Old Mutual rewards shareholders with a ‘second interim’ dividend
Old Mutual declared what it terms a "second interim" dividend of 3.57 pence, which for its South African investors will equate to 66.5c.The life insurance group’s results for the year to end-December included a note saying that by calling it a second interim rather than final dividend, it can be paid by the end of April because it does not need shareholder approval.Along with its "first interim" dividend of 3.39p, Old Mutual’s dividend for 2017 came to 6.92p — a 22% cut from 2016’s 8.92p.The group reported on Wednesday that its total revenue jumped 68% to £10.4bn in 2017 from £6.2bn in 2016, boosted by a £5.5bn investment return from non-banking activities.Old Mutual’s after-tax profit rose 49% to £1.26bn.The results statements included directors’ remuneration, showing CEO Bruce Hemphill was paid £4.7m and chief financial officer Ingrid Johnson was paid £2.8m in 2017.Hemphill’s pay was nearly double the £2.5m he received in 2016, while Johnson’s pay rise was a more modest 7%.Old Mut...
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