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Annual Results

Old Mutual's FY IFRS pre-tax profit steady

09 March 2017 07:38

Old Mutual has booked a steady FY IFRS pre-tax profit of £1.2bn, from £1.2bn previously and including impairments.

The impairments totalled £160m and were related to Ecobank Transnational Incorporated, Old Mutual Southern and East Africa and Old Mutual Wealth Italy.

The company posted a second interim dividend of 3.39p a share, taking the total to 6.06p.

"We are delivering on our promises: we sold down part of our stake in OM Asset Management, materially reduced our debt, cut head office costs and made significant strides in preparing the businesses for independence," said CEO Bruce Hemphill in a statement.

"While the macroeconomic conditions have been tough in 2016, our businesses have performed resiliently, with a stronger performance in the second half, demonstrating the underlying strengths of the franchises," he added.

"We expect 2017 to be a year characterised by the hard work required to get the businesses ready for separation in 2018. We are confident that the managed separation will unlock and deliver long-term shareholder value."

For the FY, adjusted net asset value (NAV) was at 228.6p a share, from 178.9p previously, due to favourable currency movements and an increase in the market value of Nedbank.

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