Full Year 2024 Old Mutual Ltd Earnings Call Transcript
Key Points
- Old Mutual Ltd (ODMUF) reported a strong double-digit earnings growth with adjusted headline earnings per share increasing by 17%.
- The return on net asset value improved by 160 basis points to 12.7%, and excluding new growth initiatives, it rose to 15.6%.
- Funds under management grew by 10% to 1.5 trillion rand, supported by improved equity market performance in South Africa.
- The company declared a final dividend per share of $0.52, bringing the total dividends for the year to $0.86 per share, a 6% increase year on year.
- Old Mutual Ltd (ODMUF) successfully launched OM Bank, a digital-first bank, which is expected to be a significant growth catalyst for the company.
- The credit loss ratio deteriorated to 8.9% due to an impairment in the secured loan book.
- Persistency issues were highlighted, with management actions needed to improve collections and customer retention.
- The value of new business (VNB) decreased by 8%, coming off a high base from the previous year.
- Old Mutual Ltd (ODMUF) faced challenges in the African region, with significant inflationary pressures and weakened currencies impacting key growth markets.
- The suspension of Old Mutual's trading on the Zimbabwe Stock Exchange remains unresolved, affecting the company's operations in Zimbabwe.
Good day everyone and thank you for joining us today on behalf of our board and the management team. Welcome to the Old Mutual Group annual results for the period ended 31st December 202,024. I am Langa Mangale, 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 the strategic review. He will shortly be followed by Kasperrosky, our group CFO, to cover the Financial Review. I 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 would like to hand over to you, Ian.
Thank you.
Thanks, Lango. 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
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