Slide 1: Annual Results 2025
TT a a BQ DO-GREAT THINGS EVERY DAY
Slide 2: Agenda
2025 AGENDA ANNUAL RESULTS 1 FY 2025 highlights and CEO recap Jurie Strydom, Group CEO Financial review 2 Casper Troskie, Group CFO Outlook 3 Jurie Strydom, Group CEO 4 Q&A Management Team
Slide 3: FY 2025 Highlights
FY 2025 HIGHLIGHTS Jurie Strydom 3
Slide 4: FY 2025 highlights
FY 2025 highlights Steady operational results in the year of strategic reset and focused execution R19.80 93 cents Initiated R3bn share buyback +2% +8% R0.7bn1 Group equity value Total dividend per share executed in H2 VALUE 2025 per share Target: 6 to 9% , 3-year rolling MAXIMISATION 6.8% 1.2% 15.2
Slide 5: CEO Recap
Roy NAANNNANNII TOE: SN WN EN Jurie Strydom
Slide 6: Strategic priorities
Strategic priorities Clear strategic priorities to unlock value and generate growth 1 Unlocking value 2 Generating growth Drive competitiveness in Deepen market leadership Establish the right to win Evaluate and pivot South African businesses1 in Southern Africa for OM Bank on growth markets Sharpen
Slide 7: Medium-term targets
Medium-term targets Targets were announced at the Capital Markets Day in Q4 2025 During the unlocking value phase, our immediate priority is to get our KPIs consistently into range During the generating growth phase, targets may be revised upwards Group priority KPIs Targets Maximisation RoGEV 14% t
Slide 8: Operating model
Operating model Strengthens accountability and enables execution discipline DRIVING ACCOUNTABILITY THROUGH TIGHT AND LOOSE PRINCIPLES AUTONOMOUS CLUSTERS – BUSINESS STRATEGY LEAN CENTRE - CORPORATE STRATEGY Old Mutual Old Mutual Old Mutual Old Mutual Old Mutual Human capital Life and Finance Technol
Slide 9: R2.5bn Group expense target
Group expense target Driving efficiencies and unlocking shareholder value R2.5bn By the end of FY 2027, at least R1bn by end of FY 2026 Equivalent to 10% reduction to the FY 2024 underlying operating costs cost savings TRACKED THROUGH KEY EFFICIENCY MEASURES PER CLUSTER Old Mutual Old Mutual Old Mut
Slide 10: Capital allocation horizons
Capital allocation horizons Horizon 1 – prioritise capital returns with a higher strategic hurdle for investments RoNAV trajectory Horizon 1 Horizon 2 Horizon 3 RoNAV is below range RoNAV is within range RoNAV is above range 17% Target 15.2% Range 15% 12.7% 12.4% 11.1% 9.4% FY 2022 FY 2023 FY 2024 F
Slide 11: Progress on execution
Progress on execution • R2.5 billion cost savings target cascaded to clusters and tracked with clear alignment to business Embedding plans and incentives Cost Discipline • Clear measurement of net savings after inflation relative to 2024 base • R450 million savings delivered in 2025 • Operating mode
Slide 12: Operational Overview
OPERATIONAL OVERVIEW Jurie Strydom 12
Slide 13: Old Mutual Life and Savings (cluster view)
Old Mutual Life and Savings (cluster view) Margins impacted by persistency assumption changes and lower annuity volumes R12.3 billion R147.1 billion R1.1 trillion +3% +5% +11% Funds under Life APE Sales Gross Flows FY24: R11.9 bn FY24: R139.6 bn management FY24: (R1.0 trillion) R735 million 1.1% (58
Slide 14: Old Mutual Life and Savings
Old Mutual Life and Savings Mass and Foundation and Personal Finance: Improved risk sales offset by lower guaranteed annuity sales Mass and Foundation Personal Finance VNB VNB 8.8% 9.0% 3.5% 1.0% 1.1% 0.1% margin margin +9% (7%) 3 267 3 279 5 718 3 067 5 245 4 824 654 646 691 3 710 845 836 531 2 829
Slide 15: Old Mutual Life and Savings
Old Mutual Life and Savings Significant profitable scale in Wealth Management and Corporate market in South Africa Wealth Management Old Mutual Corporate Total retail APE comparable sales (R million) Funds under management (R billion) +14% +11% 6 326 5 529 4 797 4 481 3 969 309 3 377 276 278 567 556
Slide 16: Old Mutual Insure
Old Mutual Insure RFO increased by 14% to R2.06 billion, and net underwriting margin improved to 6.8% 8.3%2 8% 1 Gross written premium (R million) Net underwriting Target margin 4.2% 0.3% 6.2% 6.8% +7% range 1 800 5% 23 414 21 930 20 196 1 300 800 1 326 1 147 300 602 46 FY 2023 FY 2024 FY 2025 -200
