Old Mutual Declares Special Dividend; 1st Half Earnings Rose Slightly
31 Agosto 2018 - 8:56AM
Dow Jones News
By Adam Clark
Old Mutual Ltd. (OMU.LN) said Friday that it will pay a special
dividend, after reporting a slight increase in first-half profit
amid tough market conditions in South Africa and Zimbabwe.
The African financial-services company said its adjusted
headline earnings--which strip out certain exceptional items--rose
1% to 5.39 billion rand ($367.0 million) from the year-earlier
half.
The company said it delivered the profit growth despite a weak
economic environment in South Africa, and political uncertainty in
Zimbabwe.
Old Mutual's net profit rose 42% to ZAR10.65 billion, driven by
an exceptional accounting gain from the sale and distribution of
shares in U.K. wealth-management business Quilter PLC (QLT.LN) in
June.
The company declared a special dividend of 100 South African
cents a share from excess capital. This comes on top of a normal
interim dividend of 45 South African cents a share, representing
40% of adjusted headline earnings a share.
Old Mutual said its total funds under management rose 2% to
ZAR1.1 trillion as of June 30, driven by net client cash flows of
ZAR9.4 billion. Life-insurance sales, as measured by annual premium
equivalent, rose 13% to ZAR5.81 billion.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
August 31, 2018 02:41 ET (06:41 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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