OLD MUTUAL LIMITED - Old Mutual trading statement for the period ended 30 June 2022

Old Mutual trading statement for the period ended 30 June 2022

Old Mutual Limited
Incorporated in the Republic of South Africa
Registration number: 2017/235138/06
ISIN: ZAE000255360
LEI: 213800MON84ZWWPQCN47
JSE Share Code: OMU
LSE Share Code: OMU
NSX Share Code: OMM
MSE Share Code: OMU
ZSE Share Code: OMU
("Old Mutual" or “Company” or “Group”)


Ref 37/22
11 August 2022

OLD MUTUAL TRADING STATEMENT FOR THE PERIOD ENDED 30 June 2022

Investors are advised that Old Mutual is currently in the process of finalising
its interim results for the period ended 30 June 2022 ("current period"), which
will be released on the Stock Exchange News Service of the JSE Limited on Tuesday,
30 August 2022. This trading statement provides an indication of a range for
headline earnings per ordinary share (HEPS) and earnings attributable to equity
holders of the Group per ordinary share (EPS) in terms of paragraph 3.4(b) of
the JSE Limited Listings Requirements compared to the period ended 30 June 2021
("comparative period").

Investors are advised that the Group’s key profit measures are expected to be
within the ranges outlined below:

                                                                       Unaudited
                                                                     results for
                                                                      six months
 Key Performance Indicators                                                ended
 (R    million   unless   stated       Estimated        Estimated
 otherwise)                             % change     30 June 2022 30 June 2021
 Results from Operations (RFO)         77% - 97%    3 878 – 4 316         2 190
 Adjusted    Headline   Earnings
 (AHE)                                (17%) – 3%    2 400 – 2 980         2 899
 AHEPS (cents)¹                       (17%) – 3%      52.9 – 65.6          63.4
1 AHEPS defined as AHE divided by the weighted average number of ordinary shares

(WANS) adjusted to reflect the Group's B-BBEE shares and shares held in
policyholder and consolidated investment funds.

Investors are reminded that in H1 2021 AHE included the equity accounted earnings
from our strategic equity investment in Nedbank which was unbundled in November
2021. The 12.2% stake in Nedbank that was distributed contributed R646 million
of the R2 899 million of AHE in the comparative period.
HEPS and Basic EPS are expected to fall within the ranges outlined below:

                                                                             Unaudited
                                                                           results for
                                                                            six months
Key Performance Indicators                                                       ended
(R    million   unless    stated         Estimated           Estimated
otherwise)                                % change        30 June 2022    30 June 2021
IFRS     profit    after     tax
attributable to equity holders
of the parent                            65% - 85%        4 924 – 5 520          2 984

Basic EPS (cents)                        64% - 84%        111.3 – 124.9           67.8

Headline Earnings                        53% - 73%        4 824 – 5 455          3 155

HEPS (cents)                             52% - 72%        109.1 – 123.4           71.7


Headline earnings is higher than AHE, as AHE excludes earnings from operations
in Zimbabwe, adjustments in respect of equity and debt instruments held in life
funds as well as the impact of restructuring.     The movement between Headline
Earnings and AHE was primarily driven by the deferred tax associated with the
unbundling of Nedbank in the comparative period as well as an increase in respect
of equity and debt instruments held in life funds.

The financial information in this trading statement is the responsibility of the
Old Mutual Limited Board of Directors and has not been reviewed or reported on
by the Group’s external auditors.


Sandton
Sponsors
 JSE                          Merrill Lynch South Africa (Pty) Limited t/a BofA
                              Securities
Namibia                       PSG Wealth Management (Namibia) (Proprietary)
                              Limited
Zimbabwe                      Imara Capital Zimbabwe plc
Malawi                        Stockbrokers Malawi Limited

Enquiries
 Investor Relations
 Sizwe Ndlovu                 T: +27 (0)11 217 1163
 Head of Investor Relations   E: tndlovu6@oldmutual.com

Communications
Vuyo Mtawa                    M: +27 68 422 8125
Head: Group Communications    E: VMtawa@oldmutual.com

Notes to Editors
About Old Mutual Limited
Old Mutual is a premium African financial services group that offers a broad
spectrum of financial solutions to retail and corporate customers across key
market segments  in 14 countries. Old Mutual's primary operations are in South Africa and the Rest
of Africa and it has a niche business in Asia. With over 177 years of heritage
across sub-Saharan Africa, Old Mutual is a crucial part of the communities they
serve and the broader society on the continent.

For further information on Old Mutual and its underlying businesses, please visit
the corporate website at www.oldmutual.com.

Date: 11-08-2022 07:05:00
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