Old Mutual, whose half-year earnings dropped by two-thirds, is unlikely to show meaningful recovery for another year as it forecast worsening Covid-19 death claims and weak demand for insurance products in an economy expected to suffer its deepest contraction since the 1930s.

CEO Iain Williamson, who took over permanently in July after leading the company for over a year on a temporary basis, said it was possible that even by the end of 2021, "we’re not quite back where we were at the end of 2019"...