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Old Mutual Ltd on Tuesday reported steep outflows for the first nine months of this year, though the company witnessed strong inflows into the African markets in which it operates. The Anglo-South African financial services firm said net outflows tripled to R 6.68 billion for the nine months that ended September 30, from R 2.00 billion a year earlier. Over this period, gross flows were essentially flat at R 168.99 billion for the nine months, compared to R 168.17 billion, supported by strong flows in Old Mutual Africa Regions. The increase in Old Mutual Africa Regions was driven by higher international fund inflows into money market products in Namibia, strong unit trust inflows in Uganda and Kenya, and increased inflows in Malawi due to new business. Life annual premium equivalent sales were up 1.0% to R 10.16 billion from R 10.10 billion, thanks to strong risk sales across all distribution channels in the mass & foundation business unit, partially offset by lower guaranteed annuity sales in the personal finance business unit of Old Mutual Life & Savings. Gross written premiums for nine months were 5.2% higher at R 21.82 billion from R 20.74 billion. Loans and advances were down 1.4% to R 18.51 billion from R 18.76 billion. Going forward, Old Mutual said it remains committed to keep costs under control over the medium term. Shares in Old Mutual were down 2.5% to R 13.53 on Tuesday afternoon in Johannesburg, and they fell 3.2% to 60.00 pence in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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