OLD MUTUAL LIMITED - Old Mutual Trading Statement for the year ended 31 December 2024

Old Mutual Trading Statement for the year ended 31 December 2024

Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
ISIN: ZAE000255360
LEI: 213800MON84ZWWPQCN47
JSE Share Code: OMU
JSE Share Code: OMLI
LSE Share Code: OMU
NSX Share Code: OMM
MSE Share Code: OMU
ZSE Share Code: OMU
(Old Mutual or Group)


Ref: 04/25
5 March 2025


OLD MUTUAL TRADING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

Investors are advised that Old Mutual is currently in the process of finalising its results for the year ended
31 December 2024, which will be released on the Stock Exchange News Service of the JSE Limited on
Tuesday, 18 March 2025. This trading statement provides an indication of a range for headline earnings
per ordinary share and earnings attributable to equity holders of the Group per ordinary share in terms
of paragraph 3.4(b) of the JSE Limited Listings Requirements compared to the year ended 31 December
2023.

Investors are advised that the Group's key profit measures are expected to be within the ranges outlined
below:


                                                                                       Results for the year
Key Performance Indicators                 Estimated            Estimated              ended
(R million unless stated otherwise)        % change             31 December 2024       31 December 2023

Results from operations(1)                 -6% to 14%           7 842 to 9 511              8 343
Results from operations per share
(cents)                                    -3% to 17%           178.1 to 214.8              183.6
Adjusted headline earnings(2)               4% to 24%           6 095 to 7 268              5 861
Adjusted headline earnings per
share (cents)(3)                           7% to 27%            138.0 to 163.8              129.0
Headline earnings                          10% to 30%           8 118 to 9 594              7 380
Headline earnings per share
(cents)                                    13% to 33%           187.0 to 220.1              165.5
IFRS profit after tax attributable to      -1% to 19%           6 994 to 8 407              7 065
equity holders of the parent
Basis earnings per share (cents)           1% to 21%            160.0 to 191.7              158.4

1 Results from operations is the primary measure of the operating business performance of the Group's segments
2 Adjusted headline earnings is the Group's primary profit metric
3 Adjusted headline earnings per share is defined as adjusted headline earnings divided by the weighted average
number of ordinary shares adjusted to reflect the Group's Broad-Based Black Economic Empowerment shares

Results from operations per share, adjusted headline earnings per share, headline earnings per share
and basic earnings per share growth benefited from the share repurchase programme implemented in
2024 which contributed to a reduction in the weighted average number of ordinary shares to 4 353
million at 31 December 2024 (4 459 million at 31 December 2023).

We delivered solid results from operations driven by strong performance in Old Mutual Insure, Wealth
Management and Old Mutual Investments, partially offset by lower life profits in Personal Finance as well
as our investment in OM Bank.

Adjusted headline earnings growth was bolstered by increased shareholder investment returns.

In the prior year, headline earnings included once-off hedging losses arising from the IFRS 17 transition
which were excluded from adjusted headline earnings.

The movement between IFRS profit after tax attributable to equity holders of the parent and headline
earnings was primarily driven by the loss recognised on the disposal of subsidiaries from the countries
which we exited as well as an impairment on an investment in an associate. This was the main contributor
to the higher level of growth in headline earnings relative to IFRS profit after tax attributable to equity
holders of the parent.

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                                    Equity Sponsor: Tamela Holdings (Proprietary) Limited
                                       Debt Sponsor: Nedbank Corporate and Investment Banking, a
                                       division of Nedbank 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.

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




                                                                                                        

Date: 05-03-2025 07:30:00
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