Slide 17: Old Mutual Banking
Old Mutual Banking R15 billion loan book - a platform for scale and profitability in banking and lending Old Mutual Finance Old Mutual Finance Old Mutual Banking Cluster Gross Loan book Loan sales and disbursements RFO (R million) (R million) (R million) 29 50 0 8.9% (260bps) 7.2% 548 24 50 0 355 15
Slide 18: Old Mutual Banking
Old Mutual Banking Building early traction on retail deposits and activity ± 3K R272 m Customer traction… Engagement: Customer run–rate Retail customer • 62% active customers. per business day deposits • Conversion rates: 48% of active 400K Money Account base converted. Total customers (thousands) T
Slide 19: Old Mutual Investments
Old Mutual Investments AUM and revenue continue to benefit from the diversified asset management business Old Mutual Investments Alternatives AUM by affiliate (R billion) 19% 5-year CAGR in AUM 5-year CAGRs: +13% R130 billion, from R54 billion in 2020 Annuity revenue +19% 1 022 906 29 18% 5-year CAG
Slide 20: Old Mutual Africa Regions
Old Mutual Africa Regions Continued focus on improving margins and returns VNB 2.8% 0.2% 1.9% Net underwriting (0.4%) (1.8%) (3.3%) margin margin (%) +8% (4%) 1 636 5 317 5 406 5 195 1 548 1 518 648 683 601 4 093 4 122 3 971 865 917 988 1 224 1 284 1 224 FY2023 FY2024 FY2025 FY 2023 FY 2024 FY 2025
Slide 21: Sustainability: Leading in impact
Sustainability Leading in impact R221 billion R0.9 billion R2.6 billion Funds under management Funds invested in education Funds invested in low-income Green Economy housing (2024: R179 billion) (2024: R1.2 billion) (2024: R1.3 billion) ESG Ratings MSCI Rating: AAA S&P Global ESG ranking of 56 Level
Slide 22: Financial Review
FINANCIAL REVIEW Casper Troskie 22
Slide 23: Value, Capital, Earnings
VALUE CAPITAL EARNINGS
Slide 24: Group equity value
Group equity value Group equity value supported by growth in Property and Casualty and Asset Management Rbn 4.1% 10.1% R19.51 GEV per share R19.80 2025 2025 Normalised RoGEV RoGEV1 92.5 92.5 10.5 11.3 Adjusted GEV earnings 8.3 11.6 RoGEV 9.5 12.8 Opening GEV Closing GEV 66.9 57.3 Adjusted Less: Open
Slide 25: Embedded value
Embedded value Long term assumption and methodology changes with increased capital and dividend flows Rbn 7.8% Return on embedded value 6.6 2.3 66.9 0.9 (3.9) (0.7) (2.4) 57.3 (10.9) (1.5) R5.2bn Operating embedded value earnings FY 2024 Value of Expected Experience Non-economic Development Economic
Slide 26: 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 1 921 1 764 1 745 1 758 2.7 2.8 2.5 2.3 2.3 1.9 850 735 1.1 1.2 0.2 157 115 13 Old Mutual Old Mutual Old Mutual Old Mutual Old Mutual Old Mutual Life and Savings Africa
Slide 27: Contractual service margin
Contractual service margin Allocation within expected range Rbn Predictable Not predictable 6.5 3.6 1.4 2.6 65.0 (0.2) (7.5) 61.6 (3.0) Expected annualised range of future CSM allocation to P&L: 8% - 12% FY 2024 CSM New business Interest Expected Experience Non-economic Economic Foreign FY 2025 CSM
Slide 28: Value, Capital, Earnings
VALUE CAPITAL EARNINGS
Slide 29: Capital management framework
Capital management framework Systematic approach to value creation Considered capital deployment Balance sheet strength Balance sheet efficiency Cash remitted Appropriately balanced RONAV 5 from subsidiaries 1 for protection and potential Ordinary dividends Solvency 3 Earn the right to deploy capita
Slide 30: Cash remitted from subsidiaries
1 Cash remitted from subsidiaries Continued strong remittances resulted in ratio > 100% Rm FY 2025 FY 2024 OMLACSA 6 750 7 646 Old Mutual Investments 965 415 Old Mutual Capital Holding 580 2 160 Old Mutual Insure 1 900 - Old Mutual Africa Regions 850 1 000 Central working capital (876) (683) Cash re
Slide 31: Discretionary capital
2 Discretionary capital Strong cash remittances boost discretionary capital Rbn 1 Remaining portion of approved share buyback 6.1 2.31 2 2026/7 OM Bank investment (1.6) (0.7) 6.1 (0.8) 2.31 3.1 2.02 1.8 FY 2024 DC Contribution to DC Investment into Completed portion Other FY 2025 DC (Cash remitted O
