Old Mutual Ltd. · JSE:OMU

Old Mutual — H1 2023 Earnings Presentation

82 slides from Old Mutual's earnings presentation, Jun 30, 2023

1. Slide 1: Group Interim Results for the six months ended 30 June 2023

   www.oldmutual.com GROUP INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2023 DO GREAT THINGS EVERY DAY

2. Slide 2: Contents

   Our 2023 interims results pack is prepared on an IFRS 17 basis, including all The preliminary Throughout this condensed report, you consolidated will find comparative information, unless otherwise stated. Please refer to our IFRS 17 succinctinformation financial “did you know” for thestories year en

3. Slide 3: 2023 Reflections

   2023 Reflections RESULTS PRESENTATION Leading in impact Results from operations (R million) 7 310 3 056 Old Mutual is the asset owner of the year 4 254 4 366 category winner 2022 2023 H1 H2 Level 1 Old Mutual ranked as the B-BBEE rating number 1 insurance brand since 2019 and 8th strongest brand Gro

4. Slide 4: Interim Results 2023 - Financial Highlights

   UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES STRATEGIC 2023 REVIEW INTERIM RESULTS 2023 interim results Notes: Notes: AGENDA FINANCIAL HIGHLIGHTS AT 30 JUNE 2023

5. Slide 5: Our Strategic Framework

   UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES OUR STRATEGIC FRAMEWORK THROUGH OUR FIVE STRATEGIC FOCUS AREAS Alessandro Bottega Alessandro Bottega www.presentatio

6. Slide 6: Unlocking New Growth Engines / Operating Environment

   UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES UNLOCKING NEW GROWTH ENGINES Investing in tomorrow's success Alessandro Bottega www.presentationists.com Strategic g

7. Slide 7: Segment Reviews: Mass and Foundation Cluster

   UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES GLOBAL FACTORS IMPACTING MARKET LEVELS MASS AND FOUNDATION CLUSTER Alessandro Bottega Alessandro Bottega www.present

8. Slide 8: Old Mutual Investments and Old Mutual Insure

   UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES OLD MUTUAL INVESTMENTS OLD MUTUAL INSURE Alessandro Bottega Alessandro Bottega www.presentationists.com www.presenta

9. Slide 9: Robust Financial Performance

   UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES ROBUST FINANCIAL PERFORMANCE Alessandro Bottega www.presentationists.com EARNINGS CAPITAL EFFICIENCY VALUE Results f

10. Slide 10: Adjusted Headline Earnings and Contractual Service Margin

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES ADJUSTED HEADLINE EARNINGS UP 23% CONTRACTUAL SERVICE MARGIN Good operational growth supported by increased investme

11. Slide 11: Embedded Value and Capital Management Framework

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES EMBEDDED VALUE CAPITAL MANAGEMENT FRAMEWORK Excellent growth in embedded value Alessandro Bottega Enhancing value fo

12. Slide 12: Free Surplus Generated and Return on Net Asset Value

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES FREE SURPLUS GENERATED RETURN ON NET ASSET VALUE Continue to generate a high proportion of cash earnings Balance she

13. Slide 13: Conclusion and Revised Medium-Term Targets

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES CONCLUSION Alessandro Bottega www.presentationists.com Integrated financial services Strong operational performance

14. Slide 14: Disclaimer

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES DISCLAIMER Alessandro Bottega www.presentationists.com Notes: This presentation may contain certain forward-looking

15. Slide 15: A Message from the Chief Executive Officer

    Notes: A MESSAGE FROM THE CHIEF EXECUTIVE OFFICER 84 global pension funds and insurers are part of the NZAOA Over $11 trillion in assets under management in the NZAOA DID YOU KNOW As a member of the Net-Zero Asset Owner Alliance (NZAOA), Old Mutual is committed to the collective goal of ensuring hig

16. Slide 16: A message from the Chief Executive Officer

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES A message from the Chief Executive Officer comparatives is included in the IFRS 17 Bridging pack The South African e

17. Slide 17: A message from the Chief Executive Officer

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES A message from the Chief Executive Officer OUR STRATEGIC FRAMEWORK Alessandro Bottega Strategic overview www.present

18. Slide 18: A message from the Chief Executive Officer: Outlook

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES A message from the Chief Executive Officer We have revised our medium-term targets following the early delivery agai

19. Slide 19: Group Highlights

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES RESULTS Group highlights COMMENTARY Key performance indicators Rm (unless otherwise stated) H1 2023 H1 2022 FY 2022

