Old Mutual Posts Resilient Q1 2025 Performance Amid Economic Headwinds

Old Mutual  has released its voluntary operating update for the first quarter of 2025, highlighting stable operational performance despite ongoing macroeconomic challenges in South Africa and across its Africa Regions markets.

The Group reported a 6% increase in gross flows to R53.2 billion, driven by robust inflows in Wealth Management and offshore platforms. However, net client cash outflows totalled R4.8 billion, largely due to indexation outflows in Old Mutual Investments and client terminations in Old Mutual Corporate.

Life APE sales declined slightly by 2% to R3.1 billion, reflecting reduced annuity and savings sales, although strong risk sales and regional performance provided partial offsets. Gross written premiums rose by 7% to R7.4 billion, underpinned by fee increases and strong growth in Old Mutual Insure.

Loans and advances held steady, aligned with a cautious lending strategy, while preparations for the public launch of OM Bank remain on track. Despite a continued decline in persistency in the Mass and Foundation Cluster, the Group maintains strong solvency levels, with OMLACSA at the upper end of its target range.