Old Mutual (OMU) H2 2025 earnings summary

Executive summary

• Group equity value per share rose 2% year-over-year to ZAR 19.80, supported by a ZAR 3 billion share buyback (ZAR 1.3 billion executed) and an 8% increase in total dividend per share to 93 cents.

• Achieved ZAR 450 million in cost savings in 2025, progressing toward a ZAR 2.5 billion multi-year target by 2026.

• Strategic focus on unlocking value, driving competitiveness in South Africa, building profitable scale in Southern Africa, and expanding in banking and investments.

• Delivered steady operational results during a year of strategic reset and focused execution.

Financial highlights

• RoGEV for 2025 was 4.1%; normalized for methodology and assumption changes, it would have been 10.1%.

• RONAV increased to 15.2%, up 250bps year-over-year, within the 15–17% target range.

• Adjusted Headline Earnings per share increased 26%, mainly from strong investment returns, especially in Malawi.

• Results from operations per share up 15%, with notable improvements in Old Mutual Life and Savings and Old Mutual Insure.

• Dividend per share up 8% to 93 cents, and discretionary capital nearly doubled year-on-year to ZAR 6.1 billion.

Outlook and guidance

• Medium-term targets reaffirmed: RoGEV 14–16%, dividend per share growth 6–9% (3-year rolling), RoNAV 15–17%, VNB margin 2–3%, and net underwriting margin 5–8%.

• Focused on regaining market share, improving persistency, and driving new business volumes.

• Banking cluster targeting profitability by FY 2028, with 2026 and 2027 key for OM Bank to establish scale.

• Cost savings and operational improvements expected to drive RoNAV toward the 15%-17% target range.

• Continued execution of the share buyback program as market conditions allow.