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INSURE | BANK | INVEST INTERIM RESULTS 2026
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2 3 4 1 Strategic update and operational overview Jurie Strydom, Group CEO Outlook Jurie Strydom, Group CEO Financial review Casper Troskie, Group CFO Q&A Management team AGENDA
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3 CFO Succession Experience: 18 years, with 8 years in Old Mutual Current role: Group Chief Risk Officer Previous roles: GM: Group Reporting and Insights Head: Capital and Balance Sheet Optimisation Old Mutual Limited and OMLACSA Effective Date: 1 January 2027 Succeeds Casper Troskie, effective 1 April 2027 Old Mutual Limited and OMLACSA Board member Ranen Thakurdin Fellow of Actuarial Society of South Africa, BBusSc, MBA (UCT), FRM, CFA Group CFO CFO Designate
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INSURE | BANK | INVEST H1 2026 HIGHLIGHTS Jurie Strydom
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5 1 The bps change is calculated based on FY 2025 return of 4.1% 2 Net underwriting margin and the target disclosed relate to Old Mutual Insure. Group net underwriting margin was 6.3% for the current period, a 80 bps decrease compared to prior period VALUE MAXIMISATION EFFICIENCY AND COMPETITIVENESS 12.7% +860 bps Return on group equity value1 Target: 14 to 16% 40 cents +8% Interim dividend per share Target: 6 to 9%, 3-year rolling 7.6% (210 bps) Net underwriting margin2 Target: 5 to 8% R1 billion Share buyback 1.4% +10 bps Value of new business margin Target: 2 to 3% 12.6% +70 bps Normalised return on net asset value Target: 15 to 17% H1 2026 highlights • Life APE sales up 21% to R7.9 billion. Gross flows up 21% to R128.9 billion • RFO per share up 11% despite headwinds from economic variances
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INSURE | BANK | INVEST STRATEGIC EXECUTION Jurie Strydom
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7 Strategic priorities Clear strategic priorities to unlock value and generate growth Generating growth2Unlocking value1 Sharpening execution Drive competitiveness in South African businesses Build profitable scale Deepen market leadership in Southern Africa Leverage Group assets Establish the right to win for OM Bank Earn the right to deploy capital Evaluate and pivot on growth markets Old Mutual Life and Savings Southern Africa Old Mutual Insure Old Mutual Investments East and West Africa Kenya Uganda Rwanda Ghana South Sudan Malawi Namibia Botswana Eswatini Zimbabwe
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8 15% to 17%Normalised RoNAV Value Maximisation Efficiency & Competitiveness 14% to 16%RoGEV 2% to 3%VNB margin 5% to 8% Old Mutual Insure Net underwriting margin Financial indicators Medium-term targetsPriority KPIs 6% to 9% 3-year rolling Dividend per share growth rate Execution proof points Persistency variances New business volumes Delivery of cost savings OM Bank market traction Recap on Group targets Group targets OMAR margins and returns
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9 • Decisive action on distribution incentives and areas of loss-making new business • Negative persistency variances concentrated in Q1, Q2 in line with expectations • Overall experience variances healthy • Delivered cumulative R936 million in net cost savings against FY 2024 expense base • On track to meet our R2.5 billion cost savings target by FY 2027 Progress on execution Towards meeting and exceeding our Group targets • Improved competitiveness and growth momentum • Life APE sales up 21% and PVNBP up 23% • Gross flows up 21%, with Old Mutual Investments gross flows up 48% • Customers up by 458k to 742k at 30 June 2026 • Strong deposit growth to R1.4 billion • Progress in integration of Old Mutual Finance and OM Bank Persistency variances New business volumes Delivery of cost savings OM Bank market traction OMAR margins and returns • Improved pricing, as well as underwriting and claims discipline • Net underwriting margin up 420 bps • VNB margin up 170 bps
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10 New Old Mutual relationships Customer and enterprise value Old Mutual Banking Old Mutual Insure Old Mutual Life and Savings 7 million customers 7 245 retail intermediaries 357 branches 40 334 worksites 3.4 million members R162 million points redeemed FY 20251 Life and Savings FY 2025 R147 billion gross inflows R144 billion gross outflows EXISTING OLD MUTUAL RELATIONSHIPS REWARDS AND RETENTION POINTS OF PRESENCE INTEGRATED PROPOSITIONS South African retail ecosystem OM Bank as Old Mutual ecosystem anchor 1 Of the FY 2025 number, R26.7m of points were redeemed into OM Bank accounts. Redemptions into OM Bank since 1 August 2025 of R103m
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11 2.5m – 2.8m Old Mutual Banking From establishing the right to win to contesting the banking profit pool • Bundled rewards and pricing adjustments • Extend value-added services • Enhance non-advice funeral proposition • Launch fixed deposit product • Leverage OML distribution network • Reposition MFC savings proposition • Scale new credit offerings: Credit cards and Secured lending (investment-backed loans and home loans) • New credit offerings to constitute 20% to 30% of the loan book (currently at 9%) • Achieve cost synergies through Banking Cluster integration • Leveraging the new banking technology platform and AI R1.4bn2 OM Bank deposits FY2025: R0.3bn 742k1 OM Bank customers FY2025: 284k R16.4bn Gross loans FY2025: R16.4bn H1 2026 delivery FY 2028 targets Grow active customers and NIR Grow retail deposits Scale lending Cost optimisation to deliver RFO 1 2 3 4 R8bn – R10bn R23bn – R26bn R0 – R200m (R611m) RFO H1 2025: (R310m) 1 OM Bank customers will exceed 1 million by the end of September 2 Retail deposits were R1.6 billion as at 31 August 2026
