Old Mutual Limited Reports Resilient Sales Growth of 13% in Q32023 Interim Report

Published On: December 15, 2023Company: Old Mutual Limited (OMU.zw)
What were the key performances indicators of Old Mutual Limited in the Q32023 interim report?
Old Mutual Limited showed resilience amid challenges, with strong Life APE sales up by 13% relative to 2022 and 23% relative to 2021, excluding China. Gross flows grew by 8% due to higher inflows in Old Mutual Africa Regions and corporate, and gross written premiums also saw a growth of 15% from the prior period. However, there were significant outflows in Old Mutual Investments and Wealth Management.

Summary of Old Mutual Limited Q32023 Interim Report

  • Global growth has been resilient in 2023 with China’s economy recording better-than-expected growth in Q3.
  • Despite load-shedding issues in South Africa, there’s been a positive collaboration between the government and private sector resulting in reduced load-shedding in Q4.
  • Severe currency depreciation against the USD in several African markets, high inflation and elevated interest rates have impacted customer disposable income across all operating markets.
  • Despite prevailing challenges, Old Mutual reports a strong sales trajectory over the past 3 years with Life APE sales excluding China up 13% relative to 2022 and 23% relative to 2021.
  • Gross flows grew by 8% mainly due to higher inflows in Old Mutual Africa Regions, supported by the impact of annual premium increases and stronger inflows in Old Mutual Corporate.
  • Significant outflows in Old Mutual Investments and Wealth Management were counterbalanced by strong growth in net client cash flow in other areas such as Mass and Foundation Cluster, Personal Finance, and Old Mutual Africa Regions.
  • Gross written premiums grew by 15% from the prior period, driven by new business growth, premium increases and renewals across all divisions.
  • Casper Troskie, Group Chief Financial Officer of Old Mutual Limited, is to extend his employment contract to the end of April 2025.

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About Old Mutual Limited (OMU.zw)

Old Mutual is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key markets segments in 17 countries. Old Mutual’s primary operations are in South Africa and the rest of Africa, and it has niche businesses in Latin America and Asia. With over 170 years of heritage across sub Saharan Africa, we are a crucial part of the communities we serve and broader society on the continent. Old Mutual Limited is listed on the Zimbabwe Stock Exchange

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