OLD MUTUAL LIMITED - Old Mutual Voluntary Operating Update for the Quarter Ended 31 March 2024 - Double Digit Sales Growth Delivered

Old Mutual Voluntary Operating Update for the Quarter Ended 31 March 2024 - Double Digit Sales Growth Delivered

Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
ISIN: ZAE000255360
LEI: 213800MON84ZWWPQCN47
JSE Share Code: OMU
LSE Share Code: OMU
NSX Share Code: OMM
MSE Share Code: OMU
ZSE Share Code: OMU
("Old Mutual" or "Group")


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30 May 2024


OLD MUTUAL VOLUNTARY OPERATING UPDATE FOR THE QUARTER ENDED 31 MARCH 2024 – DOUBLE DIGIT
SALES GROWTH DELIVERED ACROSS OUR BUSINESS

The global economy has proven resilient despite continued concerns regarding escalation of conflict in
Ukraine and the Middle East. China's economic growth was stronger than expected at 5.3% in the first
quarter of 2024 and will likely continue with incremental policy change to ensure that their 5% growth
target for 2024 is met. Central banks are cautious of the impact of inflation and interest rates will likely
remain high for longer than previously expected. In the markets where we operate in Africa, inflation is
still elevated but with a downward trend.

These economic conditions continued to negatively impact our customers' disposable income in the
retail segments. Overall, we expect our diversified business to remain well positioned for growth and we
delivered double digit sales growth across our business for the quarter ended 31 March 2024.

Financial key performance indicators for the quarter ended 31 March 2024

The table below sets out certain key performance indicators for the quarter ended 31 March 2024 (the
"current period").
 Key Performance Indicators                           31 March        31 March          change
 (R million unless otherwise stated)                      2024            2023
 Life APE sales                                           3 170           2 873              10%
 Gross flows                                             51 130          49 046               4%
 Net client cash flow                                       166             899            (82%)
 Loans and advances (1)                                  20 058          19 391               3%
 Gross written premiums                                   6 936           6 512               7%
(1) Comparative amounts represent FY2023 balance sheet amounts.



Life APE sales recorded robust growth of 10% from the prior period. Sales in the current period benefitted
from strong risk sales across all channels in Mass and Foundation Cluster. Personal Finance recorded
higher guaranteed annuity sales, strong recurring premium savings and funeral sales, partially offset by
lower risk sales. Life APE sales in Old Mutual Africa Regions were lower than the prior period. This was
driven by the appreciation of the rand against the local currencies.

Gross flows increased by 4% from the prior period. This was driven by higher inflows in the offshore business
in Wealth Management and strong inflows in Old Mutual Africa Regions following the acquisition of a
large new mandate in Malawi as well as higher unit trust sales in East Africa. These were partially offset
by lower inflows in Old Mutual Investments particularly in fixed income and community property for
Futuregrowth and lower Alternatives flows compared to the prior period.

Good growth in net client cash flow recorded in Wealth Management was offset by large outflows in
Old Mutual Investments and Personal Finance. The growth in Wealth Management was driven by
strong inflows and better retention in the offshore business. Old Mutual Investments reported net
outflows in fixed income and money market funds in Futuregrowth. Personal Finance experienced
higher disinvestments and annuity payments as well as higher risk claims compared to the prior period.

Loans and advances were higher by 3% compared to the prior period mainly due to the increase in the
loan book in Old Mutual Africa Regions, supported by the depreciation of the rand against the Kenyan
shilling. Loans and advances in Mass and Foundation Cluster were marginally higher than the prior period
and in line with our cautious lending strategy.

Gross written premiums grew by 7% from the prior period. This was driven by strong new business growth
in Retail and Specialty businesses in Old Mutual Insure. In Old Mutual Africa Regions, gross written
premiums were marginally lower than the prior period mainly due to the appreciation of the rand against
the local currencies.

Strategic delivery

The Group's perimeter review is on track with the announcement of our exit of our general insurance
business in Tanzania which followed the exit of our general and life insurance businesses in Nigeria. Both
transactions are pending regulatory approval. These exits followed a thorough strategic review in line
with our disciplined approach to capital allocation and in support of strengthening our return on net
asset value.

In April 2024, we also announced that the Prudential Authority granted the Group approval to establish
OM Bank subject to certain licence conditions. The process of testing with partner banks in the industry
has commenced. The substantive progress on both the perimeter review and the bank-build are
concrete proof-points of our focus on strategic execution to accelerate value creation.

Investor engagement

Investors are invited to participate in a conference call to address matters related to this voluntary
operating update on 30 May 2024 at 5pm, SAST. Investors and media may register on the following link:
Diamond Pass Registration (choruscall.za.com)

Please note that registered participants will receive their dial in number upon registration. We advise
callers to dial in at least five minutes before the conference call starts. A recorded playback will be
available for 30 days after the conference call. The replay can be accessed in the following link:
https://services.choruscall.com/ccforms/replay.html

Access numbers for recorded playback:
Access code for recorded playback: 46269
 South Africa            010 500 4108
 UK                      0 203 608 8021
 Australia               073 911 1378
 USA                     1 412 317 0088


                                                                                                            2
 International               +27 10 500 4108

The financial information in this voluntary operating update including forward-looking statements is the
responsibility of the Old Mutual Board of Directors and has not been reviewed or reported on by the
Group's external auditors.

Sandton

Sponsors
JSE                                      Tamela Holdings (Proprietary) Limited
Namibia                                  PSG Wealth Management (Namibia)(Proprietary) Limited
Zimbabwe                                 Imara Capital Zimbabwe plc
Malawi                                   Stockbrokers Malawi Limited



Enquiries
Investor Relations
Langa Manqele                            M: +27 82 295 9840
Head of Investor Relations               E: investorrelations@oldmutual.com
Communications
Wendy Tlou                               M: +27 82 906 5008
Chief Communications
and Reputation Officer                   E: oldmutualnews@oldmutual.com

Notes to Editors
About Old Mutual Limited
Old Mutual is a premium African financial services group that offers a broad spectrum of financial
solutions to retail and corporate customers across key market segments in 14 countries. Old Mutual's
primary operations are in Africa and it has a niche business in China. With over 179 years of heritage
across sub-Saharan Africa, Old Mutual is a crucial part of the communities it serves as well as broader
society on the continent.

For further information on Old Mutual and its underlying businesses, please visit the Corporate website at
www.oldmutual.com.




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Date: 30-05-2024 02:15:00
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