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INSURE | BANK | INVEST OPERATIONAL OVERVIEW Jurie Strydom
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13 Old Mutual Life and Savings Double-digit growth in Life APE sales R6.6 billion R77.9 billion R1.2 trillion R449 million 1.2% Life APE sales1,2 H1 2025: R5.4bn Gross flows1 H1 2025: R71.2bn Funds under management1 FY 2025: R1.1trn 47% VNB H1 2025: R306m 20 bps VNB margin H1 2025: 1.0% 21% 9% 7% 1 Effective 1 January 2026, comparatives have been restated to reflect the transfer of Old Mutual Finance and Old Mutual Transaction Services to Old Mutual Banking and certain operations from Old Mutual Corporate to Other Group activities 2 Normalising for some large risk sales in Old Mutual Corporate, Life APE sales increased by 10% 3 In our result booklet, we have not restated value metric comparatives including VNB. The above VNB movements have been restated for Old Mutual Finance credit Life Excluding Credit Life3
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14 Sales grew by 5%, supported by strong recurring premium sales in savings and investments, offset by a decline in guaranteed annuity sales. VNB margin was in line with the prior period. The impact of lower annuity sales was offset by higher risk and savings sales and reduced costs. Personal Finance Old Mutual Life and Savings Strong growth in sales with a tilt towards savings and investments Wealth Management Total retail sales on APE comparable basis (Rm) 0.7% (0.1%) (0.1%)0.7% 0.8% 1.1% VNB margin (covered) 5% Sales grew by 21%, driven by strong growth in local and offshore solutions, including living annuities. Non-covered sales include 10X Investments. VNB margin increased by 30 bps, supported by higher sales volumes and improved mix. 1 5431 4751 663 1 159 848757 21% Total retail sales on APE comparable basis (Rm) VNB margin (covered)
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15 2.5% 4.5%8.6% Mass and Foundation Life APE sales1 (Rm) Old Mutual Life and Savings Mass VNB margin remains under pressure with significant management actions underway 5% VNB margin 1 Effective 1 January 2026, comparatives have been re-presented to reflect the transfer of Old Mutual Finance and Old Mutual Transaction Services to Old Mutual Banking Cluster. In H1 2024, Credit Life APE of R213 million was included in the total reported Life APE sales of R2 424 million 2.9% Old Mutual Corporate Good sales growth of 9% in life and funeral. This will moderate with focus on new business quality. VNB margin declined to 2.5%, reflecting the transfer of Credit Life to Old Mutual Banking Cluster. 92% 35 116 Life APE increased by 92%, supported by some large scheme gains. VNB margin increased by 50 bps to 1.8% due to value accretive product mix. 31 0.7% 1.3% 1.8%VNB margin Life APE sales (Rm) VNB margin excl. credit life
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16 357 Branches R151m (H1 2026) Non-advice Life APE funeral sales R209m (H1 2026) Credit Life sales volumes Old Mutual Banking Cluster integration is on track, enabling us to offer a wider banking proposition Cluster RFO by FY 2028: R0 – R200m Gross retail deposits (Rm) Gross loans and advances1 (Rm) Results from operations1 (Rm) 1 Effective 1 January 2026, comparatives have been restated for the transfer of Old Mutual Finance, Old Mutual Transaction Services and Secured Lending into the cluster 2 Other includes Old Mutual Transaction Services and Secured Lending • OM Bank monthly break-even by FY 2028 • Old Mutual Finance and OM Bank are fully integrated into the Banking Cluster
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17 Old Mutual Investments Strong flows momentum across Asset Management and Alternatives Assets under management1 (Rbn) Gross flows (Rm) 48% Assets under management remained flat, highlighting resilient investment performance in a volatile market environment, with RFO up 40%. The reduction in Alternatives reflects the successful realisation of underlying investments and the distribution of returns to investors. Gross flows increased by 48% mainly due to a strong new business activity, particularly in OMIG and Futuregrowth. In Alternatives, capital raised grew by 97% to R6.7 billion and deal flow by 40% to R6.7 billion versus the comparative period. 1 Effective 1 January 2026, comparatives have been restated to reflect the transfer of Specialised Finance to Other Group activities 313 485
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18 Net underwriting result (Rm) Gross written premiums (Rm) Old Mutual Insure Underwriting margin at the upper end of target despite elevated catastrophe claims 5% (18%) 5.9% 9.7% 7.6%Net underwriting margin 1 Comparatives have been re-presented to disclose OMART Insure separately from Specialty 2 Strategic Acquisitions includes Genric Insurance and ONE Financial Services 47.2% 50.3%Claims ratio 53.6% Premiums grew by 5%, supported by well diversified portfolio. Improving customer retention, policy growth and new business activity support a positive H2 growth outlook. Continued diversification and disciplined underwriting, moderated by elevated claims which increased the claims ratio to 50.3%. Good progress on claims and underwriting, supported by ongoing process optimisation and Artificial Intelligence.
