Interim Results 2017

Interim results announcement

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Summary financial results

Reported results

  • Pre-tax adjusted operating profit (AOP) of 969 million (H1 2016: 708 million), up 37%
  • IFRS pre-tax profit of 940 million (H1 2016: 534 million); including profit on disposal of OMAM of 108 million and goodwill impairment of 71 million in respect of UAP-Old Mutual in East Africa
  • AOP earnings per share (EPS) of 10.6p (H1 2016: 8.0p) up 33%, basic EPS of 11.0p (H1 2016: 5.7p)
  • Adjusted Net Asset Value (NAV) at 220.1p per share (FY 2016: 228.6p per share)
  • 2017 first interim dividend of 3.53p up 32% and in line with our capital management policy

Constant currency business results (pre-tax and NCI)

  • Old Mutual Wealth (OMW) AOP 134 million up 29%. Strong Net Client Cash Flow (NCCF) growth, up 53%
  • Nedbank AOP of R7.9 billion up 3%, managed operations (ex-ETI) up 10%. Outlook for ETI is improving, strong performance in South Africa in the circumstances
  • Old Mutual Emerging Markets (OMEM) AOP R6.0 billion up 1%. Turnaround in P&C, re-priced Corporate book and improving East Africa, overall a resilient performance
  • OM Asset Management (OMAM) reported its pre-tax economic net income (ENI) at $115 million, up 27%. Now an independent business, demonstrating margin progression

Old Mutual plc is a public company limited by shares, incorporated in England and Wales under registered number 3591559.
Registered Office: 5th Floor, Millennium Bridge House, 2 Lambeth Hill, London EC4V 4GG.

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