Old Mutual ready to put Covid volatility behind it as earnings rocket to 87%.
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The Group reported an 87% increase in Results from operations on the back of strong operating performance and muted Covid-19 impacts. Despite weaker market returns, Return on net asset value improved to 9.6%, due to the unbundling of Nedbank thus delivering on our promise to simplify the Group’s capital structure and provide a substantial return of capital to shareholders.
Life APE Sales have increased by 15%, driven by strong recoveries in the Mass and Foundation Cluster and Rest of Africa businesses.
Strong growth in the Value of new business (VNB) in the Mass and Foundation Cluster, Old Mutual Corporate and Rest of Africa business was offset by a VNB reduction in its Personal Finance Business. However, the Group’s VNB margin of 2.2% remains within its medium-term range of between 2% to 3%.
Life APE Sales have increased by 15%, driven by strong recoveries in the Mass and Foundation Cluster and Rest of Africa businesses.
Strong growth in the Value of new business (VNB) in the Mass and Foundation Cluster, Old Mutual Corporate and Rest of Africa business was offset by a VNB reduction in its Personal Finance Business. However, the Group’s VNB margin of 2.2% remains within its medium-term range of between 2% to 3%.