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19 Gross written premium (Rm) Life APE sales (Rm) Old Mutual Africa Regions Continued focus on improving margins and returns 35% (7%) 2.3% 0.3% 2.0%VNB margin1 (2.1%) (5.5%) (1.3%) Net underwriting margin Sales increased by 35% due to strong growth in Malawi, Kenya and Uganda. VNB margin significantly increased by 170 bps supported by higher sales volumes and product re-pricing. Premiums declined by 7% with growth in Kenya offset by the appreciation of the South African rand and lower renewals in Uganda. Ongoing focus on pricing, underwriting and claims management to drive growth and improve margins. 1 Valued allowing for fungibility constraints in Malawi
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INSURE | BANK | INVEST FINANCIAL REVIEW Casper Troskie
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INSURE | BANK | INVEST CAPITAL VALUE EARNINGS
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22 Rm +11% RFO per share Results from operations Robust underlying operating profits supported by diversified business 1 H1 2025 has been restated for operating model changes effective 1 January 2026
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23 Old Mutual Life and Savings Robust underlying results from operations 1 H1 2025 has been restated to reflect the transfer of Old Mutual Finance and Old Mutual Transaction Services to Old Mutual Banking and certain operations from Old Mutual Corporate to Other Group Activities 2 Wealth Management retained 70% of the retail margin previously reported by Old Mutual Investments, better aligning revenue allocation with the activities associated with gathering those assets. Comparatives were not re-presented to reflect this change 4% Rm
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24 ...Supporting profit growth through the cycle Results from operations1,2 Rm Old Mutual Investments Revenue growth translating into stronger operating results Diversified revenue stream... Annuity and non-annuity revenue1,2 Rm 1 H1 2025 has been restated to reflect the transfer of Specialised Finance to Other Group activities 2 The margin received from Old Mutual Wealth relating to retail funds managed by Old Mutual Investment Group was reduced effective January 2026 to better match the revenue allocation with the activity associated with gathering the assets. Comparatives have not been re-presented to reflect this change 16% 40%
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25 Old Mutual Insure Strong results despite large weather-related and credit losses Results from operations build up Rm 1 H1 2025 has been re-presented to include investment income from third party cell structures within investment return on insurance funds, rather than under finance income and expenses from insurance and reinsurance contracts 2 Other includes finance income and expenses from insurance and reinsurance contracts as well as other income and expenses Net underwriting margin % Lower targetUpper target 5% 8% H1 2024 H1 2025 H1 2026 Net underwriting result Investment return on insurance funds 1 Other1,2 H1 2024 H1 2025 H1 2026 (210 bps)(25%)
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26 Old Mutual Africa Regions RFO benefiting from prevailing inflationary conditions in Malawi Southern Africa Rm East and West Africa Rm Malawi 2 Rm ◼ Life and Savings ◼ Asset Management ◼ Banking and Lending ◼ Property and Casualty ◼ Other Old Mutual Africa Regions1 Rm 1 Old Mutual Africa Regions results from operations include net results from central activities of R159m (H1 2025: R206m, H1 2024: R75m) 2 An equity accounted investment in a local banking operation in Malawi which was previously classified under Life and Savings has been reclassified to Banking and Lending. Prior year results were re-presented to align with this change 49% >100% 27%65%
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27 Old Mutual Africa Regions – Zimbabwe Update: positioning Zimbabwe for contribution to Group earnings and shareholder value • Fungibility constraints and local currency volatility • Ring-fenced since 2019 and excluded from Group key KPIs Background to Zimbabwe ring fencing • 85% of revenue is generated in hard currency (US Dollars), operations transitioned to the US Dollar, effective 1 July 2024 • Migrated the OML listing from the ZSE to VFEX, trading resumed effective 13 August 2026 Business catalysts and progress to date Improving conditions support potential future inclusion in Group results • We continue to assess cash generation, fungibility and the macro environment • Sustained remittances since 2022, USD5m in H1 2026, demonstrating improving cash generation and fungibility 1 2 3 Adjusted headline earnings Rm Dividends paid1 Rm 1 Dividends paid includes the payment of R36 million (H1 2026) and R35 million (H1 2025) to OML shareholders on the Zimbabwe stock exchange 51% >100%
