Old Mutual Limited
Incorporated in the Republic of
South Africa
Registration number:
2017/235138/06
ISIN: ZAE000255360
LEI: 213800MON84ZWWPQCN47
JSE Share Code: OMU
LSE Share Code: OMU
NSX Share Code: OMM
MSE Share Code: OMU
ZSE Share Code: OMU
("Old Mutual" or "Company" or "Group")
Ref: 14/24
12 March 2024
OLD
MUTUAL TRADING STATEMENT FOR THE YEAR ENDED 31 DECEMBER
2023
Investors are advised that Old
Mutual is currently in the process of finalising its results for
the year ended 31 December 2023 ("current period"), which will be
released on the Stock Exchange News Service of the JSE Limited on
Wednesday, 27 March 2024. The ranges provided in this trading
statement are relative to the results for the year ended 31 December 2022 ("comparative
period") prepared on an IFRS 17
basis.
This trading statement provides an
indication of a range for headline earnings per ordinary share
("HEPS") and earnings
attributable to equity holders of the Group per ordinary share
("EPS") in terms of
paragraph 3.4(b) of the JSE Limited Listings Requirements compared
to the comparative period.
Old Mutual recorded robust results
from operations ("RFO")
growth due to strong operational performance underpinned by
exceptional growth in new business and value of new business as we
continue to gain market share across our segments.
Adjusted headline earnings
("AHE") growth was further
bolstered by increased shareholder investment returns as a result
of increased interest rates and a recovery in equity
markets.
We exclude the Zimbabwe profits from
AHE as the economy is currently hyperinflationary resulting in
earnings volatility. The main contributor to the higher level of
growth in headline earnings relative to AHE is higher shareholder
portfolio profits in the Zimbabwean business.
Investors are advised that the
Group's key profit measures are expected to be within the ranges
outlined below:
|
Key
profit measures
(R
million unless stated otherwise)
|
Estimated
% change
|
Estimated
31 December
2023
|
IFRS17 unaudited results for
the year ended
31 December
2022
|
|
RFO ¹
|
6% to
26%
|
7
749 to 9
211
|
7
310
|
|
AHE 2
|
13% to 33%
|
5
481 to 6
451
|
4
850
|
|
Adjusted headline earnings per share
("AHEPS") (cents)
3
|
14% to
34%
|
121.3 to
142.6
|
106.4
|
|
Headline earnings
|
16% to
36%
|
6
792 to 7
963
|
5
855
|
|
HEPS (cents)
|
18% to 38%
|
152.5
to
178.3
|
129.2
|
|
IFRS profit after tax attributable
to equity holders of the parent
|
25% to
45%
|
6
540 to 7
586
|
5
232
|
|
Basic EPS (cents)
|
27% to 47%
|
146.7
to
169.8
|
115.5
|
1 RFO is the primary measure of the operating business
performance of the Group's segments.
2 AHE is the Group's primary profit metric.
3 HEPS is defined as AHE divided by the weighted average number
of ordinary shares adjusted to reflect the Group's B-BBEE
shares.
The current period results are
prepared on an IFRS 17 basis whereas the results for the
comparative period were prepared on an IFRS 4 basis. The release of
our 30 June 2023 interim results was accompanied by an IFRS 17
bridging pack which provided the comparative period numbers on both
an IFRS 4 and IFRS 17 basis. It is not
expected that results will differ by 20% or more when compared to
previously disclosed comparative period results under IFRS 4 which
are disclosed in Annexure A hereto.
The financial information in this
trading statement is the responsibility of the Old Mutual Limited
Board of Directors and has not been reviewed or reported on by the
Group's external auditors.
Sandton
Sponsors
|
JSE
|
Tamela
Holdings (Proprietary) Limited
|
|
Namibia
|
PSG Wealth
Management (Namibia) (Proprietary) Limited
|
|
Zimbabwe
|
Imara
Capital Zimbabwe plc
|
|
Malawi
|
Stockbrokers Malawi Limited
|
|
Enquiries
Investor Relations
|
|
|
Langa Manqele
Head of Investor
Relations
|
M: +27 82 295 9840
E: investorrelations@oldmutual.com
|
|
|
|
|
Communications
|
|
|
Wendy Tlou
Interim Chief Communications
Officer
|
M: +27 83 301 9663
E:
oldmutualnews@oldmutual.com
|
Notes to Editors
About Old Mutual Limited
Old Mutual is a premium African
financial services group that offers a broad spectrum of financial
solutions to retail and corporate customers across key market
segments in 14 countries. Old Mutual's primary operations are in
Africa, and it has a niche business in China. With over 178 years
of heritage across sub-Saharan Africa, Old Mutual is a crucial part
of the communities it serves as well as broader society on the
continent.
For further information on Old
Mutual and its underlying businesses, please visit the corporate
website at www.oldmutual.com.
Annexure A
|
|
31 December
2022
|
|
Key
profit measures
(R
million unless stated otherwise)
|
IFRS17 unaudited results for
the year ended
|
IFRS 4
published results for the
year ended
|
|
RFO
|
7
310
|
8
743
|
|
AHE
|
4
850
|
6
371
|
|
AHEPS (cents)
|
106.4
|
139.8
|
|
Headline earnings
|
5
855
|
7
948
|
|
HEPS (cents)
|
129.2
|
180.1
|
|
IFRS profit after tax attributable
to equity holders of the parent
|
5
232
|
7
325
|
|
Basic EPS (cents)
|
115.5
|
166.0
|