Interim report
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GROUP INTERIM RESULTS For the six months ended 30 June 2026
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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 insight into 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 to measures of financial position, changes in equity, results of operations and cash flows determined in accordance with IFRS Accounting Standards. Notes to editors A webcast of the presentation for the 2026 Interim results and Q&A will be on Tuesday, 8 September 2026 at 11:00 South African time. Register on the Investor Relations website: Alternatively, pre-register to participate in the call on the following link. Analysts and investors who wish to participate in the call may do so using the same link or telephone numbers below: To access the replay using an international dial-in number, please select the link below: The replay will be available until 16 September 2026. Enquiries Investor Relations: Langa Manqele M: +27 (0)82 295 9840 E: investorrelations@oldmutual.com Communications: Wendy Tlou M: +27 (0)82 906 5008 E: oldmutualnews@oldmutual.com About Old Mutual Old Mutual is a premium African financial services group that offers a broad spectrum of financial solutions to retail and corporate customers across key market segments in 12 countries. Old Mutual’s primary operations are in Africa and it has a niche business in China. With over 181 years of heritage across sub-Saharan Africa, Old Mutual is a crucial part of the communities it serves as well as broader society on the continent. For further information on Old Mutual and its underlying businesses, please visit the corporate website at www.oldmutual.com Feedback Your feedback is important to us and we welcome your input to enhance the quality of our reporting. For any further feedback, please contact Investor Relations. Click here Click here Click here South Africa +27 10 500 4108 UK +44 203 608 8021 Australia +61 73 911 1378 USA +1 412 317 0088 International +27 10 500 4108 Replay access code 48666
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12.0% 11.9% 12.6% 12.6% 15.5% 10.9% Normalised return on net asset value Return on net asset value H1 2024 H1 2025 H1 2026 1 980.2 2 066.1 4.1% 12.7% Group equity value per share (cents) Return on group equity value FY 2025 H1 2026 Results from operations Overview of performance OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 1 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 858 432 569 2.4% 1.3% 1.4% Value of new business (Rm) Value of new business margin H1 2024 H1 2025 H1 2026 3 267 4 204 2 951 73.5 96.6 70.6 Adjusted headline earnings (Rm) Adjusted headline earnings per share (cents) H1 2024 H1 2025 H1 2026 34 37 40 H1 2024 H1 2025 H1 2026 4 243 4 940 5 280 95.5 113.5 126.3 Results from operations (Rm) Results from operations per share (cents) H1 2024 H1 2025 H1 2026 1 Normalised return on net asset value adjusts shareholder investment returns on investable assets backing capital requirements in 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 2 The customer count increased from 13 million at FY 2025 to 14 million at H1 2026, following refinements to the Group's customer deduplication methodology applied to both values 3 The comparative amount references FY 2025 4 Only Old Mutual Life Assurance Company (South Africa) Limited (OMLACSA) asset owner investments are included in this value R250 billion Funds under management invested in the Green Economy (2025: R221 billion)3 Level 1 B-BBEE rating since 2019 R40 billion Funds invested in renewable energy (2025: R34 billion)3,4 R2.8 billion Funds invested in low-income and affordable housing (2025: R2.6 billion)3,4 27 319 employees (2025: 27 832)3 42% female senior managers (2025: 43%)3 56% black senior managers (2025: 57%)3 Leading in impact Employees Serving 14 million2 customers for more than 181 years with R1.7 trillion in funds under management 4% 32% (30%) 8% 70 bps 7% Reported and normalised return on net asset value1 Value of new business Adjusted headline earningsGroup equity value EarningsValue maximisation Efficiency and competitiveness Interim dividend per share (cents)
