Slide 1: 2026 Interim Results
2026 INTERIM RESULTS INSURE | BANK | INVEST
Slide 2: Agenda
AGENDA 1 Strategic update and operational overview Jurie Strydom, Group CEO 2 Financial review Casper Troskie, Group CFO 3 Outlook Jurie Strydom, Group CEO 4 Q&A Management team
Slide 3: CFO Succession
CFO Succession Ranen Thakurdin Fellow of Actuarial Society of South Africa, BBusSc, MBA (UCT), FRM, CFA CFO Old Mutual Limited and OMLACSA Designate Effective Date: 1 January 2027 Succeeds Casper Troskie, effective 1 April 2027 Group CFO Old Mutual Limited and OMLACSA Board member Experience: 18 yea
Slide 4: H1 2026 Highlights
H1 2026 HIGHLIGHTS Jurie Strydom INSURE | BANK | INVEST
Slide 5: H1 2026 highlights
H1 2026 highlights 12.7% 40 cents R1 billion +860 bps +8% Return on group equity Interim dividend value1 per share Share buyback VALUE Target: 14 to 16% Target: 6 to 9%, 3-year rolling MAXIMISATION 7.6% 1.4% 12.6% (210 bps) +10 bps +70 bps Net underwriting Value of new business Normalised return on
Slide 6: Strategic Execution
STRATEGIC EXECUTION Jurie Strydom INSURE | BANK | INVEST
Slide 7: 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 in Establish the right to win Evaluate and pivot South African businesses Southern Africa for OM Bank on growth markets Earn the
Slide 8: Recap on Group targets
Recap on Group targets Group targets Priority KPIs Medium-term targets Execution proof points RoGEV Delivery of cost savings 14% to 16% Value Financial indicators Maximisation Dividend per share 6% to 9% growth rate 3-year rolling Persistency variances Normalised New business volumes 15% to 17% RoNA
Slide 9: Progress on execution
Progress on execution Towards meeting and exceeding our Group targets Delivery of cost • Delivered cumulative R936 million in net cost savings against FY 2024 expense base savings • On track to meet our R2.5 billion cost savings target by FY 2027 • Decisive action on distribution incentives and area
Slide 10: OM Bank as Old Mutual ecosystem anchor
OM Bank as Old Mutual ecosystem anchor South African retail ecosystem New Old Mutual relationships 7 245 EXISTING retail intermediaries 7 million OLD MUTUAL POINTS OF RELATIONSHIPS PRESENCE 357 customers branches 40 334 Old Mutual worksites Banking Old Mutual Old Mutual Life and Savings Insure Life
Slide 11: Old Mutual Banking
Old Mutual Banking From establishing the right to win to contesting the banking profit pool H1 2026 delivery FY 2028 targets 1 • Bundled rewards and pricing adjustments Grow active 742k1 • Extend value-added services OM Bank customers 2.5m – 2.8m customers and NIR • Enhance non-advice funeral propos
Slide 12: Operational Overview
OPERATIONAL OVERVIEW Jurie Strydom INSURE | BANK | INVEST
Slide 13: Old Mutual Life and Savings
Old Mutual Life and Savings Double-digit growth in Life APE sales R6.6 billion R77.9 billion R1.2 trillion 21% 9% 7% Funds under Life APE sales 1,2 Gross flows 1 management1 H1 2025: R5.4bn H1 2025: R71.2bn FY 2025: R1.1trn R449 million 1.2% 47% 20 bps VNB VNB margin H1 2025: R306m H1 2025
Slide 14: Old Mutual Life and Savings
Old Mutual Life and Savings Strong growth in sales with a tilt towards savings and investments Wealth Management Personal Finance Total retail sales on APE comparable basis (Rm) Total retail sales on APE comparable basis (Rm) VNB VNB margin 0.7% 0.8% 1.1% margin 0.7% (0.1%) (0.1%) (covered) (covered
Slide 15: Old Mutual Life and Savings
Old Mutual Life and Savings Mass VNB margin remains under pressure with significant management actions underway Mass and Foundation Old Mutual Corporate Life APE sales1 (Rm) Life APE sales (Rm) VNB 8.6% 4.5% margin VNB margin VNB excl. credit life 2.9% 2.5% 0.7% 1.3% 1.8% margin 5% 92% 116 31 35 Goo
Slide 16: Old Mutual Banking
Old Mutual Banking Cluster integration is on track, enabling us to offer a wider banking proposition Gross retail deposits (Rm) Gross loans and advances1 (Rm) Results from operations1 (Rm) Cluster RFO by FY 2028: R0 – R200m • OM Bank monthly break-even by FY 2028 357 R209m (H1 2026) R151m (H1 2026)
Slide 17: Old Mutual Investments
