

ISIN: ZAE000255360

LEI: 213800MON84ZWWPQCN47

JSE Share Code: OMU

LSE Share Code: OMU

NSX Share Code: OMM

MSE Share Code: OMU

ZSE Share Code: OMU

(Old Mutual or Group)

 

Ref: 60/24

10 September 2024

 

OLD MUTUAL TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2024

 

Investors are advised that Old Mutual is currently in the process of
finalising its interim results for the six months ended 30 June 2024, which
will be released on the Stock Exchange News Service of the JSE Limited on
Thursday, 26 September 2024. This trading statement provides an indication of
a range for headline earnings per ordinary share (HEPS) and earnings
attributable to equity holders of the Group per ordinary share (EPS) in terms
of paragraph 3.4(b) of the JSE Limited Listings Requirements compared to the
six months ended 30 June 2023.

Strong operational performance in Old Mutual Insure, Old Mutual Corporate and
Mass and Foundation Cluster was offset by lower life profits in Personal
Finance, primarily driven by an increased number of large claims, and higher
central costs compared to the prior period but in line with our expectations
as we continue to invest in our future capabilities.

Adjusted headline earnings (AHE) and adjusted headline earnings per share
(AHEPS) growth was bolstered by increased shareholder investment returns as a
result of improved performance in South African equities.

We exclude the Zimbabwe profits from AHE as the economy is currently
hyperinflationary and there are barriers to access capital by way of
dividends. The main contributor to the higher level of growth in headline
earnings (HE) relative to AHE is higher shareholder portfolio profits in the
Zimbabwean business.

The movement between IFRS profit after tax attributable to equity holders of
the parent (IFRS profit) and HE was primarily driven by the loss recognised on
the disposal of our Nigeria business.

Results from operations (RFO) per share, AHEPS, HEPS and EPS growth benefitted
from the share repurchase programme implemented in 2023 which contributed to a
reduction in the weighted average number of ordinary shares to 4 359 million
at 30 June 2024 (4 503 million at 30 June 2023).

Investors are advised that the Group's key profit measures are expected to be
within the ranges outlined below:

 Key Performance Indicators                                         Unaudited

 (R million unless stated otherwise)   Estimated   Estimated        results for the six months

                                       % change    30 June 2024     ended

                                                                    30 June 2023
 RFO(1)                                -8% to 2%   4 017 to 4 453   4 366
 RFO per share (cents)                 -5% to 5%   90.1 to 99.9     95.1
 AHE(2)                                -2% to 8%   3 097 to 3 413   3 160
 AHEPS (cents)(3)                      2% to 12%   70.2 to 77.1     68.8
 HE                                    29% to 39%  5 622 to 6 058   4 358
 HEPS (cents)                          33% to 43%  128.7 to 138.4   96.8
 IFRS profit                           15% to 25%  5 007 to 5 443   4 354
 Basic EPS (cents)                     19% to 29%  115.1 to 124.7   96.7

 

1 RFO is the primary measure of the operating business performance of the
Group's segments

2 AHE is the Group's primary profit metric

3 AHEPS is defined as AHE divided by the weighted average number of ordinary
shares adjusted to reflect the Group's B-BBEE shares

 

The financial information in this trading statement is the responsibility of
the Old Mutual Limited Board of Directors and has not been reviewed or
reported on by the Group's external auditors.

 

Sandton

 

Sponsors

 JSE                                                        Tamela Holdings (Proprietary) 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 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 (http://www.oldmutual.com) .
 

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