South Africa’s second-biggest insurer, Outdated Mutual Restricted, noticed its headline earnings per share soar by 28% for the yr ended 31 December 2023.
The group declared a closing dividend of 49 cents per share, with complete dividends for 2023 amounting to 81 cents per share – a rise of seven% from the prior yr.
The group’s revenue after tax for the yr underneath overview was R7.6 billion, in comparison with R5.7 billion within the earlier corresponding interval.
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Outcomes from operations elevated by 14%, whereas the insurer additionally recorded double-digit progress in gross sales of 17% throughout all its enterprise segments. The worth of latest enterprise was up by 37%, whereas gross flows and gross premiums grew by 14%.
Outdated Mutual’s return on web asset worth improved by 170 foundation factors from 2022 to 11.1%.
Outdated Mutual share worth
Within the second half of 2023, Outdated Mutual concluded a share-buyback of R1.5 billion, reflecting its deal with optimising capital allocation to reinforce returns to shareholders, the group mentioned in an announcement accompanying its outcomes announcement.
Outdated Mutual’s energetic digital customers throughout the Life and Financial savings companies reached 1.4 million, up 17% from 2022. Direct and digital distribution channels, such because the Pineapple partnership, are key to its technique as Outdated Mutual seeks to make sure accessibility via channels which might be handy to its clients, it famous.
Over the previous yr, Outdated Mutual invested R30.7 billion in renewable vitality, up from R26.7 billion in 2022. the insurer funded 39% (2.6 Gigawatts) of South Africa’s complete renewable vitality capability in 2022.
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Iain Williamson, group CEO, mentioned Outdated Mutual’s outcomes replicate its progress in constructing an built-in monetary companies enterprise.
“Our enterprise stays well-positioned for progress and continues to display its capability to generate new enterprise.”