INTERIM RESULTS
Investors eye Old Mutual progress
Old Mutual investors will focus on progress made with the managed separation process
Insurer Old Mutual is expected to revise its outlook for the 2017 year on Friday, when it announces the group’s results for the six months to end-June. On announcing its full-year results for 2016 in March, CEO Bruce Hemphill said its South African-based emerging markets business saw the economic outlook improving, but expected customers to remain under pressure. Banking subsidiary Nedbank would report diluted headline earnings in excess of nominal GDP in 2017. Last week, Nedbank reported its first contraction in earnings since the global financial crisis as associate Ecobank Transnational weighed on earnings. Diluted headline earnings per share had fallen 3.7% to 1,078c, below SA’s first-quarter GDP contraction of 0.7%. Old Mutual Emerging Markets’ performance is less clear, as it is one of the unlisted units of the group. But if competitors Sanlam and Liberty are anything to go by, it is in for a hard time in its largest segment. In June, Sanlam said discretionary single-premium b...
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