Old Mutual interim profit down 58% as wealth management shines. 8th Sep 2026 08:44 (Alliance News) - Old Mutual Ltd reported on Tuesday that its interim profit plunged, as a dip in investment returns offset strong performance from its wealth management unit. For the six months that ended June 30, pretax profit for the Cape Town-based financial services firm tumbled 58% to ZAR4.12 billion from ZAR9.80 billion a year earlier. Net investment return slumped 47% to ZAR44.89 billion, from ZAR84.39 billion, weighing on the bottom-line. Insurance revenue was down 2.4% to ZAR37.37 billion from ZAR38.27 billion. Old Mutual said its present value of new business premiums rose 23% to ZAR40.44 billion from ZAR32.95 billion, while gross written premiums inched up 2.9% to ZAR14.93 billion from ZAR14.51 billion. Life annual premium equivalent sales were up 21% to ZAR7.86 billion from ZAR6.47 billion, mainly driven by strong group risk and annuity sales in Old Mutual Corporate, higher living annuity and endowment sales in wealth management, as well as strong retail and corporate sales growth in Old Mutual Africa Regions. Value of new business surged 32% to ZAR569 million from ZAR432 million. Gross flows were up 21% to ZAR128.91 billion from ZAR106.76 billion, getting a boost from strong inflows in wealth management. Despite the elevated catastrophe losses, the net underwriting margin in Old Mutual Insure of 7.6% remained at the upper-end of the medium-term target range of 5% to 8%. As at June 30, funds under management rose 15% to ZAR1.731 trillion from ZAR1.504 trillion at June 30, 2025, and up 5.6% from ZAR1.639 trillion at December 31, 2025. Net interest income was up 3.8% to ZAR1.33 billion from ZAR1.28 billion, while non-interest revenue was 4.8% higher at ZAR579 million from ZAR608 million. Old Mutual declared an interim dividend of 40 rand cents, up 8.1% from 37 cents. Basic earnings per share was slightly down to 95.8 cents from 96.1 cents, while headline EPS fell 0.6% to 96.9 cents from 97.5 cents. Old Mutual said it had delivered a solid first-half performance. The Anglo-South African company named Ranen Thakurdin as chief financial officer designate to succeed Casper Troskie, who will retire on April 30, 2027. Thakurdin will formally assume the CFO role on April 1, 2027. Thakurdin is the chief risk officer. Looking ahead, Old Mutual expects sales volumes growth to moderate over the second half of 2026, after strong first-half sales volumes that included some large non-recurring gains. Shares in Old Mutual fell 1.7% to 59.00 pence on Tuesday morning in London, and they eased 0.6% to ZAR12.73 in Johannesburg. By Artwell Dlamini, Alliance News senior reporter South Africa Related Shares:

Ranen Thakurdin appointed as Old Mutual group CFO. Ranen Thakurdin has been appointed group CFO designate of Old Mutual and OMLACSA, succeeding Casper Troskie as group chief financial officer, subject to regulatory approval. Ranen Thakurdin has been appointed group CFO designate of Old Mutual and OMLACSA, effective 1 January 2027. He succeeds Casper Troskie as group CFO and will work alongside Casper during the transition before formally assuming the role. Meanwhile, Casper is expected to retire at the end of April. Ranen currently serves as group chief risk officer and is a member of the Old Mutual Group executive committee. He joined Old Mutual in 2018 and has held several senior leadership positions across the group's finance and risk functions. His previous roles include chief accountant, general manager of group reporting and insights, head of the office of the chief financial officer, and head of capital and balance sheet optimisation. A qualified actuary and Fellow of the Actuarial Society of South Africa (FASSA), Ranen also holds CFA, MBA and FRM qualifications. Sinenhlanhla Mncwango is the senior writer for CFO South Africa. She grew up in Vryheid, northern KZN; studied journalism at the University of Johannesburg and obtained her honours in 2020. Sinenhlanhla has experience in online and broadcast media. In her spare time she enjoys a good game of cricket, hockey and loves learning different languages. Ayanda Kotobe has joined Aquazania as CFO, after previously serving as finance director at RS South Africa. 08 September 2026 Dawid Swart has joined legal tech company Afriwise as CFO, bringing experience from senior finance roles across technology and professional services businesses. 01 September 2026 Polmed CFO Marinus Pretorius has secured a nomination for the 2026 CFO Awards, recognising his leadership and contribution to the finance function. 27 August 2026 Amanda February reflects on her journey from joining Groot Constantia, South Africa's oldest wine-producing estate, in 2007 to becoming CFO, and the importance of financial sustainability, responsible stewardship and people-centred leadership. 25 August 2026 Seasoned business lead Nonkululeko Gobodo has called on women leaders to embrace their authentic selves, recognise their strengths and use their collective power to create opportunities for the next generation of women in business. 14 August 2026 Away from billion-rand balance sheets and boardroom strategy, Old Mutual CFO Casper Troskie finds perspective at his home on a farm in Paarl, in the kitchen and on mountain bike trails. Those moments of calm, he says, have become essential to leading through an increasingly unpredictable world. 10 August 2026

Old Mutual first-half earnings fall 30% as Middle East tensions hit investment returns. Published on 09/08/2026 at 04:07 am EDT - Modified on 09/08/2026 at 04:09 am EDT JOHANNESBURG, Sept 8 (Reuters) - South African insurer Old Mutual Ltd reported a 30% decline in half-year adjusted headline earnings on Tuesday as market volatility sparked by conflicts in the Middle East hit investment returns. o Old Mutual, the largest life insurer in South Africa, said its adjusted headline earnings totalled 2.95 billion rand ($184 million) in the six months ended June 30, down from 4.2 billion rand a year earlier. o Life annual premium equivalent sales increased 21% to 7.85 billion rand, mainly driven by strong group risk and annuity sales in Old Mutual Corporate, higher living annuity and endowment sales in Wealth Management, and strong retail and corporate sales growth in Old Mutual Africa Regions. o The value of new business increased 32% to 569 million rand, while the value of new business margin improved by 10 basis points, supported by higher sales volumes and a more profitable business mix. o Results from operations per share increased 11% to 126.3 cents, supported by positive growth in Old Mutual life and savings earnings and strong contributions from Old Mutual Investments and Old Mutual Africa Regions, as well as lower central costs. o The insurer declared an interim dividend of 40 cents per share, up 8%, and a 1 billion rand share buyback. o Customer acquisition and deposit growth in newly launched OM Bank continued to track well during the period, with customer numbers increasing to 742,000 and retail deposits increasing to 1.4 billion rand, the insurer said. ($1 = 16.0416 rand) (Reporting by Nqobile Dludla. Editing by Mark Potter) By Nqobile Dludla (C) Reuters - 2026