Old Mutual Investments Strong flows momentum across Asset Management and Alternatives Assets under management1 (Rbn) Gross flows (Rm) 48% 485 313 Assets under management remained flat, highlighting resilient investment Gross flows increased by 48% mainly due to a strong new business activity, perfor
Slide 18: Old Mutual Insure
Old Mutual Insure Underwriting margin at the upper end of target despite elevated catastrophe claims Gross written premiums (Rm) Net underwriting result (Rm) Net underwriting 5.9% 9.7% 7.6% margin 5% Claims ratio 53.6% 47.2% 50.3% (18%) Premiums grew by 5%, supported by well diversified portfolio. C
Slide 19: Old Mutual Africa Regions
Old Mutual Africa Regions Continued focus on improving margins and returns Life APE sales (Rm) Gross written premium (Rm) Net VNB 2.3% 0.3% 2.0% underwriting (2.1%) (5.5%) (1.3%) margin1 margin (7%) 35% Sales increased by 35% due to strong growth in Malawi, Kenya and Premiums declined by 7% with gro
Slide 20: Financial Review
FINANCIAL REVIEW Casper Troskie INSURE | BANK | INVEST
Slide 21: Earnings Value Capital
EARNINGS VALUE CAPITAL INSURE | BANK | INVEST
Slide 22: Results from operations
Results from operations Robust underlying operating profits supported by diversified business Rm +11% RFO per share 1 H1 2025 has been restated for operating model changes effective 1 January 2026 22
Slide 23: Old Mutual Life and Savings
Old Mutual Life and Savings Robust underlying results from operations Rm 4% 1 H1 2025 has been restated to reflect the transfer of Old Mutual Finance and Old Mutual Transaction Services to Old Mutual Banking and certain operations from Old Mutual Corporate to Other Group Activities 2 Wealth Manageme
Slide 24: Old Mutual Investments
Old Mutual Investments Revenue growth translating into stronger operating results Diversified revenue stream... ...Supporting profit growth through the cycle Annuity and non-annuity revenue1,2 Results from operations1,2 Rm Rm 40% 16% 1 H1 2025 has been restated to reflect the transfer of Specialised
Slide 25: Old Mutual Insure
Old Mutual Insure Strong results despite large weather-related and credit losses Results from operations build up Net underwriting margin Rm % (210 bps) (25%) 8% 5% H1 2024 H1 2025 H1 2026 H1 2024 H1 2025 H1 2026 Net underwriting result Investment return on insurance funds1 Other1,2 Upper targ
Slide 26: Old Mutual Africa Regions
Old Mutual Africa Regions RFO benefiting from prevailing inflationary conditions in Malawi Old Mutual Africa Regions1 65% Southern Africa 27% Rm Rm 49% Malawi 2 East and West Africa Rm Rm >100% ◼ Life and Savings ◼ Asset Management ◼ Banking and Lending ◼ Property and Casualty ◼ Other 1 Old Mutual A
Slide 27: Old Mutual Africa Regions – Zimbabwe
Old Mutual Africa Regions – Zimbabwe Update: positioning Zimbabwe for contribution to Group earnings and shareholder value 1 Background to Zimbabwe ring fencing Adjusted headline earnings Rm >100% • Fungibility constraints and local currency volatility • Ring-fenced since 2019 and excluded from Grou
Slide 28: Net result from group activities
Net result from group activities Lean centre driving reduction in shareholder operational costs Rm Income Expenses +45 +225 Net result1 (501) (690) (434) 1 H1 2025 has been restated to reflect the transfer of Specialised Finance from Old Mutual Investments and certain operations from Old Mutual Corp
Slide 29: Delivering cost efficiencies across the Group
Delivering cost efficiencies across the Group On track to deliver on cost savings commitment Controllable expenses – FY 2024 to FY 2025 Achieved savings of R936m Rm against 2024 expense base 14 144 13 746 Controllable expenses – H1 2025 to H1 2026 Rm 29
Slide 30: Movement in adjusted headline earnings
Movement in adjusted headline earnings Shareholder investment returns driving reduction in earnings Rm 30
Slide 31: Movement in IFRS earnings
Movement in IFRS earnings Zimbabwe and accounting mismatches partially offsetting reduction in AHE Rm AHE adjustments HE adjustments 31
Slide 32: Earnings Value Capital
EARNINGS VALUE CAPITAL INSURE | BANK | INVEST
