LONDON (Zimbabwe Investor) – Old Mutual recorded a profit of £1.614 billion for the financial year ending 31 December 2012, up 18% from 2011, driven by performance of its emerging markets business and subsidiary Nedbank.
Funds under management grew by 3% in the year to £262.2 billion while earnings per share were 17.5p up 9% on 2011 figure of 16.1p.
The insurer, listed on the London, Johannesburg and Zimbabwe stock exchanges, says it will be focusing in markets it see long-term structural growth.
“This has been a very good year for Old Mutual. We have produced strong results, with our Emerging Markets business and Nedbank performing particularly well”, said Group Chief Executive Julian Roberts said in a statement accompanying released financial results.
“Over the past three years, we have significantly de-risked the business, more than met our operational targets and made substantial returns of capital to both equity and debt holders. We can now move forward from a position of strength.
“Old Mutual has four strategic priorities: expanding in Africa; developing our business in the fast growing South African markets; building our Wealth business; and growing US Asset Management. We will achieve these priorities while maintaining a strong balance sheet; putting customers at the centre of everything we do; and promoting a responsible corporate culture.
“While the economic environment remains uncertain, we are focused on the markets which fit our criteria and where we see long-term, structural growth. We are clear on our priorities and confident that we will continue to deliver sustainable value to our shareholders and customers.”
Old Mutual is the largest insurer in Zimbabwe and its portfolio of subsidiary includes Central African Building Society (CABS) and MBCA which it owns through Nedbank.