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28 Rm Expenses Income Net result1 Net result from group activities Lean centre driving reduction in shareholder operational costs (501) (690) (434) +225+45 1 H1 2025 has been restated to reflect the transfer of Specialised Finance from Old Mutual Investments and certain operations from Old Mutual Corporate
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29 Controllable expenses – FY 2024 to FY 2025 Rm Controllable expenses – H1 2025 to H1 2026 Rm Delivering cost efficiencies across the Group On track to deliver on cost savings commitment Achieved savings of R936m against 2024 expense base 13 746 14 144
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30 Movement in adjusted headline earnings Shareholder investment returns driving reduction in earnings Rm
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31 Rm AHE adjustments HE adjustments Movement in IFRS earnings Zimbabwe and accounting mismatches partially offsetting reduction in AHE
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INSURE | BANK | INVEST CAPITAL VALUE EARNINGS
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33 1 In our results booklet, we have not restated group equity value. The above FY 2025 for Banking and Lending and Other line of business has been restated for operating model changes 2 H1 2026 is annualised by doubling earnings that are not once-off in nature Group equity value Growth in Covered and Property and Casualty businesses partially offset by share buybacks Rbn Closing GEV 92.9 Less: Opening GEV 92.5 Plus: Return to shareholders 4.6 Remove: Economic variances 0.8 Adjusted GEV earnings2 5.8 Rbn R19.80 R20.66GEV per share ◼ Other ◼ Covered ◼ Asset Management ◼ Property and Casualty ◼ Banking and Lending FY 20251 H1 2026 RoGEV4.1% FY 2025 12.7% H1 2026
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34 Rbn Annualised return on embedded value1 R4.8bn Operating embedded value earnings 15.3% 1 The annualised return on embedded value calculation does not annualise assumptions and model changes Embedded value Growth driven by existing and new business contributions and positive risk experience
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35 Value of new business Rm Drivers of new business profitability Value of new business Strong sales and profitable new business mix driving improvement in value of new business 2.4% 1.3% 1.4%VNB margin 32%
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36 Contractual service margin Allocation within expected range Rbn Expected annualised range of future CSM allocation to P&L: 8% – 12% Predictable Not predictable
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INSURE | BANK | INVEST CAPITAL VALUE EARNINGS
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38 Capital allocation framework Horizon 1 – prioritise capital returns with a higher strategic hurdle for investments UNLOCKING VALUE R3 billion1 Executed share buyback Illustrative normalised RoNAV trajectory Horizon 1 (RoNAV below range) Horizon 2 (RoNAV within range) Horizon 3 (RoNAV above range) 15% 17% R936 million Cumulative net expense savings by end of June 2026 1 R2.3 billion of the R3 billion share buyback completed in H1 2026 and R0.7 billion in Q4 2025 R1 billion Approved share buyback Target Range GENERATING GROWTH R2.5 billion Cost savings target by FY27 Excess capital distributions Progression against cost target
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39 Rm H1 2026 H1 2025 OMLACSA 1 2501 4 000 Old Mutual Investments 788 463 Old Mutual Finance 365 350 Old Mutual Insure 450 450 Old Mutual Residual plc 113 — Central working capital (679) (442) Cash remitted from subsidiaries 2 287 4 821 Cash contribution to dividend (2 425) (2 327) Contribution to discretionary capital (138) 2 494 Cash remitted from subsidiaries/adjusted headline earnings 77% 115% Cash remitted from subsidiaries Sustained cash generation in line with target ratio and strong remittances expected in H2 Target ratio of 70-80% of adjusted headline earnings before optimisations 1 OMLACSA declared dividend of R4bn will reflect in H2 2026
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40 Rbn 2.31 2.02 2.31 1.8 1 Discretionary capital Discretionary capital deployed in line with the capital horizons framework 1 OMLACSA’s R4bn declared dividend expected to contribute at least R2bn in H2 2 2 R1bn allocated to approved share buyback 1 Committed investment into OM Bank in 2026 & 2027
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41 Normalised return on net asset value1 17% 15% 10.9% RoNAV 1 Normalised return on net asset value adjusts shareholder investment returns on investable assets backing capital requirementsin line with stable and long term through the cycle expectations. This limits the influence of extraordinary fluctuations in market returns thus focusing the result on the performance of the core business Normalised return on net asset value Robust operating performance driving the growth in normalised RoNAV Lower target Upper target
