Old Mutual misses its 2018 targets
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Old Mutual has had a difficult first year as a stand alone Africa focused firm. The insurer's posted an 11% drop in adjusted full year profit - missing its 2018 targets. That is partly due to lower investment income in South Africa as a result of weaker equity markets and currency devaluations in Zimbabwe which impacted the group's operations there.
Along with the release of Old Mutual's annual results, the firm has also announced that it will spend up to R2bn on buying back its own shares. It says that the group could return more capital to shareholders in the future as it expects further cash inflows from the sale of its Latin American operations.
Old Mutual CEO Peter Moyo spoke with Business Day TV about the company's latest results.
Along with the release of Old Mutual's annual results, the firm has also announced that it will spend up to R2bn on buying back its own shares. It says that the group could return more capital to shareholders in the future as it expects further cash inflows from the sale of its Latin American operations.
Old Mutual CEO Peter Moyo spoke with Business Day TV about the company's latest results.