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”)


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22 November 2023

OLD MUTUAL VOLUNTARY OPERATING UPDATE FOR THE PERIOD ENDED 30 SEPTEMBER 2023 –
CONTINUED SALES MOMENTUM IN SOUTH AFRICA AND OLD MUTUAL AFRICA REGIONS

Global growth has proven relatively resilient in 2023, while China’s economy recorded better
than expected growth in the third quarter. In South Africa, loadshedding remains a key area
of focus, however, with government and the private sector collaborating and the continued
focus on the restoration of power stations we have seen a reduction in loadshedding during
the fourth quarter. Several African markets have experienced severe currency depreciation
against the USD and dollar shortages remain a challenge while high inflation and elevated
interest rates continue to impact our customers’ disposable income in all the markets in which
we operate. Despite these challenges, our business remains well positioned for growth, as evi-
denced by the strong sales trajectory over the past 3 years with Life APE sales excluding China
up 13% relative to 2022 and 23% relative to 2021.

Financial key performance indicators for the period ended 30 September 2023

The table below sets out certain key performance indicators for the nine months ended 30
September 2023 (the “current period”).
 Key Performance Indicators                    30 Septem-      30 Septem-        change
 (R millions unless otherwise stated)             ber 2023        ber 2022
 Life APE sales                                       9 853           9 498           4%
 Gross flows                                        146 548        136 136            8%
 Net client cash flow                              (10 832)         (1 163)      (>100%)
 Loans and advances     1                            19 396          19 009           2%
 Gross written premiums                              19 306          16 860          15%
1Comparative amounts represent FY2022 balance sheet amounts.



Excluding China, Life APE sales recorded strong growth of 13% from the nine months ended 30
September 2022 (the “prior period”). In Mass and Foundation Cluster, sales benefited from solid
risk sales across all retail channels and higher credit life sales driven by continued improve-
ments in productivity levels. The positive sales momentum in Personal Finance contributed to
sales growth, with strong single premium guaranteed annuity sales and higher recurring pre-
mium savings sales. Old Mutual Africa Regions delivered strong retail and corporate sales
mainly due to new business, renewals, and improved productivity in East Africa. Including
China, the increase was 4% as the prior period included certain savings products sales in
China’s broker channel which we stopped selling in anticipation of regulatory changes.

Gross flows grew by 8% from the prior period mainly due to higher inflows in Old Mutual Africa
Regions following a higher demand for offshore investments in Namibia as well as new man-
dates secured and higher unit trust sales in East Africa. The increase in flows was supported by
the impact of annual premium increases in Mass and Foundation Cluster and higher single
premium inflows in Personal Finance as well as better inflows in Old Mutual Corporate with a
strong secured-to-flow pipeline.

Strong growth in net client cash flow in Mass and Foundation Cluster, Personal Finance and
Old Mutual Africa Regions was offset by significant outflows in Old Mutual Investments and
Wealth Management, where we continue to see clients requiring liquidity given the challeng-
ing economic conditions. Old Mutual Investments saw low margin indexation outflows from a
large offshore investor rotating investment exposure and higher contractual Liability Driven In-
vestments benefit payments. Despite lower net client cash flow in Old Mutual Investments, we
raised a significant amount of capital totalling R8.4 billion in our higher margin Alternatives
business supporting future revenue generation.

The marginal growth in loans and advances in Mass and Foundation Cluster was in line with
our cautious lending strategy, which was partially offset by the decline in the loan book in Old
Mutual Africa Regions due to the depreciation of Kenyan shilling against the rand.

Gross written premiums grew by 15% from the prior period. This was driven by new business
growth, premium increases, and renewals across all divisions in Old Mutual Insure and the ac-
quisition of Genric Insurance Company Limited. Excluding Genric Insurance Company Limited,
gross written premiums grew by 11%. In Old Mutual Africa Regions, new business secured across
all regions and improved renewals in both the medical and general insurance books in East
Africa contributed to the growth in gross written premiums.

In our Mass and Foundation Cluster, given the slower than expected economic recovery, we
remain focused on the management interventions to mitigate the persistency pressure which
is starting to yield positive results. We will reassess the need to strengthen our persistency basis
at year-end and any other basis changes which may be required.

Group Chief Financial Officer

Shareholders are advised that Casper Troskie, Group Chief Financial Officer of Old Mutual Lim-
ited will reach the Company’s normal retirement age in April 2024. The Old Mutual Limited
Board is pleased to announce that it has agreed with Mr Troskie to extend his employment
contract for a period of one year to the end of April 2025. Mr Troskie’s extension allows for at
least one supplementary financial reporting cycle under the new insurance accounting stand-
ard, IFRS 17. The process to appoint a suitable candidate as a successor to Mr Troskie has com-
menced.

Investor engagement

Investors are invited to participate in a conference call to address matters related to this vol-
untary operating update on 22 November 2023 at 17:30pm, SAST. Investors and media may
register on the following link:
Diamond Pass Registration (choruscall.za.com)

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 30 days after the conference call. The replay can
be accessed in the following link: https://services.choruscall.com/ccforms/replay.html

Access numbers for recorded playback:

Access code for recorded playback: 45568

 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 Mu-
tual 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
Malawi                            Stockbrokers Malawi Limited
Namibia                           PSG Wealth Management (Namibia) Proprietary Limited
Zimbabwe                          Imara Capital Zimbabwe plc


Enquiries

Investor Relations

Langa Manqele                     M: +27 82 295 9840

                                  E: investorrelations@oldmutual.com

Communications
Tabby Tsengiwe                     M: +27 60 547 4947
                                   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 finan-
cial 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 across sub-Saharan Africa, Old Mutual is a crucial part of the communi-
ties 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.