Old Mutual (OMU) H1 2026 TU earnings summary

Executive summary

• Strong new business growth and robust underlying operating earnings reported for the six months ended 30 June 2026, despite market volatility.

• Life APE sales rose 21% year-over-year, driven by group risk, annuity, and wealth management sales, with notable contributions from Africa Regions.

• Gross flows increased 21%, supported by Wealth Management inflows and the inclusion of 10X Investments.

Financial highlights

• Life APE sales: R7,857m, up 21% from prior period; gross flows: R128,911m, up 21%.

• Net client cash flow improved to -R3,128m from -R10,125m, a 69% improvement year-over-year.

• Gross written premiums rose 3% to R14,934m.

• Value of new business increased 32% to R569m; value of new business margin up 10 bps to 1.4%.

• Net underwriting margin at Old Mutual Insure was 7.6%, down 210 bps but at the upper end of the 5%-8% target range.

Outlook and guidance

• Results from operations expected to grow 2%-12% to R5,039m–R5,533m.

• Results from operations per share projected to rise 6%-16% to 120.3–131.7 cents.

• Adjusted headline earnings expected to decline 25%-35% to R2,733m–R3,153m; adjusted headline EPS down 22%-32%.

• Headline earnings expected to decrease 1%-11% to R3,704m–R4,120m; headline EPS down 6% to up 4%.

• IFRS profit after tax attributable to equity holders expected to be R3,692m–R4,102m, down 0%-10%.