REG - Old Mutual Ltd - Trading Statement

Old MutualAnnouncement

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RNS Number : 6500W  Old Mutual Limited  26 August 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: 24/25

26 August 2025

 

OLD MUTUAL TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2025

 

Investors are advised that Old Mutual is currently in the process of
finalising its interim results for the six months ended 30 June 2025, which
will be released on the Stock Exchange News Service of the JSE Limited on
Wednesday, 10 September 2025. This trading statement provides an indication
of a range for headline earnings per share and earnings per share in terms of
paragraph 3.4(b) of the JSE Limited Listings Requirements compared to the six
months ended 30 June 2024 (prior period).

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 4 270 million
at 30 June 2025 (4 359 million at 30 June 2024).

Growth in results from operations was primarily driven by exceptional growth
in Old Mutual Insure and the impact of favourable financial markets. In
addition, the prior period included once off adverse mortality experience in
Personal Finance and an impairment of a secured loan in Mass and Foundation
Cluster. This growth was partially offset by the negative impact of a
persistency basis change in Mass and Foundation Cluster and higher central
costs which includes a once off restructuring provision incurred to reduce
future spending.

Adjusted headline earnings growth was further bolstered by increased
shareholder investment returns as a result of improved performance in the
South African and Malawian equity markets which were considerably above
expected returns.

Investors are reminded that we exclude the profits of our Zimbabwean business
from adjusted headline earnings due to continued restrictions on accessing
capital by way of dividends. The reduction in IFRS profit and headline
earnings was driven by an approximately R2.2 billion decrease in the Zimbabwe
profits as we implemented a change in functional currency from Zimbabwe Gold
to the United States dollar from 1 July 2024. While this resulted in lower
IFRS earnings to the Group, this had a limited impact on net asset value due
to lower currency translation losses reflected in equity. This decrease in
IFRS profits and headline earnings does not have any impact on adjusted
headline earnings.

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 2025    ended

                                                                                                         30 June 2024
 Results from operations(1)                                                6% to 26%     4 498 to 5 346  4 243
 Results from operations per share (cents)(2)                              9% to 29%     104.1 to 123.2  95.5
 Adjusted headline earnings(3)                                             19% to 39%    3 888 to 4 541  3 267
 Adjusted headline earnings per share (cents)(2)                           21% to 41%    88.9 to 103.6   73.5
 Headline earnings                                                         -39% to -19%  3 553 to 4 718  5 825
 Headline earnings per share (cents)                                       -37% to -17%  84.2 to 110.9   133.6
 IFRS profit after tax attributable to equity holders of the parent (IFRS  -31% to -12%  3 616 to 4 612  5 241
 profit)
 Basic earnings per share (cents)                                          -30% to -10%  84.1 to 108.2   120.2

 

1 Results from operations is the primary measure of the operating business
performance of the Group's segments

2 Results from operations per share and adjusted headline earnings per share
are calculated with reference to adjusted weighted average number of shares.
The weighted average number of shares is adjusted to reflect the Group's
Broad-Based Black Economic Empowerment shares

3 Adjusted headline earnings is the Group's primary profit metric

 

Investor engagement

 

A webcast of the presentation of the 2025 Interim results and Q&A will be
on Wednesday, 10 September 2025 at 11:00 South African time.

Register on the Investor Relations website: Investor Relations | Old Mutual
(https://www.oldmutual.com/investor-relations/)

Alternatively, pre-register to participate in the call on the following link:

Diamond Pass Registration
(https://services.choruscall.eu/DiamondPassRegistration/register?confirmationNumber=6587579&linkSecurityString=fc27b5d91)

Analysts and investors who wish to participate in the call may do so using the
same link or telephone numbers below:

Access numbers for recorded playback:

Access code for recorded playback: 47891

 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

 

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 15 September 2025

 

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 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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