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42 OML shareholder solvency ratio % Lower target Upper target 155 185 OML gearing ratio % We target a 15 to 20% gearing ratio representing the level of debt supporting the capital structure relative to the closing adjusted IFRS equity Lower target Upper target 20% Solvency remains robust and debt within target range with available capacity 15% The OML Shareholder solvency ratio remains within the current solvency range post the foreseeable interim dividend and announced R1bn share buyback Solvency and debt management
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43 Revised solvency operating range OML and OMLACSA solvency operating range updates OML shareholder solvency operating range1 % OMLACSA operating range1 % 155 185 150 180 165 200 150 180 Current bounds Revised bounds The update to the solvency operating ranges are reflective of the prevailing market dynamics and the latest balance sheet structure 1 The updated solvency operating ranges for OML and OMLACSA will be effective from H2 2026 onward, above is for illustrative purposes only
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INSURE | BANK | INVEST Jurie Strydom OUTLOOK
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45 11 Financial indicators Priority KPIs Medium-term targets FY 2025 HY 2026 Execution proof points RoGEV 14% to 16% 4.1% 12.7% Dividend per share growth rate 6% to 9% 3-year rolling 8.1% 8.1% Normalised RoNAV 15% to 17% 12.4% 12.6% VNB margin 2% to 3% 1.2% 1.4% Net underwriting margin 5% to 8% Old Mutual Insure 6.8% 7.6% 1 The dividend growth rate represents year-on-year movement Outlook and reflections Growing confidence in growth and execution Persistency variances OM Bank market traction Delivery of cost savings New business volumes OMAR margins and returns R1bn share buyback Reduction in solvency ranges Sustainable RFO per share growth 10% – 14% (HY26 in range) In H2, R4bn OMLACSA dividend with >R2bn contributing to DC
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INSURE | BANK | INVEST Q&A Management team
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OldMutualSA oldmutualsa Old-mutual—south-africa OldMutualSA Meet our management 8 – 9 September Sell side analyst one-on-ones Johannesburg 14 – 15 September RMB Big 5 Conference Cape Town 21 October UBS SA Financials Conference Cape Town 30 November – 1 December London Management Roadshow London Follow usContact us Investor relations programme investorrelations@oldmutual.com Reporting centre
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48 Cautionary statement This report may contain forward-looking statements with respect to certain of Old Mutual Limited’s plans and its current goals and expectations relating to its future financial condition, performance and results and in particular, estimates of future cash flows and costs. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Old Mutual Limited’s control including, among other things, domestic conditions across our operations as well as global economic and business conditions, market-related risks, such as fluctuations in equity market levels, interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing and impact of other uncertainties of future acquisitions or combinations within relevant industries as well as the impact of tax and other legislation and other regulations in the jurisdictions in which Old Mutual Limited and its affiliates operate. As a result, Old Mutual Limited’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Old Mutual Limited’s forward-looking statements. The forward-looking statements contained in this report are the responsibility of directors and have not been reviewed or reported on by the independent joint auditors. Old Mutual Limited undertakes no obligation to update the forward-looking statements contained in this report or any other forward-looking statements it may make. Nothing in this report shall constitute an offer to sell or the solicitation of an offer to buy securities. Non-IFRS financial measures This report includes non-IFRS financial measures which are not defined by IFRS® Accounting Standards. The non-IFRS financial measures are the responsibility of directors and have not been reported on by the independent joint auditors. The non-IFRS measures are prepared for illustrative purposes only and provide information that is useful to investors and are appropriate to assess the Group’s operational results and financial performance. The non-IFRS measures also enhance the investor’s understanding of the Group’s results by providing greater insightinto the financial performance, financial position and cash flows of the Group as well as the way it is managed. These non-IFRS financial measures are not uniformly defined and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS® Accounting Standards. Because of their nature, these non-IFRS financial measures should not be viewed as alternatives. Disclaimer