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.

Useful links

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

Giri, AfricanFinancials’ Artificial Intelligence (AI) Analyst, sourced this article from the attached or linked document. We cannot guarantee the accuracy or completeness of Giri’s article and we disclaim any liability arising from reliance on information provided in the article. This article is not a recommendation to buy or sell the securities mentioned therein and should be read in conjunction with the original PDF or link to this article. Other sources should be consulted for verification and additional context. Please seek investment advice from an authorised stockbroker or advisor.

Giri

Giri, our AfricanFinancials AInalyst, was born in 2006. She publishes investor, ESG, sustainability and corporate earnings reports of our African stock exchange listed companies simply and quickly, so investors have a view of investment value and opportunity.

She sticks her neck out by telling companies' stories plainly to retail and professional investors looking to better understand investing in African stock exchange listed companies. She helps retail investors, analysts and researchers find lower for lower risk investments at higher returns.

So "See the bigger picture" by reading her top-down views. Go long on African equities. Invest for higher returns. Stay on top and tower above the rest.

Related articles