20. Slide 20: Group Financial Review

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Group financial review Management of the Group’s balance sheet The shareholder investment strategy is designed to en

21. Slide 21: Group Financial Review

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Group financial review Any new opportunities are further appraised against our Group acquisition framework. This fra

22. Slide 22: Group Financial Review

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Group financial review A C Contractual service margin Invested shareholder assets The contractual service margin is

23. Slide 23: Group Financial Review

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Group financial review Value generated by new business was higher than 30 June 2022 position driven by strong sales

24. Slide 24: Group Financial Review

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Group financial review Free surplus generated from operations Supplementary income statement H1 2023 H1 2022 Rm Note

25. Slide 25: Group Financial Review

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Group financial review South African interest-bearing assets earned a 3.9% return year to date representing a 0.3% o

26. Slide 26: Interim Dividend Declaration

    Group financial review SEGMENT Interim dividend declaration REVIEWS The Old Mutual Limited Board declared an interim dividend of 32 cents per ordinary share, which amounts to 50% of adjusted headline earnings. The interim dividend will be paid out of income reserves. The growth in the interim divide

27. Slide 27: An Overview of Our Segments

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES An overview of our segments Supplementary performance indicators expanded from page 35. Our operating segments are s

28. Slide 28: Mass and Foundation Cluster

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Segment reviews Results from operations decreased by 46% to R727 million, reflecting the challenging operating envir

29. Slide 29: Personal Finance and Wealth Management

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Segment reviews Life APE sales for the segment of R2 251 million increased by 12% from the prior period. This was dr

30. Slide 30: Old Mutual Investments

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Segment reviews Outlook for H2 2023 Old Mutual Investments We anticipate that the overall market conditions will rem

31. Slide 31: Old Mutual Investments continued

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Segment reviews Results from operations increased by 14% to R643 million driven by higher revenue, partially offset

32. Slide 32: Old Mutual Corporate

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Segment reviews Old Mutual Corporate Net client cash flow drivers (R million) Our strong top-line growth for the fir

33. Slide 33: Old Mutual Insure

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Segment reviews Performance overview Old Mutual Insure The decrease in insurance service result was driven by higher

34. Slide 34: Old Mutual Africa Regions

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Segment reviews Southern Africa Old Mutual Africa Regions Rm (unless otherwise stated) H1 2023 H1 2022 Change We del

35. Slide 35: East Africa and West Africa

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Segment reviews East Africa West Africa Rm (unless otherwise stated) H1 2023 H1 2022 Change Rm (unless otherwise sta

36. Slide 36: Unaudited Condensed Consolidated Interim Financial Statements

    UNAUDITED CONDENSED CONSOLIDATED INTERIM CONTENTS FINANCIAL STATEMENTS 70 Condensed consolidated income 71 statement Condensed consolidated statement of comprehensive income 72 Condensed consolidated supplementary income statement 73 Condensed consolidated statement of financial position 74 Condensed

37. Slide 37: Condensed Consolidated Income Statement and Comprehensive Income

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Condensed consolidated income statement Condensed consolidated statement For the six months ended 30 June 2023 of co

38. Slide 38: Supplementary Income Statement and Statement of Financial Position

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Condensed consolidated supplementary Condensed consolidated statement income statement of financial position For the

39. Slide 39: Condensed Consolidated Statement of Cash Flows

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Condensed consolidated statement of cash flows For the six months ended 30 June 2023 Rm Notes 2023 20221 This page h

40. Slide 40: Statement of Changes in Equity 2023

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Condensed consolidated statement of changes in equity For the six months ended 30 June 2023 Millions Number of Share

41. Slide 41: Statement of Changes in Equity 2022

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Condensed consolidated statement of changes in equity For the six months ended 30 June 2023 Millions Number of Share

