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Old Mutual Ltd on Tuesday reported ‘solid’ financial performance last year, driven by swelling assets under management and higher insurance premiums. The Anglo-South African financial services firm delivered pretax profit of R 15.49 billion in 2024, up 11% from R 13.96 billion in 2023. Insurance revenue was up 6.4% to R 72.66 billion from R 68.26 billion, while non-insurance revenue and income was R 17.72 billion, up 13% from R 15.71 billion. Funds under management was R 1.461 trillion on December 31, up 9.8% from R 1.331 trillion at the end of the previous year, reflecting strong performance in equities and money market assets, predominantly in South Africa, Malawi and Kenya. Old Mutual attributed an 8.7% increase in gross flows to R 216.19 billion from R 198.86 billion to ‘excellent’ inflows in Wealth Management, Old Mutual Investments and Old Mutual Africa Regions. But net client cash outflow amounted to R 21.5 billion in 2024, compared to R 7.51 billion, hurt by significant outflows in Old Mutual Africa Regions and Old Mutual Corporate. Gross written premiums grew by 7.1% to R 27.34 billion from R 25.51 billion on the back of new customer acquisitions and robust performance in the company’s alternative risk transfer and specialist business portfolios in Old Mutual Insure. Old Mutual boosted its final dividend to 52 rand cents, up 6.1% from 49 cents, lifting the total payout to 86 cents, up 6.2% from 81 cents. Earnings per share rose 11% to 176.2 cents from 158.4 cents, while headline EPS was up 22% to 202.7 cents from 165.5 cents. Old Mutual Chief Executive Officer Iain Williamson described the group’s 2024 performance as ‘solid’. Williamson said he is preparing to transition from Old Mutual after 32 years, including the past five years as CEO. Old Mutual announced last months that Williamson would take early retirement on August 31. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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