REG - Old Mutual Ltd - Trading Statement

Old MutualAnnouncement

05/03/2025 07:00

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RNS Number : 3550Z  Old Mutual Limited  05 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 Group)

 

Ref: 04/25

5 March 2025

 

OLD MUTUAL TRADING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

 

Investors are advised that Old Mutual is currently in the process of
finalising its results for the year ended 31 December 2024, which will be
released on the Stock Exchange News Service of the JSE Limited on Tuesday, 18
March 2025. This trading statement provides an indication of a range for
headline earnings per ordinary share and earnings attributable to equity
holders of the Group per ordinary share in terms of paragraph 3.4(b) of the
JSE Limited Listings Requirements compared to the year ended 31 December 2023.

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

 Key Performance Indicators                                                                         Results for the year

 (R million unless stated otherwise)                                 Estimated   Estimated          ended

                                                                     % change    31 December 2024   31 December 2023
 Results from operations(1)                                          -6% to 14%  7 842 to 9 511     8 343
 Results from operations per share (cents)                           -3% to 17%  178.1 to 214.8     183.6
 Adjusted headline earnings(2)                                       4% to 24%   6 095 to 7 268     5 861
 Adjusted headline earnings per share (cents)(3)                     7% to 27%   138.0 to 163.8     129.0
 Headline earnings                                                   10% to 30%  8 118 to 9 594     7 380
 Headline earnings per share (cents)                                 13% to 33%  187.0 to 220.1     165.5
 IFRS profit after tax attributable to equity holders of the parent  -1% to 19%  6 994 to 8 407     7 065
 Basis earnings per share (cents)                                    1% to 21%   160.0 to 191.7     158.4

 

1 Results from operations is the primary measure of the operating business
performance of the GroupÕs segments

2 Adjusted headline earnings is the GroupÕs primary profit metric

3 Adjusted headline earnings per share is defined as adjusted headline
earnings divided by the weighted average number of ordinary shares adjusted to
reflect the Group's Broad-Based Black Economic Empowerment shares

 

Results from operations per share, adjusted headline earnings per share,
headline earnings per share and basic earnings per share growth benefited from
the share repurchase programme implemented in 2024 which contributed to a
reduction in the weighted average number of ordinary shares to 4 353 million
at 31 December 2024 (4 459 million at 31 December 2023).

We delivered solid results from operations driven by strong performance in Old
Mutual Insure, Wealth Management and Old Mutual Investments, partially offset
by lower life profits in Personal Finance as well as our investment in OM
Bank.

Adjusted headline earnings growth was bolstered by increased shareholder
investment returns.

In the prior year, headline earnings included once-off hedging losses arising
from the IFRS 17 transition which were excluded from adjusted headline
earnings.

The movement between IFRS profit after tax attributable to equity holders of
the parent and headline earnings was primarily driven by the loss recognised
on the disposal of subsidiaries from the countries which we exited as well as
an impairment on an investment in an associate. This was the main contributor
to the higher level of growth in headline earnings relative to IFRS profit
after tax attributable to equity holders of the parent.

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 GroupÕs 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 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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