Old Mutual Group just had its best year since 2019. More people in South Africa wanted its short-term insurance and wealth management products, which helped increase profits.
The company is based in Johannesburg. Its adjusted headline earnings jumped 14% to hit R6.69 billion, or about US$370 million. This beat what six analysts predicted in a Bloomberg survey. They thought it would be R6.6 billion.
Old Mutual and competitors like Sanlam are doing well because South Africa's economy is picking up a bit. The government-run power company is working better. The government's also focusing on building more roads and stuff, which is giving the economy a boost—it's the biggest one in Africa. Consumers are spending more money because of all this.
Old Mutual's headline earnings for each share of the stock rose 17%. The company bought back R1 billion of its own shares in 2024, which helped earnings because there were fewer shares overall. Old Mutual wants to give shareholders a final dividend of 52 cents per share for the second half of 2025. For the whole year, the total payout would be 86 cents a share, compared to analysts' expectations of 89 cents a share.
Old Mutual's new banking unit, OM Bank, should be up and running by the end of the year. They think it'll break even in 2028. The bank will try to attract richer customers, which means it'll compete with some of Africa's biggest banks.
The company is based in Johannesburg. Its adjusted headline earnings jumped 14% to hit R6.69 billion, or about US$370 million. This beat what six analysts predicted in a Bloomberg survey. They thought it would be R6.6 billion.
Old Mutual and competitors like Sanlam are doing well because South Africa's economy is picking up a bit. The government-run power company is working better. The government's also focusing on building more roads and stuff, which is giving the economy a boost—it's the biggest one in Africa. Consumers are spending more money because of all this.
Old Mutual's headline earnings for each share of the stock rose 17%. The company bought back R1 billion of its own shares in 2024, which helped earnings because there were fewer shares overall. Old Mutual wants to give shareholders a final dividend of 52 cents per share for the second half of 2025. For the whole year, the total payout would be 86 cents a share, compared to analysts' expectations of 89 cents a share.
Old Mutual's new banking unit, OM Bank, should be up and running by the end of the year. They think it'll break even in 2028. The bank will try to attract richer customers, which means it'll compete with some of Africa's biggest banks.
