Old Mutual sees profit drop as it raises provision by $260.50 mln

  • Reuters
  • Stock Market News
Old Mutual sees profit drop as it raises provision by $260.50 mln

March 8 (Reuters) - South Africa's Old Mutual (LON: OMU ) OMUJ.J forecast a plunge of between 69% and 79% in its 2020 adjusted earnings on Monday, as the insurer raised its short-term provision to pay out coronavirus-related claims by nearly 4 billion rand ($260.50 million).

Old Mutual said it expected adjusted headline earnings per share between 55 cents and 64.9 cents for the year ended Dec. 31, compared with 209.3 cents in 2019. ($1 = 15.3553 rand)

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