Financial performance:
Adjusted operating profit (AOP) of £1.6 billion up 15% in constant currency, flat in reported currency
Very strong net client cash flow across the Group: £15.5 billion, equivalent to 6% of opening FUM
FUM up 19% to £294 billion on a constant currency basis
£811 million free surplus generated
Group ROE 13.6%, within target range of 12-15%
(AOP) Earnings per share 18.4p up 21% in constant currency and 5% in reported currency
Final dividend of 6.0p, up 14%, with a total dividend of 8.1p up 16%
Strategic progress:
Minority IPO of US Asset Management business in 2014, subject to market conditions
Intrinsic bolt-on acquisition supports Old Mutual Wealth's integrated wealth management model
Acquisitions in East and West Africa; integration of new businesses progressing well
Improved collaboration between Old Mutual, Nedbank and Mutual & Federal
New products and improved distribution driving sales:
R1.6 billion of XtraMAX sales since launch in May; SA Wealth offering attracted R1 billion of FUM since launch
OMGI UK Alpha Fund sales of nearly £1 billion
16% of UK Platform gross sales into OMGI funds
Agency sales force growth in South Africa Mass Foundation, Kenya, and Latin America
Customer growth; 590,000 new customers in Rest of Africa; 529,000 in Nedbank Retail; 280,000 in Mass Foundation
Julian Roberts, Group Chief Executive, said:
"I am delighted with the way Old Mutual has performed this year notwithstanding the volatility of the rand, with double digit growth in each of our main businesses. We have seen positive net client cash flows into all of our businesses totalling £15.5 billion which is testament to our attractive customer propositions.
"We are making excellent progress against our strategic objectives. We are growing in South Africa, with more than 750,000 new Old Mutual and Nedbank customers. We have taken significant steps in our goal of becoming Africa's financial services champion, with new businesses in East and West Africa and nearly 600,000 new customers.
"I am excited about the prospects of Old Mutual Wealth which, with the acquisition of Intrinsic and our strengthened asset management capability, now has the foundations to become the leading retail investment business in the UK. We have announced today that we intend to proceed with a minority IPO of US Asset Management in 2014, subject to market conditions.
"We have a clear strategy and clear priorities which we are focused on achieving. While the external environment is likely to remain uncertain, and in particular the impact of the movement of the rand on our reported results, we believe that the long-term structural growth trends in Africa and strong demand for banking, protection and savings products remain intact and will continue to drive sustainable and profitable growth for Old Mutual."
