Old Mutual Ltd (ODMUF) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, everyone, and thank you for joining us today. On behalf of our board and the management team, welcome to the All Mutual Group Annual Result for the period ended 31st December 2024. I am Langa Mangaile, Head of Investor Relations for the All Mutual Group. On our agenda for today, I will begin with our Group CEO, Ian Williamson, who will kick off with an operational and strategic review. He will shortly be followed by Kasper Toski, our Group CFO, to cover the financial review. Ian will then come back to the stage to give us his concluding message. I'll then pick up from there to facilitate the questions and answer sessions. And with that, I'd like to hand over to you, Ian. Thank you. Thanks, Lange. A warm welcome, everyone, and we really appreciate your attendance today. We've delivered strong double-digit earnings growth with our key metric for distributable earnings, adjusted headline earnings per share, growing by a strong 17% to 150.6 cents per share. The return on net asset value continued to trend upwards, growing by 160 basis points to 12.7%. And excluding our investments in new growth initiatives, our RONA have improved materially to 15.6%. In line with our dividend policy, the Board has declared a final dividend per share of 52 cents, bringing our total dividend for the year to 86 cents a share, an increase of 6% year on year. Despite increased competition in our retail mass market and a constrained affluent market as well as lower corporate sales, we continue to expand our V&V margin and the value of new business margin improved by 20 basis points to 2.5%. Funds under management grew by 10% to R1.5 trillion, supported by improved equity market performance in South Africa particularly over the second half of the year. To kick off our review of perfor...