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Old Mutual reports 10% jump in profits

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GUEST – Iain Williamson – CEO of Old Mutual

South Africa’s second-largest insurer Old Mutual posted double-digit growth in profits, on the back of a decrease in the effect of the Covid-19 pandemic, following a high claims environment over the last few of years.

Old Mutual said headline earnings rose 10% to R7.9 billion for the year through December 2022, up from R7.2 billion in the previous reporting period. Headline earnings per share (Heps) also increased 10% to 180.1 cents per share, compared with 163.8 cents per share in the prior year.

The insurer said profits benefitted from lower mortality claims as the Covid-19 pandemic and its effects eased.
14 Mar 2023 4PM English South Africa Business News · Investing

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