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 “Company” or “Group”)


Ref 06/23
24 February 2023


OLD MUTUAL VOLUNTARY TRADING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

Investors are advised that Old Mutual is currently in the process of finalising its annual results for the year ended
31 December 2022 ("current period"), which will be released on the Stock Exchange News Service of the JSE
Limited on Tuesday, 14 March 2023. 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 year ended 31
December 2021 ("comparative period").



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



 Key Performance Indicators                     Estimated              Estimated
 (R million unless stated otherwise)            % change               31 December 2022       31 December 2021
 Results from operations                        89%-109%               8 299-9 176            4 384
  Adjusted headline earnings (AHE)           7%-27%                5 791-6 871           5 402
  Adjusted headline earnings per share
  (AHEPS) (cents)¹                           7%-27%                127.2-150.9           118.5
1
  AHEPS is defined as AHE divided by the weighted average number of ordinary shares (WANS) adjusted to
reflect the Group's B-BBEE shares and shares held in policyholder and consolidated investment funds.



We expect results from operations to be significantly above 20% compared to the prior year due to improved
profits on the back of strong sales and core operational performance across the Group. Our life profits benefitted
from a refinement in hedging methodology, enabling a material release of excess discretionary margins as well
as lower mortality in the current year as the effects of COVID-19 eased. All remaining COVID-19 provisions were
released but the impact was mostly offset by the strengthening of our mortality basis to allow for endemic
COVID-19 claims, and worsened persistency as the challenging economic conditions continue to impact our
retail customers.

Investors are reminded that in 2021 AHE included the equity accounted earnings from our strategic equity
investment in Nedbank which was unbundled in November 2021. The 12.2% stake in Nedbank that was
distributed contributed R646 million of the R5 402 million of AHE in the comparative period. Excluding the
impacts of Nedbank, AHE is expected to be between 23% - 43% up.
Headline earnings per share (HEPS) and basic earnings per share (EPS) are expected to fall within the ranges
outlined below:



 Key Performance Indicators                     Estimated                   Estimated
 (R million unless stated otherwise)            % change              31 December 2022       31 December 2021
 IFRS profit after tax attributable to equity
 holders of the parent                          0%-20%                6 662-7 981            6 662

 Basic EPS (cents)                              0%-20%                151.3-181.0            151.3

 Headline earnings                              0%-20%                7 209-8 636            7 209

 HEPS (cents)                                   0%-20%                163.8-195.7            163.8




Headline earnings is higher than adjusted headline earnings, as adjusted headline earnings exclude earnings
from operations in Zimbabwe, adjustments in respect of equity and debt instruments held in life funds as well
as the impact of restructuring. The movement in headline earnings and adjusted headline earnings relative to
prior year was primarily driven by substantial improvement in operating profits, partially offset by the deferred
tax associated with the unbundling of Nedbank in the prior year and the decline in Zimbabwe earnings. The
decline in Zimbabwe earnings was largely driven by the deterioration of Zimbabwean dollar to the rand and the
decrease in investment returns on equities traded on the Zimbabwe Stock Exchange (ZSE) relative to the prior
year.

The financial information in this voluntary 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                                     Merrill Lynch South Africa (Pty) Limited t/a BofA Securities
 Namibia                                 PSG Wealth Management (Namibia) (Proprietary) Limited
 Zimbabwe                                Imara Capital Zimbabwe plc
 Malawi                                  Stockbrokers Malawi Limited

 Enquiries

 Investor Relations
 Bonga Mriga                            M: +27 67 866 6348
 Interim Head of Investor Relations     E: bmriga@oldmutual.com

 Communications
 Vuyo Mtawa                             M: +27 68 422 8125
 Head: Group Communications             E: vmtawa@oldmutual.com

Notes to Editors
About Old Mutual Limited
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 14 countries. Old Mutual's primary operations
are in Africa, and it has a niche business in Asia. With over 177 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.




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