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Old Mutual (OMU) investor relations material
Old Mutual H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Announced CFO succession: Ranen Thakurdin to become CFO in April 2027, ensuring leadership continuity.
Achieved strong growth in key financial metrics, with ROGEV at 12.7% and interim dividend per share up 8% to 40 cents.
Delivered R1 billion in share buybacks and cumulative R936 million in net cost savings, on track for R2.5 billion by FY 2027.
Life APE sales rose 21% to R7.9 billion, and gross flows increased 21% to R128.9 billion.
Strategic focus on cost discipline, customer acquisition, and integration of banking operations supported growth.
Financial highlights
ROGEV rose to 12.7% (up 860 bps year-over-year), normalized RONAV up to 12.6%, both exceeding cost of capital.
Dividend increased by 8.1% to 40 cents per share, within 6%-9% target range.
Group equity value per share at R20.66, supported by a R1 billion share buyback.
Life APE sales and gross flows up 21%; underlying growth at 12% after adjusting for large corporate gains.
RFO per share up 11%, within 10%-14% medium-term target.
Adjusted headline earnings per share down 27%-30% due to lower shareholder investment returns.
Outlook and guidance
Medium-term targets: ROGEV 14–16%, normalised RONAV 15–17%, dividend growth 6–9%, VNB margin 2–3%.
Targeting sustainable RFO per share growth of 10%-14% off 2025 base.
OM Bank cluster aiming for breakeven to R200 million RFO by 2028, with customer and deposit growth targets reaffirmed.
H2 to benefit from R4bn OMLACSA dividend and further discretionary capital deployment.
Focus remains on shareholder distributions while RONAV is below target range.
- Adjusted earnings rose 21%, with stronger new business and solvency at 178%.OMU
H2 2023 - Life APE sales and gross flows surged 21% year-over-year, but adjusted headline earnings are set to decline.OMU
H1 2026 TU - Strong sales, margin recovery, and capital returns highlight robust quarterly performance.OMU
Trading update - Equity value and dividends up, buyback progressing, but normalized RoGEV below target.OMU
H2 2025 - Stable gross flows, higher premiums, and strong solvency amid disciplined execution.OMU
Status Update - Cost savings, digital banking, and strategic acquisitions drive value creation and future growth.OMU
CMD 2025 - Gross flows up 19%, capital strong, and bank launch set for early next year.OMU
Status Update - Strong profits, cash generation, and capital returns amid strategic and operational progress.OMU
H1 2024 - Gross flows up 6%, Life APE sales down 2%, insurance premiums rose 7%, OM Bank launch on track.OMU
Status Update
Next Old Mutual earnings date
Next Old Mutual earnings date
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