42. Slide 42: Notes: Significant Accounting Policies

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 A Si

43. Slide 43: Notes: Accounting Matters Relating to Zimbabwe

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 A Si

44. Slide 44: Notes: Zimbabwe Sensitivities

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 A Si

45. Slide 45: Segmental Income Statement 2023

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 B Se

46. Slide 46: Segmental Income Statement 2022

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 B Se

47. Slide 47: Segmental Statement of Financial Position

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 B Se

48. Slide 48: Other Key Performance Information: Earnings per Share

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 C Ot

49. Slide 49: Return on Net Asset Value and Revenue Notes

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 C Ot

50. Slide 50: Revenue from Contracts with Customers

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 D Co

51. Slide 51: Financial Assets and Liabilities: Fair Value

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 E Fi

52. Slide 52: Financial Assets and Liabilities: Fair Value Sensitivities

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 E Fi

53. Slide 53: Financial Instruments at Fair Value

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 E Fi

54. Slide 54: Insurance and Investment Contracts

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 F An

55. Slide 55: Insurance Contracts: Measurement Components

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 F An

56. Slide 56: Reinsurance Contracts Analysis

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 F An

57. Slide 57: Reinsurance Contracts: Measurement Components

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 F An

58. Slide 58: Effect of Contracts Initially Recognised

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 F An

59. Slide 59: CSM Maturity Analysis and Borrowed Funds

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 F An

60. Slide 60: Fair Value of the Group's Properties

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 G No

61. Slide 61: Contingent Liabilities and Commitments

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 H Ot

62. Slide 62: Acquisitions and Cash Flow Restatement

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 H Ot

63. Slide 63: IFRS 17 Transition

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 H Ot

64. Slide 64: IFRS 17 Fair Value Approach

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 H Ot

65. Slide 65: IFRS 17 Accounting Policies

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 H Ot

66. Slide 66: IFRS 17 Initial Measurement

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 H Ot

67. Slide 67: IFRS 17 Changes to Contractual Service Margin

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 H Ot

68. Slide 68: IFRS 17 Insurance Revenue and Expenses

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 H Ot

69. Slide 69: IFRS 17 Contract Boundaries

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 H Ot

70. Slide 70: IFRS 17 Coverage Units and Discount Rates

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 H Ot

71. Slide 71: IFRS 17 Significant Judgements and Estimates

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2023 H H8

72. Slide 72: Additional Disclosures Contents

    ADDITIONAL DISCLOSURES CONTENTS 142 1. Key metrics 142 1.1 Key performance indicators 142 1.2 Per share measures 142 1.3 Supplementary performance indicators 143 1.4 Cumulative special distributions 143 1.5 Group solvency position 144 2. Supplementary performance indicators by segments 144 2.1 Addit

73. Slide 73: Key Metrics

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES 1. Key metrics 1. Key metrics Key performance indicators, per share measures and supplementary performance indicator

74. Slide 74: Supplementary Performance Indicators by Segments H1 2023 and H1 2022

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES 2. Supplementary performance indicators 2. Supplementary performance indicators by segments by segments 2.1 Addition

75. Slide 75: Supplementary Performance Indicators FY 2022

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES 2. Supplementary performance indicators 2. Supplementary performance indicators by segments by segments 2.1 Addition

76. Slide 76: Old Mutual Investments and Sources of Earnings

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES 2. Supplementary performance indicators 3. Other disclosures and reconciliations by segments 2.3 Old Mutual Investme

77. Slide 77: Other Disclosures and Reconciliations

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES 3. Other disclosures and reconciliations 3. Other disclosures and reconciliations 3.1 Sources of earnings 3.2 IFRS N

78. Slide 78: Group Equity Value and Economic Statistics

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES 3. Other disclosures and reconciliations 3. Other disclosures and reconciliations 3.4 Group equity value 3.5 Economi

79. Slide 79: Embedded Value

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES 4. Embedded value 4. Embedded value 4.1 Components of embedded value 4.3 New business value Rm H1 2023 FY 2022 4.3.2

80. Slide 80: Embedded Value Experience Variances and Reconciliations

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES 4. Embedded value 4. Embedded value 4.4 Experience variances 4.7 Embedded value reconciliations H1 2023 FY 2022 4.7.

81. Slide 81: Glossary

    UNAUDITED CONDENSED RESULTS A MESSAGE FROM THE RESULTS SEGMENT CONSOLIDATED INTERIM ADDITIONAL PRESENTATION CHIEF EXECUTIVE OFFICER COMMENTARY REVIEWS FINANCIAL STATEMENTS DISCLOSURES 5. Glossary 5. Glossary Defined Term Description Defined Term Description Contractual service margin A component of

82. Slide 82: Administration

    Administration Registered name: Old Mutual Limited Country of incorporation: South Africa Registration number: 2017/235138/06 Income tax reference number: 9267358233 Equity Share code (JSE, LSE, MSE and ZSE): OMU Equity Share code (NSX): OMM Debt Share code (JSE): OMLI ISIN: ZAE000255360 LEI: 213800

Old Mutual — H1 2023 Earnings Presentation on 6ix