OLD MUTUAL LIMITED - Old Mutual Voluntary Operating Update for the Quarter ended 31 March 2025

Old Mutual Voluntary Operating Update for the Quarter ended 31 March 2025

Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
ISIN: ZAE000255360
LEI: 213800MON84ZWWPQCN47
JSE Share Code: OMU
JSE Alpha Code: OMLI
LSE Share Code: OMU
NSX Share Code: OMM
MSE Share Code: OMU
ZSE Share Code: OMU
("Old Mutual" or "Group")


Ref: 17/25
29 May 2025


OLD MUTUAL VOLUNTARY OPERATING UPDATE FOR THE QUARTER ENDED 31 MARCH 2025

The global economy continues to experience significant uncertainty with the risk of rising trade barriers
reducing demand and triggering new inflationary pressures. Global GDP growth showed signs of
moderation, with projections for 2025 revised slightly downward.

In South Africa, investor sentiment was dampened by uncertainty over the stability of the Government
of National Unity and the impact of US tariffs on exports. Inflation decelerated to 2.7% year-on-year in
March 2025, but higher interest rates continue to strain consumer credit affordability, impacting
persistency.

Our Old Mutual Africa Regions markets experienced mixed macro performance in the first quarter of
2025, driven by tariffs, the withdrawal of donor funding, inflationary pressures and currency volatility.


Financial key performance indicators for the quarter ended 31 March 2025

The table below sets out certain key performance indicators for the quarter ended 31 March 2025
compared to the quarter ended 31 March 2024 ("prior period").

 Key Performance Indicators                                  31 March 2025       31 March 2024                change
 (R million unless otherwise stated)
 Life APE sales                                                      3 095               3 170                  (2%)
 Gross flows (1)                                                    53 208              50 178                   6%
 Net client cash flow                                               (4 834)                166               (>100%)
 Loans and advances(2)                                              18 672              18 761                  (0%)
 Gross written premiums                                              7 448               6 936                   7%

(1) The prior period amounts for Old Mutual Investments were re-presented to include institutional products that are
an alternative to bank deposits on a net flow basis
(2) Comparative amounts represent 31 December 2024 ("FY2024") balance sheet amounts


Life APE sales was marginally lower than the prior period, primarily due to a decrease in guaranteed
annuities sales in Personal Finance, in line with the overall market decline resulting from a drop in yields.
The non-repeat of significant savings sales secured in the prior period in Old Mutual Corporate further
contributed to reduced sales. Large corporate sales are lumpy by nature with long and sometimes
unpredictable lead times. This was partially offset by good risk sales across all distribution channels in
Mass and Foundation Cluster as well as strong corporate sales in Old Mutual Africa Regions, particularly
in Namibia and Malawi.

Gross flows increased by 6% from the prior period. This was mainly driven by strong inflows in Wealth
Management across the local and offshore platforms, Private Clients and Cash and Liquidity Solutions.
Old Mutual Africa Regions reported higher asset management inflows into the international US dollar
fund in Namibia, following the strengthening of the US dollar. These were partially offset by reduced
inflows in Old Mutual Investments, particularly in the Equity and Multi-Asset capability, where the prior
period included a large client inflow. Additionally, Old Mutual Corporate experienced lower inflows due
to the non-repeat of significant savings flows recorded in the prior period.

Despite good growth in gross flows, net client cash outflow was adversely impacted by significant
outflows in Old Mutual Investments and Old Mutual Corporate. Old Mutual Investments reported low-
margin indexation outflows of R6.4 billion from a large offshore investor that continues to restructure their
existing investment mandate. Higher outflows in Old Mutual Corporate were attributable to terminations
of R3.6 billion in respect of the exit of unprofitable business on an investment platform.

Loans and advances remained consistent with the prior period, in line with our cautious lending strategy.

Gross written premiums grew by 7%, mainly due to fee increases in Old Mutual Insure, particularly in the
Specialty business. Old Mutual Insure delivered growth of 12% in gross written premiums, with an
underwriting margin well above the upper end of our 4-6% target range, coupled with strong investment
performance. The growing diversity of insurance revenue makes Old Mutual Insure increasingly resilient
with respect to claims correlated to climate change. In Old Mutual Africa Regions, gross written
premiums were lower than the prior period due to lower renewals and the impact of discontinued
operations from the Nigeria business, which was disposed of in June 2024 following our perimeter review.

The launch of OM Bank remains on track, with internal customers actively refining processes and
enhancing the service experience ahead of the public rollout later this year.

We ceased to apply hyperinflation accounting for Zimbabwe for FY2024 following the change in
functional currency from ZiG to the US dollar. Consequently, we expect reduced transfers to the foreign
currency translation reserve in the future. IFRS profits and headline earnings arising from Zimbabwe are
expected to reduce, with no impact on adjusted headline earnings. We expect a limited impact on the
net asset value of the Zimbabwean business.

Amid ongoing economic uncertainty and constrained household disposable income, we have not seen
an improvement in Mass and Foundation Cluster persistency and we continue to closely monitor the
impact on our economic recovery reserves. We will reassess the need to strengthen our persistency basis
as at 30 June 2025.

The regulatory solvency ratio for Old Mutual Life Assurance Company (South Africa) Limited
("OMLACSA") remains strong, at the upper end of our target range while the Group shareholder
solvency ratio remains well within our target range.


Investor engagement

Investors are invited to participate in a conference call to address matters related to this voluntary
operating update on 2 June 2025 at 14:30 pm, SAST. Investors and media may register on the following
link:
Diamond Pass Registration

Please note that registered participants will receive their dial in number upon registration. We advise
callers to dial in at least five minutes before the conference call starts. A recorded playback will be
available for 3 days after the conference call. The replay can be accessed in the following link:
https://services.choruscall.com/ccforms/replay.html

Access numbers for recorded playback:
Access code for recorded playback: 47521
 South Africa            +27 10 500 4108
 UK                      +44 203 608 8021
 Australia               +61 73 911 1378
 USA                     +1 412 317 0088
 International           +27 10 500 4108

The financial information in this voluntary operating update including forward-looking statements is the
responsibility of the Old Mutual Board of Directors and has not been reviewed or reported on by the
Group's external auditors.

Sandton

Sponsors
JSE                                  Equity Sponsor: Tamela Holdings (Proprietary) Limited
                                     Debt Sponsor: Nedbank Corporate and Investment Banking, a
                                     division of Nedbank Limited
Namibia                              PSG Wealth Management (Namibia) (Proprietary) Limited
Zimbabwe                             Imara Capital Zimbabwe plc
Malawi                               Stockbrokers Malawi Limited

Enquiries

Investor Relations
Langa Manqele                        M: +27 82 295 9840
Head of Investor Relations           E: investorrelations@oldmutual.com


Communications
Wendy Tlou                           M: +27 82 906 5008
Chief Communications
and Reputation Officer               E: oldmutualnews@oldmutual.com


Notes to Editors
About Old Mutual
Old Mutual is a premium African financial services group that offers a broad spectrum of financial
solutions to retail and corporate customers across key market segments in 12 countries. Old Mutual's
primary operations are in Africa and it has a niche business in China. With over 180 years of heritage
across sub-Saharan Africa, Old Mutual is a crucial part of the communities it serves as well as broader
society on the continent.


                                                                                                       
For further information on Old Mutual and its underlying businesses, please visit the Corporate website at
www.oldmutual.com




                                                                                                         

Date: 29-05-2025 05:45:00
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