Old Mutual Reports Improved Interim Results and Announces Additional Share Buyback
Old Mutual Limited reported improved interim operating performance for the first half of 2026, with results from operations per share rising by 11%. The company's return on group equity value (ROGEV) increased to 12.7%, surpassing its estimated cost of capital but falling short of medium-term targets. Old Mutual also announced an additional ZAR 1 billion in share buybacks following the completion of a prior program, signaling management confidence. The company's banking division saw growth with OM Bank reaching approximately 750,000 customers and ZAR 1.4 billion in deposits by June-end. However, catastrophe losses significantly impacted Old Mutual Insure’s operating results, contributing to a 25% decline. Cost savings for the first half reached ZAR 338 million, with cumulative savings now at ZAR 936 million toward its ZAR 2.5 billion target. Old Mutual also announced CFO Casper Troskie's retirement in April 2027 and named Ranen Thakurdin as his successor effective January 1, ensuring continuity of strategy.
Topics: banking expansion capital returns cost savings financial performance