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Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
JSE alpha code: OMLI
("Old Mutual" or “Company” or “Group”)
13 September 2023
OLD MUTUAL VOLUNTARY TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2023
Investors are advised that Old Mutual is currently in the process of finalising its interim results for the six
months ended 30 June 2023 ("current period"), which will be released on the Stock Exchange News
Service of the JSE Limited on Wednesday, 27 September 2023. The current period results are prepared
on an IFRS 17 basis whereas the interim results for the six months ended 30 June 2022 ("comparative
period") were prepared on an IFRS 4 basis. The release of our results will be accompanied by an IFRS 17
bridging pack providing H1 2022 and FY 2022 comparative numbers on both an IFRS 4 and IFRS 17 basis.
We have attached Annexure A hereto which provides an extract from our bridging pack on H1 2022
comparatives for:
• our key profit measures, namely results from operations and adjusted headline earnings; and
• IFRS profit after tax attributable to equity holders of the parent and headline earnings.
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 comparative period on an IFRS 17 basis.
The ranges provided in this trading statement are relative to the IFRS 17 results for the comparative
period. It is not expected that results will differ by more than 20% compared to previously disclosed
comparative period results under IFRS 4.
Investors are advised that the Group’s key profit measures are expected to be within the ranges outlined
below:
IFRS 17 Unaudited
results for the six months
Key Performance Indicators Estimated Estimated ended
(R million unless stated otherwise) % change 30 June 2023 30 June 2022
Results from operations -7%-13% 3 939 – 4 790 4 254
Adjusted headline earnings (AHE) 13%-33% 2 901 – 3 417 2 579
Adjusted headline earnings per
share (AHEPS) (cents)¹ 11%-31% 63.2 - 74.5 56.8
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.
We expect results from operations to be within the range of -7% to +13% due to good operational
performance which was dampened by continued adverse persistency with short term persistency
provisions raised in our Mass and Foundation Cluster segment.
We expect adjusted headline earnings to be above 20% relative to the comparative period due to an
increase in shareholder investment return as a result of increased interest rates and a recovery in equity
markets.
Headline earnings per share (HEPS) and basic earnings per share (EPS) are expected to fall within the
ranges outlined below:
IFRS 17 Unaudited
results for six
months
Key Performance Indicators Estimated Estimated ended 30 June
(R million unless stated otherwise) % change 30 June 2023 2022
IFRS profit after tax attributable to
equity holders of the parent -20% - 0% 3 869 – 4 836 4 831
Basic EPS (cents) -19% - 1% 86.0 – 107.4 106.8
Headline earnings -18% - 2% 3 884 – 4 834 4 749
HEPS (cents) -18% - 2% 86.3 – 107.3 104.9
Headline earnings is higher than adjusted headline earnings, as adjusted headline earnings exclude
earnings from operations in Zimbabwe and adjustments for accounting mismatches. Accounting
mismatches include hedging mismatch losses arising from the transition of the guaranteed product
related hedging programs to IFRS 17. This impact is expected to significantly reduce in future reporting
periods as the hedging mismatch has been largely resolved and the hedging strategies are materially
aligned with IFRS 17 positions.
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
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 Relations E: investorrelations@oldmutual.com
Communications
Tabby Tsengiwe M: +27 60 547 4947
General Manager: Public Affairs 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 China. With over 178 years of heritage
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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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ANNEXURE A
Extract from IFRS 17 Bridging pack for the half year ended 30 June 2022
H1 2022 Comparatives on an IFRS 4 and IFRS 17 basis
Supplementary Income Statement H1 2022
Rm IFRS 17 IFRS 4
Mass and Foundation Cluster 1 341 1 583
Personal Finance and Wealth Management 1 538 1 259
Old Mutual Investments 566 566
Old Mutual Corporate 806 727
Old Mutual Insure 323 213
Old Mutual Africa Regions 166 212
Net expenses from central functions (486) (463)
Results from operations 4 254 4 097
Shareholder investment return2 205 415
Finance costs (330) (330)
Income from associates1 20 20
Adjusted headline earnings before tax and non-controlling interests 4 149 4 202
Shareholder tax (1 447) (1 375)
Non-controlling interests (123) (136)
Adjusted headline earnings 2 579 2 691
Reconciliation of AHE to IFRS profit after tax H1 2022
Rm IFRS 17 IFRS 4
Adjusted headline earnings 2 579 2 691
Accounting mismatches and hedging impacts 49 606
Impact of restructuring 31 31
Operations in hyperinflationary economies 2 023 1 745
Residual plc 67 67
Headline earnings 4 749 5 140
Impairment of goodwill, other intangible assets and property 24 24
Reversal of impairment of investments in associated undertakings (32) (32)
Loss on disposal of subsidiaries and associated undertakings 90 90
IFRS profit after tax attributable to ordinary equity holders of the parent 4 831 5 222
Per Share measures (cents) H1 2022
IFRS 17 IFRS 4
Adjusted headline earnings per share 56.8 59.2
Headline earnings per share 104.9 116.3
Basic earnings per share 106.8 118.1
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