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Contents Overview of our business 3 Results presentation 32 Overview of results 32 Results commentary 35 Group highlights 36 Impact on comparability of results 37 Group financial review 38 Cluster reviews 52 Cluster highlights 53 Old Mutual Life and Savings 57 Mass and Foundation 61 Personal Finance 62 Wealth Management 63 Old Mutual Corporate 64 Old Mutual Banking 66 Old Mutual Investments 68 Old Mutual Insure 71 Old Mutual Africa Regions 75 Additional disclosures 83 Key metrics 84 Other disclosures and reconciliations 86 Embedded value 89 Restatements 90 Glossary 92 Condensed consolidated interim financial statements 95 Condensed consolidated income statement 96 Condensed consolidated statement of comprehensive income 97 Condensed consolidated statement of financial position 98 Condensed consolidated statement of cash flows 99 Condensed consolidated statement of changes in equity 100 Notes to the unaudited condensed consolidated interim financial statements 104 2 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Overview of our business OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 3 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 Operating in 12 countries1 South Africa South Africa Tied advisers 7 753 Employees 22 026 Customers 7 million Southern Africa Namibia / Botswana / Eswatini / Malawi / Zimbabwe Tied advisers 1 725 Employees 3 803 Customers 4 million East and West Africa Kenya / South Sudan / Uganda / Rwanda / Ghana Tied advisers 2 862 Employees 1 479 Customers 3 million 1 We have operations in China through our investment in an associate, Old Mutual-CHN Energy Life Insurance Company Limited (China). The information relating to China has been included as income from an associate only
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Overview of our business We offer comprehensive solutions across Africa to meet our customers’ needs. We accompany them on their life journey as a trusted steward through multiple channels, platforms and comprehensive financial products and services, anchored in rewards that promote behaviours linked to holistic financial wellness. We conduct business responsibly to deliver a sustained positive impact across all our stakeholders: customers, employees, intermediaries, investors, regulators and the communities in which we operate. We sustain, grow and protect our customers’ prosperity through our lines of business across the countries we operate in... Life and Savings Banking and Lending Asset Management Property and Casualty ...by offering holistic solutions and financial advice... Life insurance and critical illness, disability and funeral cover Long and short-term savings Transactional banking Listed equity and multi-asset Property Fixed income and credit Personal loans Specialty Retirement, annuities and endowments Wealth management Income solutions Business loans Credit risk insuranceMedical insurance Private markets ...and harnessing our key differentiators Trusted brand and established track record Strong, diversified distribution channels and customer touchpoints Holistic product proposition Largest private market, specialised fixed income and credit manager in South Africa Integrated rewards programme Catering to our customers’ lifetime financial needs We deliver our solutions through our distribution channels We embrace a human-led, technology-enabled distribution model. We deliver personalised advice and solutions using real- time data and insights through our extensive distribution network and strong digital engagement to ensure our customers and advisers can interact with us in a way that is most convenient for them. Our face-to-face and digital channels provide customers more choice as we move towards delivering a consistent omni-channel experience. 1 The comparative amount references FY 2025 2 Tied and independent intermediaries have been re-presented to incorporate a change in recognition methodology OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 4 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 37 581 tied and independent intermediaries (2025: 40 926)1,2 2.0 million active digital users (2025: 1.9 million)1 870 retail branches (2025: 884)1 43 838 worksites (2025: 44 069)1 As the backbone of our business, our intermediaries help us deepen our relationships with our customers in various clusters. They deliver advice through a multi-channel approach across an advice spectrum – ranging from single-need analysis to a full spectrum of advice – to ensure we provide solutions for all customer needs. Our retail branches facilitate a seamless customer experience by providing direct access to products, servicing and advice. Our branches recruit intermediaries from the communities in which we operate. Worksites enable us to take an advice-led approach by offering solutions to our customers in their workplace as an extension of the employee value proposition. Our worksites employ skilled financial advisers who assist our customers with preserving their wealth and achieving better retirement outcomes. The MyOldMutual ecosystem, available via our online web portal and Old Mutual application, encompasses a digital hub that seamlessly marries a great digital experience with an empathetic, human experience across a comprehensive set of customers’ financial needs. This metric includes new OM Bank customers engaging with us digitally for the first time.
