Old Mutual (OMU) Trading Update summary

Financial performance highlights

• Results from operations expected between R7,842m and R9,511m, a change of -6% to 14% from 2023.

• Adjusted headline earnings projected at R6,095m to R7,268m, up 4% to 24% year-on-year.

• Headline earnings anticipated to rise 10% to 30%, reaching R8,118m to R9,594m.

• Basic earnings per share forecast at 160.0 to 191.7 cents, a 1% to 21% increase.

• Share repurchase programme reduced average shares to 4,353m, boosting per-share metrics.

Operational drivers and business segments

• Strong operational results led by Old Mutual Insure, Wealth Management, and Investments.

• Lower life profits in Personal Finance and investment in OM Bank partially offset gains.

• Adjusted headline earnings growth supported by higher shareholder investment returns.

• Prior year headline earnings included once-off IFRS 17 transition hedging losses.

Earnings and accounting notes

• Headline earnings growth outpaced IFRS profit after tax due to losses on subsidiary disposals and associate impairments.

• Adjusted headline earnings per share expected at 138.0 to 163.8 cents, up 7% to 27%.

• Headline earnings per share forecast at 187.0 to 220.1 cents, a 13% to 33% increase.

• Financial information has not been reviewed by external auditors.