Slide 1: Interim Results 2025 Analyst presentation
INTERIM RESULTS 2025 Analyst presentation
Slide 2: HY25 Results Booklet
HY25 Results Booklet
Slide 3: Agenda
AGENDA 1 CEO Update 2 H1 2025 Highlights 3 Financial Review 4 Conclusion
Slide 4: CEO Update
BQ OLDMUTUAL CEO UPDATE Jurie Strydom
Slide 5: CEO Update
CEO Update We have clarity on our critical priorities and repurposed our operating model Clarity and alignment Creating shareholder value Sharpening execution • Demonstrate resolve on cost • Operating model re-design • Smooth CEO transition • Earn the right to deploy • Created two new segments: • Gr
Slide 6: Group Executive Committee changes
Group Executive Committee changes Changes in the executive leadership and new segments effective 1 August 2025 Jurie Strydom Group CEO Customer facing segments Prabashini Moodley Clarence Nethengwe Zulfa Abdurahman Charles Nortje Clement Chinaka CEO: Old Mutual Life and Savings CEO: OM Bank Acting C
Slide 7: Strategic priorities
Strategic priorities Drive strategic priorities underpinned by a shift to execution and disciplined focus on value creation 1 2 3 4 Drive competitiveness Deepen Establish right to win Evaluate and pivot of South Africa market leadership in for OM Bank in growth markets business1 Southern Africa Shar
Slide 8: Capital allocation guided by horizons linked to RoNAV
Capital allocation guided by horizons linked to RoNAV Horizon 1 - prioritise capital returns with a higher strategic hurdle for investments RoNAV trajectory Horizon 1 Horizon 2 Horizon 3 Invest in line with strategic priorities (below range) (within range) (above range) 1 2 Illustrative evolution Dr
Slide 9: H1 2025 Highlights
H1 2025 HIGHLIGHTS Jurie Strydom
Slide 10: Operating environment
Operating environment Strong financial markets supported performance Strong market performance Consumer confidence is still weak Sustained decline in CPI & repo rate Equity market performance SA’s FNB/BER Consumer Confidence SA CPI inflation vs Repo rate Price (Rebase = 100) % 200 0 20 180 -5 15 160
Slide 11: H1 2025 Financial highlights
H1 2025 Financial highlights R3 billion share buy-back underpinned by strong cash generation, supporting enhanced shareholder returns VALUE EARNINGS 37 cents 97 cents 114 cents R18.40 9% 31% 19% Group equity value per share Dividend AHE RFO per share per share1 per share1 COMPETITIVENESS AND E
Slide 12: Operational Overview
OPERATIONAL OVERVIEW Jurie Strydom
Slide 13: Old Mutual Life and Savings (South Africa)
Old Mutual Life and Savings (South Africa) 4 large established businesses with significant market positions – navigating shifts in competitive environment Life APE sales VNB and VNB margin Rm Rm and % 5 653 5 674 2.7% 5 314 2.4% 862 1.4% 787 424 H1 2023 H1 2024 H1 2025 H1 2023 H1 2024 H1 2025 Corpor
Slide 14: Old Mutual Banking
Old Mutual Banking Establishing our right to win by leveraging Group assets Our digital led offering …leveraging existing banking assets …and our relationships for scale ~R15.5bn Profitable loan book 346 Branch footprint across SA ~R1.5bn Money Account deposits ~393K Active Money account customers ~
Slide 15: OM Bank Milestones
OM Bank Milestones Roadmap to launch, right to win and break-even Live to Live to Demonstrate Scale to staff public traction break-even H1 2025 H2 2025 2026 2027 and beyond Operational readiness In-Branch activation Acquire customers Path to break-even Grow transactional and lending Gain market shar
Slide 16: Old Mutual Insure
Old Mutual Insure Closing the gap to peers through deliberate strategic management actions Gross written R9.6bn R10.5bn R11.5bn Strategic management actions premium Net Fixing business fundamentals underwriting 0.9% 5.9% 9.7% margin • Remediating underwriting and pricing in poor-performing books Ins
Slide 17: Old Mutual Investments
Old Mutual Investments Growth in RFO driven by sustained delivery in the Alternatives business and general market performance 9% increase in RFO Sustained growth in Alternatives Strategic management actions RFO Alternatives AUM Rm Rbn • Addressing OMIG fundamental SA 596 equity performance 547 119 1
