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LON100:OML, Sep 25, 09:53 UTC

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Wednesday, September 19


News

Old Mutual and Pru cleared as FCA drops insurance probe

OML PRU

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. The review, initially into the actions of six companies, kicked off in March 2016, with Police Mutual cleared of any wrongdoing in September 2017 and Scottish Widows in June 2018. The regulator said that while it had found ‘some issues’ at each of these companies in how they treat closed book customers, including the disclosure of exit charges, it had addressed these as part of its ongoing supervision of the firms. The regulator added that it will ‘continue to assess life insurance firms’ adherence to the required standards and Principles, and take appropriate steps where necessary’.

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Thursday, September 06


News

Old Mutual: dominant and flush with cash

OML

The Old Mutual that moved its primary listing from London to Johannesburg on June 26 is a dominant, highly cash-generative business in SA and several other African markets, such as Namibia and Zimbabwe. Picture: Freddy Mavunda. But Old Mutual will certainly tread softly, as it is unlikely that its shareholders trust it enough to do a transformative deal on the lines of Sanlam’s buyout of Morocco-based Saham Finances. Of course, it might not need such a deal if it can get its West African bancassurance deal with Ecobank to work and what it calls "optimise staffing levels" in East Africa, or creating an avalanche of pink slips. As many have believed, there is far more capital on the balance sheet than the group needs, and as well as a 45c interim dividend, there has been a special dividend of 100c, which Avior Capital Markets head of research Warwick Bam says came earlier than expected. Old Mutual Insure (previously Mutual & Federal) was the weakest business in the portfolio last year. But it produced a strong 6.4% underwriting margin in the six months to June, even without a full-time CEO, though it lost market share, with just a 3% increase in gross premium.

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Friday, August 31


News

Old Mutual Accelerates Push Into South African Retail Banking - BloombergQuint

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Old Mutual Ltd. is making a push into banking low-income earners in South Africa, setting itself on a collision course with Capitec Bank Holdings Ltd., the nation’s biggest provider of unsecured loans. The Johannesburg-based insurer is delving into an industry facing increased competition not only from new entrants, but also from the government and a rejuvenated African Bank Ltd. following its emergence from a 2014 collapse. Old Mutual is cutting its stake in the Johannesburg-based lender, which counts mainly middle- to higher-income earners among its clients, to 19.9 percent by the end of the year. The 173-year-old insurer is opening as many as 40,000 new bank accounts a month through its partnership with Bidvest Group Ltd.’s banking unit, said Clarence Nethengwe, managing director of the Mass and Foundation Cluster.

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Old Mutual banks £148m profit from Quilter IPO

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The results, the first since the insurer spun out Quilter - headed by Paul Feeney (pictured) - on 25 June, showed that post-tax profit rose by 42% to South African rand 10.6 billion (£550 million). The firm attributed this rise mainly to the 'accounting effects of the sale and distribution of Quilter shares'. Old Mutual also declared a special dividend of 100 cents per share on top of an interim dividend of 45 cents per share. 'With our debut results as Old Mutual Limited, I am pleased to report that we are on track to deliver on the commitments we have made to investors.

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Old Mutual declares special dividend; on track to meet 2018 targets - BizNews.com

OML

Old Mutual Declares Special Dividend With 2018 Targets in SightBy. The company is on track to meet its financial targets for 2018, it said. Its former London-based parent also terminated trading on the London bourse, 19 years after moving its headquarters from Cape Town and embarking on a global acquisition spree that ended with it spinning off and selling businesses in the U.K., Europe, the U.S., Latin America and Asia. Chief Executive Officer Peter Moyo is now planning to grow Old Mutual’s existing insurance, asset-management and lending business in Africa, spurning the acquisitive approach taken by its parent.

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Old Mutual says headline earnings largely unchanged

OML

JOHANNESBURG - Pan-African investment, savings, insurance, and banking group Old Mutual said on Friday its adjusted headline earnings for the six months ended June were at 112.3 cents per share, in line with the same period last year. The company said persistently high unemployment rates, a valued added tax increase and fuel hikes had contributed to lower real disposable incomes for South African consumers, adversely affecting its customer acquisition and persistency, especially in the middle income market. "The economic outlook has however improved relative to a year ago, when political uncertainty prevailed and credit downgrades led to an even weaker operating environment," it said. Kenya’s economy reflected a more stable political landscape though Old Mutual's investment returns there were still negatively affected by the volatility experienced towards the end of 2017.

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News

South Africa's Old Mutual H1 profit flat; declares dividend

OML TRI

UPDATE 1-South Africa's Old Mutual H1 profit flat; declares dividend. Aug 31 (Reuters) - Old Mutual reported no growth in half-year profit on Friday as higher taxes and unemployment hit consumer spending, but the No.2 insurer in South Africa declared an interim dividend of 45 cents per share and a special dividend of 100 cents per share. Adjusted headline earnings per share, the widely watched profit gauge in South Africa that strips out certain one-off items, came in at 122.3 cents, unchanged from the prior year. Old Mutual, which traces its roots back to the mid-19th century as South Africa's first mutual aid society with 166 members, said it was on track to spin off part of its 53 percent interest in South Africa's fourth largest lender, Nedbank , later this year.

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South Africa's Old Mutual half-year profit flat

OML TRI

SECTIONS. Home. Business. Markets. World. India. Technology. Money. South Africa's Old Mutual half-year profit flat. Aug 31 (Reuters) - South Africa's No.2 insurer Old Mutual reported no growth in half-year profit on Friday as a weak economy, higher taxes and unemployment hit consumer spending. Adjusted headline earnings per share, the widely watched profit gauge in South Africa that strips out certain one-off items, came in at 122.3 cents, unchanged from the prior year. (Reporting by Tiisetso Motsoeneng; Editing by Vyas Mohan). Next Article. Exclusive: SAIL declines dividend to government, says has no cash - internal document.

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Tuesday, August 28


News

Pumula South residential stands sold out: Old Mutual

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The Old Mutual Zimbabwe group is developing 1 082 housing stands in the second largest city, which consisted of 596 stands in Pumula South while an additional 486 were targeted for Nkulumane suburb. “Pegging for Phase 2 of the development has also been completed and contractors will commence work once outstanding approvals are obtained from the Bulawayo City Council. We intend to deliver a total of 1 082 stands in Pumula South and Nkulumane through these developments.”. Old Mutual has delivered the Budiriro housing scheme in Harare as a direct response to a growing national housing backlog.

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Friday, August 24


News

The week ahead: UK lending data, German IFO, Old Mutual results

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See his week ahead video, the top events to watch, plus our key company earnings schedule. German IFO (Aug) Monday: Recent concerns about rising trade tensions between the EU and the US may have taken a back seat after the European Commission president, Jean Claude Juncker, visited the White House last month. However, a slowdown in the Chinese economy and sanctions on Russia and Turkey in recent weeks could have an impact on German business confidence, especially given that German exporters trade significantly in these markets. The company has been on an acquisition spree in the last few years and this has weighed on profit margins. Although the strength of the US economy is expected to boost its first-half results, the rate at which Bunzl has expanded does raise concerns it may be over-reaching. Restaurant Group H1 results Friday: It’s been a difficult year for UK retail; not only are traditional retailers under pressure from rising costs in the form of higher taxes, business rates, the minimum wage, work place pension contributions and the apprenticeship levy, but the leisure industry as a whole is also struggling.

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