Old Mutual Limited, a South African financial services group, released its interim results for the first half of 2024, highlighting solid performance and progress in executing its strategy. The Groups adjusted headline earnings increased by 3%, with a 7% rise in adjusted headline earnings per share, supported by improved shareholder investment returns and a previous share buyback. The return on net asset value also improved, driven by earnings growth and capital optimizations.
In a complex operating environment, Old Mutual achieved a 6% increase in life sales and a 9% growth in gross written premiums. Funds under management rose by 5% due to improved equity market performance. The Groups balance sheet remained robust, with a shareholder solvency ratio within the target range. An interim dividend of 34 cents per share was declared, reflecting a 6% growth.
Old Mutuals CEO, Iain Williamson, expressed pride in the progress made in strategic initiatives, including the successful integration of OM Bank and the perimeter review in Old Mutual Africa Regions. The Group expects these initiatives to enhance its competitive position and drive revenue growth in the medium to long term.
Looking <mark style="background-coloryellow">ahead</mark>, Old Mutual anticipates a cautiously optimistic outlook for South Africa, with muted growth, while the economic environment in its Africa regions is expected to be challenging yet slightly improved.