BRIEF-Old Mutual FY Adj HEPS 54.3 Cents

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BRIEF-Old Mutual FY Adj HEPS 54.3 Cents
Credit: © Reuters.

March 23 (Reuters) - Old Mutual Ltd (LON: OMU ) OMUJ.J :

* JSE: OMU - ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020

* OLD MUTUAL - BOARD OF DIRECTORS HAS APPROVED AND DECLARED A FINAL DIVIDEND OF 35 CENTS PER ORDINARY SHARE.

* OLD MUTUAL - FY LIFE APE SALES 9,786 MILLION RAND VERSUS 12,268 MILLION RAND REPORTED YEAR AGO

* OLD MUTUAL - REMAIN COMMITTED TO DELIVERING R750 MILLION OF PRE-TAX RUN RATE COST SAVINGS BY END OF 2022

* OLD MUTUAL - FY ADJUSTED HEADLINE EARNINGS PER SHARE 54.3 CENTS

* OLD MUTUAL - VNB MARGIN IS UNLIKELY TO FULLY RECOVER IN 2021

* OLD MUTUAL - FY RETURN ON NET ASSET VALUE 3.8% VERSUS 15.2% REPORTED YEAR AGO

* OLD MUTUAL - DURING SECOND HALF OF YEAR, WE FOCUSED ON MAINTAINING STRONG LEVELS OF SOLVENCY AND LIQUIDITY

* OLD MUTUAL - IN MEDIUM TERM WE ARE TARGETING A VNB MARGIN OF BETWEEN 1.5% AND 3%

* OLD MUTUAL - REMAIN COMMITTED TO DELIVERING R750 MILLION OF PRE-TAX RUN RATE COST SAVINGS BY END OF 2022

* OLD MUTUAL - WE ARE FOCUSED ON DRIVING RECOVERY IN RFO TO 2019 LEVELS

* OLD MUTUAL - EXPECT TO ACHIEVE RFO RECOVERY BY 2023

* OLD MUTUAL - INCREASED OUR COVID-19 PANDEMIC RESERVE TO COVER EXPECTED EXCESS DEATHS BEFORE GOVERNMENT'S VACCINATION EFFORTS TAKE EFFECT

* OLD MUTUAL - EXPECT THE IMPROVEMENT IN ADVISER PRODUCTIVITY TO CONTINUE IN 2021

* OLD MUTUAL - WILL CONTINUE TO INVEST IN ALTERNATIVE CHANNEL CAPABILITIES TO REDUCE THE LEVEL OF DEPENDENCY ON OUR ADVISER FORCE

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