Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
JSE Alpha Code: OMLI
LEI: 213800MON84ZWWPQCN47
("Old Mutual" or “Company” or “Group”)


25 May 2023

OLD MUTUAL VOLUNTARY OPERATING UPDATE FOR THE QUARTER ENDED 31 MARCH 2023

The global macro-economic environment remains challenging however easing of the COVID-
19 policy in China has boosted economic activity. Our customers’ disposable income remains
under pressure due to rising inflation and interest rate increases. The sustained high levels of
load shedding in South Africa continues to reduce customers confidence.

Financial key performance indicators for the quarter ended 31 March 2023

The table below sets out certain key performance indicators for the quarter ended 31 March
2023.
 Key Performance Indicators                       31 March         31 March        change
 (R millions unless otherwise indicated)               2023             2022
 Life APE sales                                       2 873             2 890         (1%)
 Gross flows                                         49 046           40 197          22%
 Net client cash flow                                   899           (4 999)       >100%
 Loans and advances     1                            19 023           19 009            0%
 Gross written premiums                               6 512             5 465         19%
1Comparative amounts represent FY2022 balance sheet amounts.



Life APE sales were marginally lower compared to the prior period despite good sales
momentum in our retail segments. The decrease in Life APE sales was driven by lower savings
products sales in the broker channel in China as we ceased selling certain products in
anticipation of regulatory changes. Excluding China, Life APE sales were 7% up on the prior
period due to growth in credit life sales and strong risk sales in Mass and Foundation Cluster
driven by good momentum in productivity levels as observed in issued sales compared to the
prior period. Personal Finance and Wealth Management delivered higher single premium
guaranteed annuity sales and better recurring premium savings sales compared to the prior
period due to improved productivity levels. Old Mutual Africa Regions sales were above the
prior period mainly due to corporate sales growth in East Africa driven by new business
secured, renewals and improved productivity.

Persistency remains under pressure despite the strengthening of our persistency basis as at 31
December 2022. We remain focused on deploying the identified set of management
interventions which we expect to mitigate the persistency pressure. We expect this together
with our sales momentum to contribute positively to value of new business.

Gross flows increased by 22% mainly due to strong flows in Old Mutual Investments driven by
higher inflows into money market, fixed income and corporate cash products in Futuregrowth
as well as higher Alternative flows compared to the prior period. The increase in flows was also
driven by new business secured and high unit trust sales in East Africa.

Net client cash flow improved compared to the prior period mainly due to strong growth in
flows. This was partially offset by large outflows in Wealth Management across all platforms.

There has been no significant movement in loans and advances compared to the prior period.
A slight increase in Mass and Foundation Cluster was offset by a decrease in Old Mutual Africa
Regions. This decrease was driven by depressed disbursements in line with our stricter lending
criteria and write offs in our non-performing loan book due to tough economic conditions.

Gross written premiums grew by 19% from the prior period mainly due to better retention and
new business growth in both the medical and general insurance book in Old Mutual Africa
Regions. Good premium growth in Old Mutual Insure across all divisions and the acquisition of
Genric Insurance Company Limited contributed to the growth in gross written premiums.

Capital

The Group solvency ratio remains stable within our target range of 170% - 200%.

The Group discretionary capital balance as at 31 March 2023 has decreased to R1.4 billion
from the R3.5 billion reported at 31 December 2022 principally as a result of capital allocations.
This includes the Genric Insurance Company Limited acquisition of R300 million, minority buy of
Old Mutual Finance Namibia of N$214 million in the first quarter of 2023 and the share buyback
to return up to R1.5 billion to shareholders. The Group has received approval from the Board
and Prudential Authority for the share buyback. We are in the process of execution which is
expected to be completed during 2023. The discretionary capital balance of R1.4 billion has
been earmarked for the acquisition of an equity stake in the Two Mountains Group which is still
subject to regulatory approvals as well as continued investment in our growth and innovation
initiatives.

Investor engagement

Investors are invited to participate in a conference call to address matters related to this
voluntary operating update on 25 May 2023 at 17:15pm, SAST. Investors and media may
register on the following link: https://www.oldmutual.com/investor-relations.

Please note that registered participants will receive their dial in number upon registration. We
advise callers to dial in at least five minutes before the conference call starts.

A recorded playback will be available for three days after the conference call.

Access numbers for recorded playback:

Access code for recorded playback: 44293

 South Africa               010 500 4108

 UK                         0 203 608 8021

 Australia                  073 911 1378

 USA                        1 412 317 0088
 International               +27 10 500 4108


The financial information in this voluntary operating update is the responsibility of the Old
Mutual Board of Directors and has not been reviewed or reported on by the Group's external
auditors.

Sandton

Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited


Enquiries


Investor Relations
 Bonga Mriga                          M: +27 67 866 6348
 Interim Head        of   Investor    E: investorrelations@oldmutual.com
 Relations
Communications
Vuyo Mtawa                               M: +27 68 422 8125
Head of Group Communications             E: oldmutualnews@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 178 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.