Slide 18: Old Mutual Africa Regions
Old Mutual Africa Regions 13% growth in RFO with Malawi results elevated by inflationary environment Southern East and West Muted topline growth… …with margins under pressure Strategic management actions Life APE sales VNB and VNB margin Rm Rm • Ongoing focus on cost containment % 2.1% 2.3% 787 796
Slide 19: Our commitment to sustainability
Our commitment to sustainability Evidenced by external recognition and ratings Ratings Awards and accolades MSCI AAA Leading Sustainable African Investment Improved from AA Manager 2025 (OMIG) The European Global Business Awards S&P Global ESG score of 50 Best Shariah-Compliant Investment Above aver
Slide 20: Financial Review
FINANCIAL REVIEW Casper Troskie
Slide 21: Value Capital Earnings
VALUE CAPITAL EARNINGS
Slide 22: Group equity value
Group equity value Refining methodology to establish a robust foundation as we pivot our financial targets to value metrics Rbn 92.5 86.7 10.5 9.1 8.3 9.5 10.7 H1 2025 FY 2024 Banking and Lending 10.4 Property and Casualty Share price R12.07 R12.51 Asset Management 66.9 GEV per share R18.40 R19.51 C
Slide 23: Embedded value
Embedded Embedded value value Long term assumption and methodology changes with increased capital and dividend flows Rbn 6.9% Annualised return on embedded value1 3.2 1.1 66.9 0.4 0.4 (3.7) (0.4) 59.2 (7.7) (1.0) R0.6bn Operating embedded value earnings FY 2024 New business Expected Experience Assum
Slide 24: Value of new business
Value of new business Path to recovery to be driven by strategic priorities Value of new business margin Value of new business % Rm 937 2.7 862 858 2.6 2.4 2.4 787 2.3 2.1 1.4 1.3 424 432 0.3 75 71 8 Old Mutual Old Mutual Old Mutual Old Mutual Old Mutual Old Mutual Life and Savings Africa Regions Gr
Slide 25: Contractual service margin
Embedded value Contractual service margin Allocation within expected range Rbn Predictable Not predictable 3.1 0.9 0.8 1.8 61.6 62.3 (3.7) (2.1) (0.1) Expected annualised range of future CSM allocation to P&L: 8% - 12% FY 2024 New business Interest Expected Economic Non-economic Non-economic Foreign
Slide 26: Value Capital Earnings
VALUE CAPITAL EARNINGS
Slide 27: Capital management framework
Capital management framework Systematic approach to value creation Considered capital deployment Balance sheet efficiency Balance sheet strength Cash remitted Appropriately balanced RONAV from subsidiaries for protection and potential Ordinary dividends Group Group shareholder solvency ratio Discret
Slide 28: Cash remitted from subsidiaries
Cash remitted from subsidiaries Continued capital optimisations resulted in ratio > 100% Rm z H1 2025 H1 2024 OMLACSA 4 000 3 096 Old Mutual Investments 463 240 Old Mutual Capital Holding 350 1 200 Old Mutual Insure 450 - Central working capital (442) (511) Cash remitted from subsidiaries 4 821 4 02
Slide 29: Discretionary capital
Discretionary Embedded value capital Strong cash remittances boost discretionary capital Rbn 6.7 0.3 5.9 (1.7) 2.5 3.1 (1.2) 3.01 (1.8) 1.62 1.1 FY 2023 Cash remitted 2024 2025 2024 share FY 2024 Cash remitted Other H1 2025 DC from subsidiaries OM Bank OM Bank buy back DC from subsidiaries DC & othe
Slide 30: Return on net asset value
Return on net asset value Supported by higher than expected market returns Group return on net asset value Return on net asset value excluding OM Bank % % 18.7% 15.5% 12.6% 14.8% 11.9% 13.1% H1 2023 H1 2024 H1 2025 H1 2023 H1 2024 H1 2025 Target: Cost of equity + 2%¹ Target: Cost of equity + 2%² Tar
Slide 31: Value Capital Earnings
VALUE CAPITAL EARNINGS
Slide 32: Movement in adjusted headline earnings
Movement in adjusted headline earnings Adjusted headline earnings up 29% supported by strong market performance Rm 1 060 71 (81) (601) 4 204 697 (209) 3 267 H1 2024 Results from Shareholder Finance costs Income from Shareholder tax Non-controlling H1 2025 AHE operations investment return associate i
