Old Mutual reports rise in earnings, declares dividend

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[LISTEN] Old Mutual CEO Iain Williamson chats to Nzinga Qunta about the group's latest results. MoneywebNews

My name is Nzinga Qunta, standing in for Fifi Peters [on the SAfm Market Update]. Old Mutual Limited says results from operations are up 87% to R4.1 billion. Chief executive officer Iain Williamson joins me now. A very good evening. Thanks so much for your time. These results [for the six months to end June] are ones that exclude the income from your investment in Nedbank and, according to you, not defined by Covid-19.

Yes, that’s right. So our Life APE sales [reflect] the premium that we collect on life business from our customers. Our new business there was up 15%. The similar result from our businesses outside South Africa was actually up 27%, so that was a big driver of that result. And then Mass and Foundation Cluster continues a strong recovery with now eight quarters of consecutive growth in sales in that business.

So the launch of your Bula Tsela scheme makes you the first insurer to offer shares directly to the South African public, and the first to also include lower-income earners via your retail scheme. Just talk to me about that and how it fits in with Old Mutual’s strategy going forward.

 

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