daniel chigunwe
JSE-listed financial services group Old Mutual expects headline earnings per share for the six months ended 30 June 2024 to be between 33 percent and 43 percent higher than in 2023.
In a trading statement published on Sens on Tuesday, the group said it foresees headline earnings per share of between 128,7 cents and 138,4 cents per share, compared to 96,8 cents in the corresponding period a year ago.
Adjusted headline earnings per share are expected to be between 2 percent and 12 percent higher.
The group notes that the expected increase was “bolstered by increased shareholder investment returns as a result of improved performance in South African equities”.
However, the strong operational performance in Old Mutual Insure, Old Mutual Corporate, and the Mass and Foundation Cluster was offset by lower life profits in personal finance.
“(This was) primarily driven by an increased number of large claims, and higher central costs compared to the prior period, but in line with our expectations . . . ”
Old Mutual’s results from operations (RFO) — its primary measure of the operating business performance of the group’s segments — are expected to be between 8 percent lower and 2 percent higher than the corresponding period a year ago.
Old Mutual will announce its interim results on Thursday, 26 September. — Moneyweb
Bongani Ndlovu