Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
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Old Mutual
Old Mutual has been selling financial products for 178 years. It has operations in 14 African countries, and sources the majority of its revenues from South Africa.
I believe it has considerable scope to increase profits as population sizes and wealth levels across its markets grow. With just 48% of African people currently using banking services, there’s plenty of business for the industry’s biggest players like this to win.
So why do I like Old Mutual specifically? Firstly, I like its exposure to multiple sectors like banking, life insurance and asset management. This gives it multiple opportunities to increase long-term earnings, while also reducing dependence on one product area.
I’m also a fan because of its incredible brand power. In 2023 it was deemed the world’s strongest insurance brand, according to Brand Finance.
Thanks Roofer :)
Markets dont like political uncertainty.
It seems whatever coalition emerges will see a lurch either to the Right (market postiive) or radical left (not so positive but depends on how much power ANC has to cede).
There is no withholding tax on dividends , I have two payments isa and trading acc at iweb , just took a few more myself on Fri ...wllm
I was considering buying a few of these for the dividend income. However, can any holder advise me if the shares are subject to a withholding tax. I'm a UK resident?
many thanks
wllm :)
Shocking week
Stocking this week
Was good to have the dividend turn up in my accounts, hoping for more growth as the bank starts to develop
GLA LTH
Sp back above ex-dividend levels on payday, well done to those who bought the dip ,enjoying capital rise , hopefully the new banking element will push Sp into the 50p range and further..atb
Old Mutual Property gets R2.98bn IFC backing for offshore logistics foray Sustainability-linked investment is expected to bolster the group’s presence in the Central and Eastern European market, where it already has office property assets worth around R7bn.
By Suren Naidoo 15 May 2024 https://www.moneyweb.co.za/investing/property/old-mutual-property-gets-r2-9bn-ifc-backing-for-offshore-logistics-foray/
Subsidiaries investment
https://www.moneyweb.co.za/investing/property/old-mutual-property-gets-r2-9bn-ifc-backing-for-offshore-logistics-foray/
https://www.iol.co.za/business-report/economy/old-mutual-property-bolsters-european-footprint-with-r3bn-investment-a2a381aa-7282-4be9-98e6-3d40115f1db2
About to Go Ai which will bring in Huge Profits,, Banking Licence received few days ago,, Assets Management,, insurance ,, Opening Bank very Soon,, so we have all these Businesses in one.,,eg legal and General,, HSBC,, Aberdeen Asset Management,, and on Top it's paved to Go Ai which Would Be Very Soon,, Can't figure Out What Not To Like About This Company Going Forward,,, With Huge Growth Coming Ahead,, looking back at these prices 🤔,, Strong Buy and Hold
Old Mutual has undertaken a transformation by migrating its entire IT infrastructure to the cloud, paving the way for leveraging data and AI innovation,,
Just Topped Up by 7009 New Shares,,,
Bit more info
https://fintechmagazine.com/company-reports/cloud-migration-drives-old-mutuals-transformation-journey
Alliance News) - Old Mutual Ltd said on Friday it had won regulatory approval to establish a bank, following a "stringent" review.
The Anglo-South African financial services firm said the approval allows it to proceed to the "next critical stage" to establish a bank.
The group said it will now formally transition from "bank build mode" and enter into a strict and rigorous industry testing phase with selected bank partners.
Upon a successful "error-free testing", the new bank will fully integrate into the national payments system, it added.
"Old Mutual is pleased to announce that, following a stringent regulatory review of its application in terms of Section 16 of the Banks Act 94 of 1990, as amended, the Prudential Authority has granted the group approval to establish a bank subject to certain licence conditions," Old Mutual said in a statement.
Chief Executive Office Iain Williamson said the approval to establish a bank is a "material catalyst" in he group's strategic plans.
"It accelerates the fulfilment of our strategic choice to build an Integrated Financial Services business and further strengthens our victory condition to be our customers' first choice to sustain, grow and protect their prosperity," Williamson said.
Deeply Undervalued faire Value 80s ..Alliance News) - Old Mutual Ltd on Wednesday described its financial performance in 2023 as "robust" after achieving "exceptional" growth in the value of new business.
The Anglo-South African financial services firm said its pretax profit more than doubled to ZAR13.97 billion in 2023 from ZAR6.56 billion in 2022.
Insurance revenue was up 7.8% at ZAR68.26 billion from ZAR63.30 billion, while non-insurance revenue rose 12% to ZAR15.71 billion from ZAR14.01 billion.
Value of new business soared 37% to ZAR1.92 billion from ZAR1.40 billion, driven by increased risk sales and effective cost management in the Mass and Foundation Cluster and a higher proportion of profitable corporate sales in East and West Africa.
Gross written premiums grew 14% to ZAR25.51 billion from ZAR22.34 billion, thanks to an increase of 17% in Old Mutual Insure due to strong new business growth, renewals and the acquisition of Genric Insurance Co.
As at December 31, funds under management rose 8% to ZAR1.331 trillion from ZAR1.231 trillion as at December 31, 2022.
Net client cash outflows were ZAR7.51 billion, improved from ZAR12.43 billion. Gross flows climbed 14% to ZAR203.80 billion from ZAR178.03 billion.
Old Mutual declared a final dividend of 49 rand cents, down 4% from 51 cents. But the total payout rose 7% to 81 cents from 76 cents.
Earnings per share surged 37% to 158.4 cents from 115.5 cents, while headline EPS was 28% higher at 165.5 cents from 129.2 cents.
"Our robust operational and financial performance in 2023, underpinned by exceptional sales growth, demonstrates both our sound strategic choices and resilience in a challenging economic climate," Old Mutual said.
"Our customer focused approach has enabled us to generate strong new business and continued sales momentum in 2023. We delivered double digit sales growth of 17% across our life segments as we grow market share profitably within our key markets. Consequently, we delivered exceptional value of new business growth of 37%," the company said.
Old Mutual said it remained committed to delivering profitable top-line growth and new business.
Very happy with the progress in the SP since adding at 41p ranges
Banking license in place,, Share Buy Back Could Be Announced Very Soon,, Huge Cash Surplus,, fair Value 80s .. Next Few Years 10Ex easily.. 8% Dividend Steady Income,, Strong Earnings going Forward,, it's a no brainer..
Deeply Undervalued fair value 80p a share,, Once Banks is up and running then 10ex easily ,, strong buy and hold
8.54% Dividend steady income,,in time it's only going to get better,, with huge profits to come in the long term,, and if things go well,, could have largest bank in Africa,, it's a no brainer
Just Topped Up 10500 More Shares,,,
I didn’t realize I was buying into a Bank?
Even better , and at rock bottom price too !!!
GLA LTH
Lets hope they don't mess up being a bank compared to an Insurance company.
SP at junk status here, don't they need to concentrate on their core business and get that right first ?
Terrible management performance..