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Our operating clusters are structured to deliver products and services to our customers according to their needs. Mass and Foundation Personal Finance Old Mutual Banking Old Mutual Investments Simple financial services product offering for retail customers in the low-income and lower-middle-income markets Holistic financial advice and long-term financial solutions for retail customers in the middle and high-income markets Simple banking and lending products for retail customers in the lower-middle-income markets Asset management and investment solutions for retail and institutional customers as well as multi-managers Line of business Line of business Line of business Line of business Wealth Management Old Mutual Corporate Old Mutual Insure Old Mutual Africa Regions Holistic financial advice and long-term financial solutions for retail customers in the high- income markets, as well as high-net-worth individuals Employee benefits, including group assurance, investments, advisory and business solutions for small, medium and large enterprises Short-term insurance solutions for retail, commercial and corporate customers, mainly in South Africa Insurance, asset management and banking services for retail and corporate customers across 10 African countries Line of business Line of business Line of business Line of business Results from operations by cluster (R million) 3 548 (310) 495 1 323 574 (690) 3 691 (611) 695 992 947 (434) H1 2025 H1 2026 Old Mutual Life and Savings¹ Old Mutual Banking¹ Old Mutual Investments¹ Old Mutual Insure Old Mutual Africa Regions Net result from group activities¹ (1 500) 0 1 500 3 000 4 500 Results from operations by line of business (R million) 3 707 (260) 1 008 1 334 (849) 3 744 (442) 1 567 1 120 (709) H1 2025 H1 2026 Life and Savings¹ Banking and Lending¹ Asset Management Property and Casualty Other (1 500) 0 1 500 3 000 4 500 1 Comparatives have been restated for operating model changes effective 1 January 2026, refer to page 90 for detail on restatements 2 Other includes net result from group activities amounting to R434 million and certain central costs allocated to clusters of R275 million OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 5 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 (70%) 55% (16%) O ld Mutual Life and Savings 16% (97%) 40% (25%) 65% 37% 4% 1% 1,2 Life and Savings Banking and Lending Asset Management Property and Casualty
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OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS RESULTS PRESENTATION Group Interim Results for the six months ended 30 June 20266 OLD MUTUAL
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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 7 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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 INSURE | BANK | INVEST INTERIM RESULTS 2026
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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 8 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ INSURE | BANK | INVEST H1 2026 HIGHLIGHTS Jurie Strydom 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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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 9 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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-yearrolling 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 INSURE | BANK | INVEST STRATEGIC EXECUTION Jurie Strydom
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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 10 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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 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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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 11 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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 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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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 12 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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 INSURE | BANK | INVEST OPERATIONAL OVERVIEW Jurie Strydom
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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 13 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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 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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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 14 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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 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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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 15 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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 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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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 16 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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 INSURE | BANK | INVEST FINANCIAL REVIEW Casper Troskie
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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 17 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ INSURE | BANK | INVEST CAPITAL VALUE EARNINGS 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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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 18 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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 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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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 19 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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 funds1 Other1,2 H1 2024 H1 2025 H1 2026 (210 bps)(25%) 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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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 20 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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% 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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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 21 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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 30 Movement in adjusted headline earnings Shareholder investment returns driving reduction in earnings Rm
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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 22 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 31 Rm AHE adjustments HE adjustments Movement in IFRS earnings Zimbabwe and accounting mismatches partially offsetting reduction in AHE INSURE | BANK | INVEST CAPITAL VALUE EARNINGS
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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 23 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 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 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 Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________
