OLD MUTUAL LIMITED - Old Mutual Trading Statement for the six months ended 30 June 2024

Old Mutual Trading Statement for the six months ended 30 June 2024

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 Group)


Ref: 60/24
10 September 2024


OLD MUTUAL TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2024

Investors are advised that Old Mutual is currently in the process of finalising its interim results for the six
months ended 30 June 2024, which will be released on the Stock Exchange News Service of the JSE
Limited on Thursday, 26 September 2024. 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 six months ended 30 June 2023.

Strong operational performance in Old Mutual Insure, Old Mutual Corporate and Mass and Foundation
Cluster was offset by lower life profits in Personal Finance, primarily driven by an increased number of
large claims, and higher central costs compared to the prior period but in line with our expectations as
we continue to invest in our future capabilities.

Adjusted headline earnings (AHE) and adjusted headline earnings per share (AHEPS) growth was
bolstered by increased shareholder investment returns as a result of improved performance in South
African equities.

We exclude the Zimbabwe profits from AHE as the economy is currently hyperinflationary and there are
barriers to access capital by way of dividends. The main contributor to the higher level of growth in
headline earnings (HE) relative to AHE is higher shareholder portfolio profits in the Zimbabwean business.

The movement between IFRS profit after tax attributable to equity holders of the parent (IFRS profit) and
HE was primarily driven by the loss recognised on the disposal of our Nigeria business.

Results from operations (RFO) per share, AHEPS, HEPS and EPS growth benefitted from the share
repurchase programme implemented in 2023 which contributed to a reduction in the weighted average
number of ordinary shares to 4 359 million at 30 June 2024 (4 503 million at 30 June 2023).
Investors are advised that the Group's key profit measures are expected to be within the ranges outlined
below:

                                                                                            Unaudited
                                                                                    results for the six months
Key Performance Indicators                Estimated             Estimated                     ended
(R million unless stated otherwise)       % change             30 June 2024               30 June 2023
RFO1                                      -8% to 2%           4 017 to 4 453                  4 366
RFO per share (cents)                     -5% to 5%            90.1 to 99.9                    95.1
AHE2                                      -2% to 8%           3 097 to 3 413                  3 160
AHEPS (cents)3                            2% to 12%             70.2 to 77.1                  68.8
HE                                       29% to 39%           5 622 to 6 058                  4 358
HEPS (cents)                             33% to 43%           128.7 to 138.4                   96.8
IFRS profit                              15% to 25%           5 007 to 5 443                  4 354
Basic EPS (cents)                        19% to 29%           115.1 to 124.7                   96.7

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 AHEPS is defined as AHE divided by the weighted average number of ordinary shares adjusted to reflect the
Group's B-BBEE shares


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                         M: +27 82 295 9840
Head of Investor Relations            E: investorrelations@oldmutual.com


Communications
Wendy Tlou                            M: +27 82 906 5008
Chief Communications
and Reputation Officer                E: oldmutualnews@oldmutual.com


Notes to Editors
About Old Mutual
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 12 countries. Old Mutual's
primary operations are in Africa and it has a niche business in China. With over 179 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.




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For further information on Old Mutual and its underlying businesses, please visit the Corporate website at
www.oldmutual.com.




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Date: 10-09-2024 12:00:00
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