Old Mutual (OMU) Trading Update summary

Operational performance and business drivers

• Strong results in Old Mutual Insure, Corporate, and Mass and Foundation Cluster were offset by lower life profits in Personal Finance due to increased large claims and higher central costs, aligning with investment in future capabilities.

• Adjusted headline earnings and per share growth benefited from improved South African equity returns.

• Zimbabwe profits excluded from adjusted headline earnings due to hyperinflation and capital access barriers; higher headline earnings growth mainly from Zimbabwean shareholder portfolio profits.

• Loss on disposal of Nigeria business impacted the movement between IFRS profit and headline earnings.

• Share repurchase program in 2023 reduced the weighted average number of shares, supporting per share profit growth.

Financial guidance and key metrics

• Results from operations (RFO) expected to change between -8% and 2%; RFO per share between -5% and 5%.

• Adjusted headline earnings (AHE) expected to change between -2% and 8%; AHEPS to grow 2% to 12%.

• Headline earnings (HE) and HEPS expected to increase 29% to 39% and 33% to 43%, respectively.

• IFRS profit and basic EPS expected to rise 15% to 25% and 19% to 29%, respectively.

• Weighted average number of ordinary shares reduced to 4,359 million at 30 June 2024 from 4,503 million a year earlier.

Additional context and disclosures

• Financial information in the statement is unaudited and the responsibility of the Board.

• Old Mutual operates across 12 African countries and has a niche business in China.

• The group has a 179-year heritage and is a key player in sub-Saharan Africa's financial sector.

• Interim results for the six months ended 30 June 2024 will be released on 26 September 2024.