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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 24 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 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% 36 Contractual service margin Allocation within expected range Rbn Expected annualised range of future CSM allocation to P&L: 8% – 12% Predictable Not predictable Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________
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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 25 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ INSURE | BANK | INVEST CAPITAL VALUE EARNINGS 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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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 26 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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 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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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 27 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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 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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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 28 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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 INSURE | BANK | INVEST Jurie Strydom OUTLOOK
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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 29 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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 INSURE | BANK | INVEST Q&A Management team
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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 30 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 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 Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ 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 Notes: ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________
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Group Interim Results for the six months ended 30 June 2026OLD MUTUAL 31 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Notes:
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OVERVIEW OF RESULTS 32 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Overview of results “We delivered a solid first-half performance, underpinned by focused execution and growth momentum across our businesses. Life APE sales and gross flows both grew by 21% while the value of new business and value of new business margin improved. The strong sales growth, continued cost discipline and improved persistency experience supported an 11% growth in results from operations per share and an increase in return on group equity value to 12.7%. The Old Mutual Board approved an interim dividend of 40 cents per share, representing growth of 8% and a R1 billion share buyback, further enhancing shareholder returns. We are on track to deliver on our medium-term targets.” — Group CEO, Jurie Strydom Progress on execution During 2025 we reset our corporate strategy around a clear value creation framework, spanning two phases: Unlocking Value and Generating Growth. This is anchored in four strategic priorities: driving competitiveness in our South African businesses, deepening market leadership in Southern Africa, establishing the right to win for OM Bank and evaluating and selectively pivoting in growth markets and initiatives. In the first half of 2026, we continued to translate these strategic priorities into tangible delivery. Life APE sales and gross flows were up by 21%, reflecting improved competitiveness and growth momentum across the Group. We have delivered cumulative cost savings of R936 million against the 2024 expense base and are on track to achieve our cost savings target of R2.5 billion by the end of 2027. On group equity value, experience variances were healthy with persistency variances in Mass and Foundation tracking in line with expectations by the second quarter. This was supported by decisive action on distribution incentives and areas of loss-making new business. Customer acquisition and deposit growth in OM Bank continued to track well during the period with customer numbers increasing to 742 000 and retail deposits increasing to R1.4 billion. Leveraging the Group’s distribution footprint and integration opportunities supports our pathway to profitability by FY2028. Performance overview Sales and margins Life APE sales increased by 21%, mainly driven by strong group risk and annuity sales in Old Mutual Corporate, higher living annuity and endowment sales in Wealth Management, as well as strong retail and corporate sales growth in Old Mutual Africa Regions. Excluding some large Old Mutual Corporate risk sales secured in the current period, which are not expected to recur at the same level in the second half of the year, Life APE sales increased by 12%. The value of new business increased by 32%, while the value of new business margin improved by 10 bps, supported by higher sales volumes and a more profitable business mix in Wealth Management, Old Mutual Corporate and Old Mutual Africa Regions. This was achieved despite continued industry-wide pressure on guaranteed annuity volumes in Personal Finance. Gross flows increased by 21%, primarily driven by strong inflows in Wealth Management, particularly into the local platform business and the inclusion of 10X Investments. Old Mutual Investments delivered higher inflows, reflecting improved third-party client activity across key investment capabilities. In Old Mutual Africa Regions, growth was driven by strong money market inflows in Malawi, together with improved unit trust flows in East Africa. Gross loans and advances remained stable year on year. Growth in Old Mutual Africa Regions was supported by higher disbursements, following a pivot to sectors with larger loan sizes and improved credit quality. This was offset by Old Mutual Banking, where loans and advances remained stable, reflecting a disciplined lending approach. Gross written premiums increased by 3%, supported by growth in Old Mutual Insure, partially offset by the effects of currency movements and lower renewals as a result of underwriting management actions in Old Mutual Africa Regions. Despite the elevated catastrophe losses during the period, the net underwriting margin in Old Mutual Insure of 7.6% remained at the upper-end of the medium-term target range of 5% to 8%, with underwriting profitability supported by disciplined underwriting, effective claims management and a diversified portfolio. Earnings Results from operations per share increased by 11%, supported by positive growth in Old Mutual Life and Savings earnings and strong contributions from Old Mutual Investments and Old Mutual Africa Regions, as well as lower central costs. This was partially offset by lower underwriting earnings in Old Mutual Insure relative to the strong prior period and investments to scale Old Mutual Banking. The growth in results from operations in our life businesses was impacted by negative economic variances in the