Slide 33: Group equity value
Group equity value Growth in Covered and Property and Casualty businesses partially offset by share buybacks 4.1% 12.7% RoGEV FY 2025 H1 2026 R19.80 GEV per share R20.66 Rbn Rbn Closing GEV 92.9 Less: Opening GEV 92.5 Plus: Return to shareholders 4.6 Remove: Economic variances 0.8 Adjusted GEV earni
Slide 34: Embedded value
Embedded value Growth driven by existing and new business contributions and positive risk experience Rbn 15.3% Annualised return on embedded value1 R4.8bn Operating embedded value earnings 1 The annualised return on embedded value calculation does not annualise assumptions and model changes 34
Slide 35: Value of new business
Value of new business Strong sales and profitable new business mix driving improvement in value of new business Drivers of new business profitability Value of new business Rm VNB 2.4% 1.3% 1.4% margin 32% 35
Slide 36: Contractual service margin
Contractual service margin Allocation within expected range Rbn Predictable Not predictable Expected annualised range of future CSM allocation to P&L: 8% – 12% 36
Slide 37: Earnings Value Capital
EARNINGS VALUE CAPITAL INSURE | BANK | INVEST
Slide 38: Capital allocation framework
Capital allocation framework Horizon 1 – prioritise capital returns with a higher strategic hurdle for investments Illustrative normalised RoNAV trajectory UNLOCKING VALUE GENERATING GROWTH Horizon 1 Horizon 2 Horizon 3 (RoNAV below range) (RoNAV within range) (RoNAV above range) 17% Target Range 15
Slide 39: Cash remitted from subsidiaries
Cash remitted from subsidiaries Sustained cash generation in line with target ratio and strong remittances expected in H2 Rm H1 2026 H1 2025 OMLACSA 1 2501 4 000 Old Mutual Investments 788 463 Old Mutual Finance 365 350 Old Mutual Insure 450 450 Old Mutual Residual plc 113 — Central working capital
Slide 40: Discretionary capital
Discretionary capital Discretionary capital deployed in line with the capital horizons framework Rbn 1 Committed investment into OM Bank in 2026 & 2027 2 R1bn allocated to approved 2.31 share buyback 2.31 1 2.02 2 1 1.8 OMLACSA’s R4bn declared dividend expected to contribute at least R2bn in H2 40
Slide 41: Normalised return on net asset value
Normalised return on net asset value Robust operating performance driving the growth in normalised RoNAV Normalised return on net asset value1 10.9% RoNAV 17% Upper target 15% Lower target 1 Normalised return on net asset value adjusts shareholder investment returns on investable assets backing capi
Slide 42: Solvency and debt management
Solvency and debt management Solvency remains robust and debt within target range with available capacity OML shareholder solvency ratio Upper target OML gearing ratio Upper target % % Lower target Lower target 185 20% 155 15% The OML Shareholder solvency ratio remains within the We target a 15 to 2
Slide 43: Revised solvency operating range
Revised solvency operating range OML and OMLACSA solvency operating range updates OML shareholder solvency operating range1 OMLACSA operating range1 % % 200 185 180 180 165 155 150 150 Current bounds Revised bounds The update to the solvency operating ranges are reflective of the prevailing market d
Slide 44: Outlook
OUTLOOK Jurie Strydom INSURE | BANK | INVEST
Slide 45: Outlook and reflections
Outlook and reflections Growing confidence in growth and execution Priority KPIs Medium-term targets FY 2025 HY 2026 Execution proof points Delivery of cost RoGEV 14% to 16% 4.1% 12.7% savings Financial indicators Dividend per share 6% to 9% Persistency growth rate 3-year rolling 8.1% 1 8.1% 1 varia
Slide 46: Q&A Management team
Q&A Management team INSURE | BANK | INVEST
Slide 47: Investor relations programme
Investor relations programme Meet our management 8 – 9 September Sell side analyst one-on-ones Johannesburg 14 – 15 September RMB Big 5 Conference Cape Town 21 October UBS SA Financials Conference Cape Town 30 November – 1 December London Management Roadshow London Contact us Follow us investorrelat
Slide 48: 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