Old Mutual’s total dividend drops more than 30%
Old Mutual halved what it terms its "second interim dividend" (usually called a final dividend), reducing its total dividend for 2016 by nearly a third. The insurance group declared a 3.39p dividend for the second half of its financial year to end-December, down 46% from the 6.25p paid in the second half of 2015. This took the total dividend for 2016 to 6.06p, 32% lower than the 8.9p paid in 2015. Announcements in Thursday morning’s final results statement included that the role of former finance minister Trevor Manuel, who has chaired Old Mutual’s South African operations since May 2016, has been expanded to chair Old Mutual Emerging Markets (OMEM). The group appointed Glyn Jones as chair of its UK business, Old Mutual Wealth, along with five new nonexecutive directors. This is presumably ahead of the expected spinning-off of Old Mutual Wealth into a separately listed company. Old Mutual head hunted former Liberty CEO Bruce Hemphill in November 2015, appointing him as CEO with the ...
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