Old Mutual plc interim results for the half year ended 30 June 2013
Strong financial performance
Adjusted operating profit up 14% to £801 million (H1 2012: £701 million*), up 1% as reported (H1 2012: £790 million)
Strong net client cash flow across the Group: net inflows of £9.1 billion (H1 2012: £3.5 billion*)
Funds under management up 9% to £289.3 billion (31 December 2012: £265.5 billion*)
£460 million free surplus generated (H1 2012: £457 million)
Earnings per share of 9.3p (H1 2012: 7.6p*)
Interim dividend of 2.1p, up 20%
Strategic delivery
Good progress in emerging markets:
South African Mass Foundation APE sales up 17%, adviser numbers up 13% since year end
Significant developments in African strategy: footprint expanded in Ghana, Nigeria and Kenya
Emerging Markets (ex-South Africa) gross sales up 49%
Nedbank headline earnings up 13%
Strong growth in Wealth:
Gross Wealth sales up 26% to £6.7 billion (H1 2012: £5.4 billion)
Gross platform sales in Q2 of £1.3 billion (Q1: £0.9 billion), as market adapted to RDR
Strengthened asset management capability in the UK
Sustained improvement in US Asset Management:
NCCF at £6.9 billion ($10.6 billion), with positive flows into most affiliates
Julian Roberts, Group Chief Executive, commented:
"This has been another good six months for Old Mutual, with our Emerging Markets business in particular performing very well. Our US Asset Management business had a very strong half, substantially contributing to our positive net client cash flows which represented 7% of opening funds under management on an annualised basis.
"Additionally, we have taken significant steps in our plans to expand into the African markets that we have identified as key to our success, and we have continued to grow our Wealth business.
"We are working with our retail customers in South Africa to help them through a challenging economic environment. We are seeing improved conditions in the US and the UK, and sub-Saharan Africa continues to grow strongly. We are focused on delivering our strategy and maintaining our financial discipline. We are clear on our priorities and confident that we will continue to deliver sustainable value to our shareholders and customers."