Slide 33: Movement in IFRS earnings
Movement in IFRS earnings Zimbabwe reporting in USD reducing IFRS profits Rm 937 5 241 524 4 102 (2 206) (394) H1 2024 AHE Zimbabwe Accounting mismatches Disposal of Nigeria H1 2025 IFRS earnings and other and other IFRS earnings AHE adjustments HE adjustments Interim Results 2025 33
Slide 34: Results from operations
Results from operations Strong operational growth supported by diversified business and economic variances Rm 4 940 4 243 4 254 4 366 2 190 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 Mass and Foundation Personal Finance Wealth Management Old Mutual Corporate Old Mutual Investments OM Bank Old Mutual Af
Slide 35: Old Mutual Life and Savings RFO
Old Mutual Life and Savings RFO Positive economic variances offsetting persistency basis change Mass and Foundation Old Mutual Finance Personal Finance Rm Rm 1 401 1 287 944 922 727 801 H1 2023 H1 2024 H1 2025 H1 2023 H1 2024 H1 2025 Wealth Management Corporate Rm Rm 1 074 1 155 787 485 553 464 H1 2
Slide 36: Old Mutual Insure
Old Mutual Insure Continued exceptional performance on delivery of turnaround actions Good topline growth Outstanding margin improvement Generating exceptional profit Gross written premiums Net underwriting margin Results from operations Rm % Rm 1 323 9.7% 11 477 10 504 9 559 5.9% 772 317 0.9% H1 20
Slide 37: Old Mutual Investments
Old Mutual Investments Diversified business generating consistent returns through the cycle Asset Management Alternatives Specialised Finance Strong Alternatives growth Supporting diversified revenue And diversified profit outcomes AUM Annuity and non-annuity revenue Results from operations Rbn Rm R
Slide 38: Old Mutual Africa Regions RFO
Old Mutual Africa Regions RFO Headwinds in Property and Casualty with resilient performance in Life and Savings Southern East and West Markets exited Net result from central activities Life and Savings1 Asset Management Rm Rm 187 195 214 193 148 160 H1 2023 H1 2024 H1 2025 H1 2023 H1 2024 H1 2025 Ba
Slide 39: Net result from group activities
Net result from group activities Shareholder operational costs reducing Interest, treasury and other income Shareholder operational costs Restructuring provision Other 373 457 353 INCOME FY 2026 Net shareholder operational costs = (179) (396) (267) FY 2022 + inflation (532) EXPENSES (769) (724) (49)
Slide 40: Medium-term targets
Medium-term targets Earnings and returns supported by market performance with challenges in new business volumes and margins KPI Target H1 2025 outcome Deliver growth of nominal GDP +1% over the Growth Gross flows and gross written premiums Subdued growth medium term Value of new business margin Bet
Slide 41: Conclusion
BQ OLDMUTUAL CONCLUSION Jurie Strydom
Slide 42: Recap and conclusion
Recap and conclusion We have clarity on our critical priorities and repurposed our operating model to sharpen execution Clarity and alignment Creating shareholder value Sharpening execution • Demonstrate resolve on cost • Operating model re-design • Smooth CEO transition • Earn the right to deploy •
Slide 43: Pivoting to RoGEV and cash generation as primary medium term targets
Pivoting to RoGEV and cash generation as primary medium term targets Targets to be provided at Capital Markets Day in Q4 2025 Return on group equity value Value Cash generation New business volumes Financial Metrics Value of new business margin Efficiency and Competitiveness Net underwriting margin
Slide 44: Investor Relations Q&A
Old-mutual—south-africa OldMutualSA oldmutualsa OldMutualSA Investor Relations Q&A Langa Manqele
Slide 45: Disclaimer
Disclaimer Cautionary statement This report may contain forward-looking statements with respect to certain of Old Mutual Limited’s plans and its current goals and expectations relating to its future financial condition, performance and results and in particular, estimates of future cash flows and co