Slide 32: Solvency and debt management
Solvency and debt management Strong balance sheet with significant debt capacity 3 4 OML shareholder solvency ratio Upper target OML gearing ratio Upper target % % Lower target Lower target 200 185 20% 170 155 15% 18.0 16.9 190 182 14.2 162 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 We target a
Slide 33: Return on net asset value
5 Return on net asset value Supported by higher than expected market returns Tracking against our new target 12.4% Normalised Group return on net asset value RoNAV1 % Key messages • 18.8% RoNAV excluding OM Bank - old target 17% 15% • From 2026 target will be normalised RoNAV • Shareholder investmen
Slide 34: Value, Capital, Earnings
VALUE CAPITAL EARNINGS
Slide 35: Movement in adjusted headline earnings
Movement in adjusted headline earnings Strong market performance bolstered returns Rm +26% AHE per share 1 899 251 (290) 8 263 1 112 (1 163) (231) 6 685 FY24 AHE Results from Shareholder Finance costs Other Shareholder tax Non-controlling FY25 AHE operations investment return non-controlled interest
Slide 36: Movement in IFRS earnings
Movement in IFRS earnings AHE performance and headline earnings adjustments offsetting the impact of Zimbabwe Rm +12% IFRS per share 1 578 959 8 408 7 669 (1 496) (302) FY24 IFRS AHE Zimbabwe Accounting mismatches Disposal of Nigeria FY25 IFRS earnings and other and other earnings AHE adjustments HE
Slide 37: Results from operations
Results from operations Operational growth supported by diversified business and economic variances Rm +15% RFO per share 9 821 8 709 8 343 7 310 4 384 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Life and Savings Cluster OM Bank Old Mutual Investments Old Mutual Africa Regions Old Mutual Insure Net resu
Slide 38: Old Mutual Life and Savings RFO
Old Mutual Life and Savings RFO Positive experience variances more than offsetting persistency basis change Mass and Foundation Old Mutual Finance Personal Finance Rm Rm 2 915 2 218 1 846 1 884 1 724 1 732 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 Wealth Management Corporate Rm Rm 2 191 1 135
Slide 39: Old Mutual Insure
Old Mutual Insure Continued momentum with margin growth and RFO impacted by once-off provision Continued topline growth… …margin improvement… …and profit growth Gross written premiums Net underwriting margin Results from operations Rm % Rm 23 414 21 930 2 062 20 196 6.8% 1 1 808 6.2% 524 0.3% FY 202
Slide 40: Old Mutual Investments
Old Mutual Investments Diversified business generating consistent returns through the cycle Asset Management Alternatives Specialised Finance Strong AUM growth… …supporting diversified revenue …and diversified profit outcomes AUM Annuity and non-annuity revenue Results from operations Rbn Rm Rm 1 02
Slide 41: Old Mutual Africa Regions RFO
Old Mutual Africa Regions RFO Results benefiting from elevated Malawi performance and improved East and West Africa performance Life and Savings Asset Management Banking and lending Property and casualty Malawi1 Rest of Southern Africa East and West Africa Rm Rm Rm 1 048 771 634 601 501 441 169 260
Slide 42: Delivering cost efficiencies across the Group
Delivering cost efficiencies across the Group Clear tracking and reporting of expense savings commitment Cost savings tracked through our Total R2.5 billion savings commitment tracked R450m saved in 2025 with R246m efficiency and value creation metrics and reconciled to IFRS expenses reduction in sh
Slide 43: Outlook
OUTLOOK Jurie Strydom 43
Slide 44: Group targets: progression towards new targets
Group targets Progression towards new Group targets FY 2025 FY 2025 Priority KPIs Medium-term targets Normalised Lead KPIs Reported RoGEV 14% to 16% 4.1% 10.1% Delivery of cost savings Maximisation Financial indicators Dividend per share Value 6% to 9% growth rate 3-year rolling 8%1 Persistency vari
Slide 45: Q&A Management Team
Q&A Management Team Old-mutual—south-africa OldMutualSA oldmutualsa OldMutualSA Investor Relations
Slide 46: 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