Old Mutual Half Year Earnings Fall Thirty Percent
South African insurer Old Mutual reported a thirty percent decline in half year adjusted headline earnings to 2.95 billion rand. Market volatility driven by Middle East conflicts impacted investment returns. Despite this, the firm increased its interim dividend and announced a share buyback.
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Old Mutual posted a 30% drop in half-year adjusted headline earnings to 2.95 billion rand ($184 million) on Tuesday morning, as conflict in the Middle East weighed on investment returns. The South African life insurer's profit fell from 4.2 billion rand a year earlier amid volatile market conditions. The earnings contraction comes despite double-digit growth in sales volumes and new business margins across core divisions.
