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Pin to quick picksOld Mutual Lim. Share News (OMU)

Share Price Information for Old Mutual Lim. (OMU)

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Share Price: 49.50
Bid: 49.45
Ask: 49.60
Change: -0.50 (-1.00%)
Spread: 0.15 (0.303%)
Open: 49.80
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Low: 49.50
Prev. Close: 50.00
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TOP NEWS: Old Mutual Sees Shoots Of Recovery Amid Virus Concerns

Mon, 25th Jan 2021 08:28

(Alliance News) - Old Mutual Ltd on Monday said it is seeing "encouraging signs of recovery" but remains concerned about the rapidly increasing rate of Covid-19 infections.

Anglo-South African financial services firm said gross outflows for the 12 months ended December 31 were ZAR188 billion, up 10% from the year prior.

Old Mutual saw positive net client cash flow of ZAR10.1 billion in 2020, up from ZAR3.1 billion in 2019. This was driven by strong investment flows across the group in the second half of the year, which were partially offset by higher outflows in Old Mutual Corporate as a result of the deteriorating economic environment, the firm said.

Old Mutual said: "Whilst there are encouraging signs of recovery in our sales metrics, we are concerned about the rapidly increasing rate of Covid-19 infections in our key geographies and the impact that the pandemic could have on our customers, economic recovery, and mortality rates.

"We are currently in the process of finalising our life reserves, considering the global experience of the impact of the pandemic and the potential of a more sustained spread of the virus. There remains a large degree of variability in the data and we are monitoring infection and mortality related claims data on a weekly basis."

Old Mutual added that it has started the process of finalising all outstanding claims for business interruption insurance.

"The recent rulings on this matter by the Supreme Court of Appeal of South Africa have provided legal certainty, and we have therefore commenced with processing valid business interruption claims with specific conditions that are materially the same in nature as those already decided by the courts," Old Mutual said.

Net business interruption and business rescue reserves are expected to increase by between ZAR85 million and ZAR140 million from ZAR464 million reported in the first half.

Old Mutual shares were down 1.6% at ZAR12.65 each in Johannesburg on Monday morning, and 1.8% lower at 60.66 pence each in London.

By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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27 Mar 2024 06:15

TOP NEWS: Old Mutual profit more than doubles on strong new business

(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.

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12 Mar 2024 07:27

TOP NEWS: Old Mutual sees robust 2023 results on strong new business

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5 Dec 2023 15:18

IN BRIEF: Old Mutual finance chief Casparus Troskie buys shares

Old Mutual Ltd - Anglo-South African financial services firm - Chief Financial Officer Casparus Troskie acquires 110,000 shares at an average ZAR11.77 each, worth ZAR1.3 million on Thursday last week.

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30 Nov 2023 12:52

IN BRIEF: Old Mutual executive Prabashini Moodley acquires shares

Old Mutual Ltd - Anglo-South African financial services firm - Prabashini Moodley, managing director of Old Mutual Corporate, buys 241,257 shares at an average ZAR12.11 for ZAR2.9 million on Monday.

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27 Nov 2023 09:20

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22 Nov 2023 10:27

TOP NEWS: Old Mutual gross written premiums up 15% after nine months

(Alliance News) - Old Mutual Ltd on Wednesday reported robust growth in gross written premiums for the first nine months of 2023, indicating that strong sales trajectory continued.

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10 Nov 2023 15:56

UK dividends calendar - next 7 days

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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26 Oct 2023 16:51

IN BRIEF: Old Mutual completes ZAR1.5 billion share buyback

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12 Oct 2023 15:53

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27 Sep 2023 08:13

TOP NEWS: Old Mutual interim profit soars amid solid gross flows

(Alliance News) - Old Mutual Ltd said on Wednesday it "performed well" in the first half of 2023 as profit surged and revenue rose on the back of higher new business value, robust gross inflows, and strong insurance premiums.

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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