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Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
LEI: 213800MON84ZWWPQCN47
JSE Alpha Code: OMLI
("Old Mutual" or “Company” or “Group”)
Ref: 14/24
12 March 2024
OLD MUTUAL TRADING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
Investors are advised that Old Mutual is currently in the process of finalising its results for the year ended
31 December 2023 ("current period"), which will be released on the Stock Exchange News Service of the
JSE Limited on Wednesday, 27 March 2024. The ranges provided in this trading statement are relative to
the results for the year ended 31 December 2022 ("comparative period”) prepared on an IFRS 17 basis.
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.
Old Mutual recorded robust results from operations (“RFO”) growth due to strong operational
performance underpinned by exceptional growth in new business and value of new business as we
continue to gain market share across our segments.
Adjusted headline earnings (“AHE”) growth was further bolstered by increased shareholder investment
returns as a result of increased interest rates and a recovery in equity markets.
We exclude the Zimbabwe profits from AHE as the economy is currently hyperinflationary resulting in
earnings volatility. The main contributor to the higher level of growth in headline earnings relative to AHE
is higher shareholder portfolio profits in the Zimbabwean business.
Investors are advised that the Group’s key profit measures are expected to be within the ranges outlined
below:
IFRS17 unaudited
results for the year
Estimated ended
Key profit measures Estimated 31 December 31 December
(R million unless stated otherwise) % change 2023 2022
RFO ¹ 6% to 26% 7 749 to 9 211 7 310
AHE 2 13% to 33% 5 481 to 6 451 4 850
Adjusted headline earnings per share
(“AHEPS”) (cents) 3 14% to 34% 121.3 to 142.6 106.4
Headline earnings 16% to 36% 6 792 to 7 963 5 855
HEPS (cents) 18% to 38% 152.5 to 178.3 129.2
IFRS profit after tax attributable to equity
holders of the parent 25% to 45% 6 540 to 7 586 5 232
Basic EPS (cents) 27% to 47% 146.7 to 169.8 115.5
1 RFO is the primary measure of the operating business performance of the Group’s segments.
2 AHE is the Group’s primary profit metric.
3 HEPS is defined as AHE divided by the weighted average number of ordinary shares adjusted to reflect
the Group's B-BBEE shares.
The current period results are prepared on an IFRS 17 basis whereas the results for the comparative period
were prepared on an IFRS 4 basis. The release of our 30 June 2023 interim results was accompanied by
an IFRS 17 bridging pack which provided the comparative period numbers on both an IFRS 4 and IFRS
17 basis. It is not expected that results will differ by 20% or more when compared to previously disclosed
comparative period results under IFRS 4 which are disclosed in Annexure A hereto.
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
Langa Manqele M: +27 82 295 9840
Head of Investor Relations E: investorrelations@oldmutual.com
Communications
Wendy Tlou M: +27 83 301 9663
Interim Chief Communications Officer 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
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.
Annexure A
31 December 2022
IFRS 4
Key profit measures IFRS17 unaudited results for published results for the
(R million unless stated otherwise) the year ended year ended
RFO 7 310 8 743
AHE 4 850 6 371
AHEPS (cents) 106.4 139.8
Headline earnings 5 855 7 948
HEPS (cents) 129.2 180.1
2
IFRS profit after tax attributable to equity
holders of the parent 5 232 7 325
Basic EPS (cents) 115.5 166.0
3
