Old Mutual Ltd. · JSE:OMU
Old Mutual — H1 2017 Earnings Presentation
15 slides from Old Mutual's earnings presentation, Aug 11, 2017
Slide 1: Appendices
APPENDICES 11 August 2017 INVESTMENT | SAVINGS | INSURANCE | BANKING
Slide 2: Index to Appendices
INDEX TO APPENDICES Appendix 1 Plc Performance Slides A3-A7 Appendix 2 Capital/Treasury Slides A8-A10 Appendix 3 Solvency II Slides A11-A12 Appendix 4 Businesses Slides A13-A15 - Old Mutual Emerging Markets (slides A14-A15) A2
Slide 3: Appendix 1: Plc Performance
APPENDIX 1 PLC PERFORMANCE INVESTMENT | SAVINGS | INSURANCE | BANKING
Slide 4: Adjusted NAV
ADJUSTED NAV1 £m 30 Jun 31 Dec 2017 2016 As at 30 June 2017: £10,857m, 220.1p (31 Dec 2016: £11,271m, 228.6p) Open books3 2,106 2,112 UK Heritage4 510 497 £’m % p Old Mutual Wealth 2,616 2,609 251 2% 5.1 30 Jun 31 Dec 2 £m OMAM 2017 2016 Life & Savings4 3,695 3,488 2 3,175 30% 64.4 Nedbank Asset Man
Slide 5: Reconciliation of IFRS NAV to Adjusted NAV
RECONCILIATION OF IFRS NAV TO ADJUSTED NAV (£m): 30 JUNE 2017 (34) 1,986 75 218 579 Adjustments 10,857 Adjustments Emerging Markets £1,824m 8,033 Nedbank £656m OM Wealth OMAM £9m (UK Heritage)1 £162m Debt (£86m) Group IFRS NAV (Equity) Add Life Fund Market value Uplift for excess shares Life Insuran
Slide 6: Movement in Adjusted NAV
MOVEMENT IN ADJUSTED NAV (£m) 228.6p (1.1p) (9.0p) 0.3p 4.7p (3.4p) 220.1p (55) 237 (166) (446) 16 £11,271m 10,715 10,731 £10,857m 10,269 Adjusted NAV at Change in currency Change in Nedbank Value generated from General business Old Mutual plc cash Adjusted NAV at 31 Dec 2016 translation 1 share pri
Slide 7: Profile of IFRS Equity, Adjusted NAV, and AOP
PROFILE OF IFRS EQUITY, ADJUSTED NAV, AND AOP H1 2017 FY 2016 Equity Equity Implied attributable to Adjusted AOP post-tax & attributable to Adjusted AOP post-tax & Implied Multiple equity holders NAV NCI equity holders NAV NCI Multiple (Annualised) £m of the parent of the parent Old Mutual Emerging
Slide 8: Appendix 2: Capital / Treasury
APPENDIX 2 CAPITAL / TREASURY INVESTMENT | SAVINGS | INSURANCE | BANKING
Slide 9: Liquidity & Debt
LIQUIDITY & DEBT IFRS value of PLC debt 31 Dec 2016 30 Jun 2017 31 Dec 2016 30 June 2017 Tier 1 £273m - Tier 26 £1,017m £1,027m Liquidity headroom (£bn)1 1.5 1.7 Total £1,290m £1,027m Total IFRS value of debt (£m)2 2,091 1,437 IFRS value of OMLACSA debt Gross gearing (IFRS basis)3 15.9% 11.6% 31 Dec
Slide 10: Old Mutual Group Company Ratings
OLD MUTUAL GROUP COMPANY RATINGS1 Moody’s Fitch S&P Republic of South Africa • Sovereign rating Baa3 (neg) BB+ BB+ (neg) Old Mutual plc • Senior debt rating Ba1 (neg) BBB- n/a • T2 debt rating Ba2 (neg) BB n/a • Short-term debt rating Not Prime F3 n/a OMLAC (SA) • National insurance financial streng
Slide 11: Appendix 3: Solvency II
APPENDIX 3 SOLVENCY II INVESTMENT | SAVINGS | INSURANCE | BANKING
Slide 12: Solvency II – Developments in H1 2017
SOLVENCY II – DEVELOPMENTS IN H1 2017 Restricted surplus is mainly the loss-absorbing £2.0bn surplus from South Africa which we are not allowed to recognise due to strict Solvency II Restricted fungibility and transferability restrictions. £1.8bn surplus Restricted surplus £499m £103m (£62m) £0m (£7
Slide 13: Appendix 4: Businesses
APPENDIX 4 BUSINESSES INVESTMENT | SAVINGS | INSURANCE | BANKING
Slide 14: Old Mutual Emerging Markets: Adjusted NAV
Visit: www.oldmutual.co.za OLD MUTUAL EMERGING MARKETS: ADJUSTED NAV AOP (after tax and NCI) Adjusted NAV Implied Multiple AOP & valuation multiples (Rm) H1 2017 30 June 2017 (Annualised) Life & Savings 3,1181 62,756 10x Asset Management 435 6,351 7x Property & Casualty 237 5,290 11x Banking & Lendi
Slide 15: Old Mutual Emerging Markets: Adjusted NAV
Visit: www.oldmutual.co.za OLD MUTUAL EMERGING MARKETS: ADJUSTED NAV HY 2017 FY 2016 AOP after tax Implied Multiple AOP after tax Adjusted NAV Adjusted NAV Implied Multiple Rm & NCI (Annualised) & NCI South Africa 61,568 3,419 9x 58,682 7,519 8x Life & Savings 52,895 2,747 10x 50,298 6,2341 8x Asset