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• Adjusted Headline Earnings per Share: Increased by 17% to $0.06 per share.

• Return on Net Asset Value: Grew by 160 basis points to 12.7%, excluding new growth initiatives improved to 15.6%.

• Final Dividend per Share: Declared at $0.52, total dividends for the year $0.86, a 6% increase year on year.

• Value of New Business (VNB) Margin: Improved by 20 basis points to 2.5%.

• Funds Under Management: Grew by 10% to 1.5 trillion rand.

• Life APE Sales (Mason Foundation Cluster): Increased by 9% to 5.24 billion rand.

• Credit Loss Ratio (Old Mutual Finance): Deteriorated to 8.9%, excluding impairment improved to 7.1%.

• Assets Under Management (Wealth Management): Increased by 14% to 420.4 billion rand.

• Gross Written Premiums (Omni to Insure): Increased by 9% to 21.9 billion rand.

• Net Underwriting Margin (Omni to Insure): Improved to 6.2%.

• Revenue (Investment Cluster): Increased by 20% to 4 billion rand.

• Group Equity Value: Strong at 92.5 billion rand.

• Results from Operations (RFO) per Share: Increased by 7%.

• Adjusted Headline Earnings: Grew 14% to 6.7 billion rand.

• Group Equity Value (GEV): Increased to 97.5 billion rand.

• Return on Embedded Value: Healthy at 9.7%.

• Cash Remittances: Totaled 10.5 billion rand, including 1 billion from Africa regions.

• Warning! GuruFocus has detected 3 Warning Sign with ODMUF.

Release Date: March 18, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Old Mutual Ltd (ODMUF) reported a strong double-digit earnings growth with adjusted headline earnings per share increasing by 17%.

• The return on net asset value improved by 160 basis points to 12.7%, and excluding new growth initiatives, it rose to 15.6%.

• Funds under management grew by 10% to 1.5 trillion rand, supported by improved equity market performance in South Africa.

• The company declared a final dividend per share of $0.52, bringing the total dividends for the year to $0.86 per share, a 6% increase year on year.

• Old Mutual Ltd (ODMUF) successfully launched OM Bank, a digital-first bank, which is expected to be a significant growth catalyst for the company.

Negative Points

• The credit loss ratio deteriorated to 8.9% due to an impairment in the secured loan book.

• Persistency issues were highlighted, with management actions needed to improve collections and customer retention.

• The value of new business (VNB) decreased by 8%, coming off a high base from the previous year.

• Old Mutual Ltd (ODMUF) faced challenges in the African region, with significant inflationary pressures and weakened currencies impacting key growth markets.

• The suspension of Old Mutual's trading on the Zimbabwe Stock Exchange remains unresolved, affecting the company's operations in Zimbabwe.