Old Mutual H1 Earnings Call Highlights

Interim performance improved: Old Mutual's results from operations per share rose 11%, while ROGEV increased to 12.7% from 4.1% and the dividend rose 8%. Returns exceeded its estimated cost of capital but remained below medium-term targets.

Capital returns and efficiency advanced: The group announced an additional ZAR 1 billion share buyback after completing ZAR 2.3 billion of an earlier program. First-half cost savings reached ZAR 338 million, bringing cumulative savings to ZAR 936 million against a ZAR 2.5 billion 2027 target.

Banking expanded amid mixed operations: OM Bank had about 750,000 customers and ZAR 1.4 billion in deposits at June-end, while Old Mutual is targeting up to 2.8 million customers by 2028. Strong growth in investments and African operations was partly offset by catastrophe losses that contributed to a 25% decline in Old Mutual Insure's operating result.

Old Mutual (LON:OMU) reported improved interim operating performance for 2026, with management pointing to progress on its strategy, cost-reduction program and banking expansion while announcing a further ZAR 1 billion share buyback.

Chief Executive Officer Jurie Strydom said the insurer and financial-services group was gaining confidence that its execution plans were on track. "We are where I had hoped, and as a team, we had hoped to be at this point in our strategy," Strydom said.

The company reported return on group equity value, or ROGEV, of 12.7%, up from 4.1% at December 2025, while normalized return on net asset value rose to 12.6%. Both measures exceeded Old Mutual's estimated cost of capital of about 12.5%, although they remained below the company's medium-term targets of 14% to 16% for ROGEV and 15% to 17% for normalized RONAV.

Results from operations per share increased 11%, within the company's newly signaled sustainable growth range of 10% to 14% based on its 2025 base. Group equity value per share rose to ZAR 20.66. Old Mutual increased its dividend by 8%, within its stated 6% to 9% growth range.

Old Mutual announced an additional ZAR 1 billion share repurchase, which Strydom said reflected management's confidence in the group's value relative to its group equity value. The company had already completed the remaining ZAR 2.3 billion of a prior ZAR 3 billion buyback during the period.