OUTsurance Group (OUT) H2 2025 earnings summary

Executive summary

• Strong organic growth across all core markets, with premium inflation moderating but remaining above CPI due to structural factors like climate change and technology.

• Strategic focus on core products, channel optimisation, and system modernisation to drive future growth and cost efficiency.

• OUTsurance Ireland gaining traction as a challenger brand, with expected break-even by FY2029.

• Group structure simplification and non-core asset monetisation underway, aiming for better alignment between management and shareholders.

• Favourable claims environment and disciplined cost management supported profitability.

Financial highlights

• Group normalised earnings up 33.7% to R4.728 billion; normalised ROE improved to 33%.

• Gross written premium grew 16.8% to R38.78bn; net earned premium up 18.4%.

• Ordinary dividend per share up 36.2% to 237.6c; special dividend of 33.1c declared.

• OUTsurance Holdings normalised earnings up 29.6%; ROE improved from 30.7% to 36.4%.

• Operating profit for property & casualty rose 28.3% to R5.69bn.

Outlook and guidance

• Confident in sustaining mid-teens premium growth over the next five years, driven by strong organic growth and market share gains, especially in Australia.

• Focus on cost efficiency, system upgrades, and profitable channel growth.

• OUTsurance Ireland expected to reach monthly break-even by FY2029.