current period following positive variances in the prior period. Underlying growth in results from operations, adjusting for the period-on-period impact of economic variances, was robust and benefited from strong operational delivery during the period. Malawi continues to be accounted for as a hyperinflationary economy with elevated levels of inflation and shortages of foreign currency despite ongoing reforms. It continued to contribute significantly to profits in Old Mutual Africa Regions. Adjusted headline earnings decreased, primarily driven by negative shareholder investment returns compared to the prior period. The performance of the shareholder portfolio followed the performance of the Equity and Bond Indices over the period. This should be seen against sharp risk-off conditions driven by ongoing geopolitical conflicts in the Middle East which have negatively impacted equity and bond performance. Headline earnings and IFRS profits benefited from a strong performance in Zimbabwe which is not included in adjusted headline earnings. Normalised return on net asset value improved to 12.6% from 11.9% in the prior period, reflecting robust operating performance. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 33 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Overview of results Value and capital Return on group equity value improved significantly to 12.7%, reflecting higher operating earnings. Group equity value per share increased by 4% to R20.66, reflecting growth in the covered business from higher new business and positive risk experience, as well as an increase in the valuation of Old Mutual Insure. This was partially offset by dividends paid and the R3 billion share buyback. Return on embedded value (covered business) improved to 15.3%. Our balance sheet remained strong, with the Group shareholder solvency ratio at 172%, within our target range. This was supported by an increase in the regulatory solvency position for OMLACSA, which remained robust at 175%. An allowance has been made for a foreseeable OMLACSA dividend of R4 billion. The Group's discretionary capital was R3.1 billion at 30 June 2026, reducing from R6.1 billion at 31 December 2025 due to the completion of the R3 billion share buyback programme. The R4 billion OMLACSA dividend is expected to contribute at least R2 billion to discretionary capital in the second half of 2026. The Old Mutual Board declared an interim dividend of 40 cents per share, representing 8% growth and remaining within our medium-term target range. This was supported by resilient operational performance as well as a sound capital and liquidity position. In addition, the Board approved a R1 billion share buyback, demonstrating our commitment to capital discipline and unlocking value. Outlook for 2026 The gradually improving fiscal position and sovereign credit rating trajectory in South Africa supports a positive macro backdrop. Across Old Mutual Africa Regions, growth prospects are broadly constructive and inflation trends are moderating in most markets, while Malawi continues to experience inflationary and currency pressures. As indicated, our strong first half sales volumes do include some large non-recurring gains such that sales growth is likely to moderate over the second half of 2026. Our focus remains on continuing to improve competitiveness and build underlying growth momentum while delivering on our established execution proof points. Priority KPIs Medium-term targets H1 2026 F inancial indicators V alue maximisation R eturn on group equity value 14% to 16% 12.7% Dividend per share growth rate 6% to 9% 3-year rolling 8.1%1 E fficiency and competitiveness N ormalised return on net asset value 15% to 17% 12.6% Value of new business margin 2% to 3% 1.4% Net underwriting margin 5% to 8% Old Mutual Insure 7.6% 1 This refers to year-on-year dividend growth from H1 2025 to H1 2026 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 34 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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RESULTS COMMENTARY 35 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Group highlights Group key performance indicators Rm (unless otherwise stated) H1 2026 H1 2025 FY 2025 Change Group equity value1 92 931 86 723 92 477 0.5% Return on group equity value1,2 12.7% — 4.1% 860 bps Cash remitted from subsidiaries 2 287 4 821 10 169 (53%) Discretionary capital (Rbn)1 3.1 5.9 6.1 (49%) Return on net asset value (%) 10.9% 15.5% 15.2% (460 bps) Normalised return on net asset value (%)3 12.6% 11.9% 12.4% 70 bps Shareholder solvency ratio (%)1,4 172% 172% 162% 1 000 bps Regulatory solvency ratio (%)1,4 160% 169% 152% 800 bps Results from operations 5 280 4 940 9 821 7% Adjusted headline earnings 2 951 4 204 8 263 (30%) Headline earnings4 3 933 4 162 8 606 (6%) IFRS profit after tax attributable to equity holders of the parent4 3 889 4 102 8 408 (5%) Per share measures5 Cents H1 2026 H1 2025 FY 2025 Change Results from operations per share6 126.3 113.5 225.6 11% Adjusted headline earnings per share6 70.6 96.6 189.8 (27%) Headline earnings per share4 96.9 97.5 201.6 (1%) Basic earnings per share4 95.8 96.1 197.0 (0.3%) Total dividend per share 40 37 93 8% Interim 40 37 37 8% Final — — 56 — Group equity value per share1,7 2 066.1 1 840.1 1 980.2 4% For more information on our Group financial review, see page 38 to 51 Line of business key performance indicators Rm (unless otherwise stated) H1 2026 H1 2025 FY 2025 Change Life and Savings Embedded value1 59 692 59 164 57 311 4% Contractual service margin1 65 736 62 270 65 013 1% Life APE sales 7 857 6 470 13 910 21% Present value of new business premiums 40 435 32 952 70 321 23% Value of new business 569 432 850 32% Value of new business margin (%) 1.4% 1.3% 1.2% 10 bps Banking and Lending Net interest income8 1 327 1 278 2 547 4% Net interest margin (%)9 12.0% 11.9% 12.0% 10 bps Non-interest revenue10 579 608 1 264 (5%) Gross loans and advances1,11 19 345 19 512 19 259 0.4% Credit loss ratio 6.6% 4.9% 5.2% (170 bps) Life and Savings and Asset Management Gross flows 128 911 106 759 228 788 21% Net client cash flow (3 128) (10 125) (10 398) 69% Funds under management (Rbn)1 1 731.9 1 504.0 1 639.0 6% Property and Casualty Gross written premiums 14 934 14 511 28 609 3% Insurance revenue 14 617 14 236 28 545 3% Net underwriting margin (%) 6.3% 7.1% 5.1% (80 bps) Net underwriting margin – Old Mutual Insure (%) 7.6% 9.7% 6.8% (210 bps) 1 The % change was calculated with reference to FY 2025 2 Return on group equity value was disclosed from FY 2025 3 Normalised return on net asset value adjusts shareholder investment returns on investable assets backing capital requirements in 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 4 These metrics include the results of Zimbabwe. All other key performance indicators exclude Zimbabwe 5 Per share measures can be found on page 116 6 Results from operations per share and adjusted headline earnings per share are calculated with reference to adjusted weighted average number of shares. Adjusted weighted average number of shares used was 4 179 million at 30 June 2026 (H1 2025: 4 352 million) 7 Group equity value per share is calculated with reference to closing number of ordinary shares. Closing number of shares used in the calculation of the group equity value per share was 4 498 million at 30 June 2026 (FY 2025: 4 670 million) 8 Comparatives have been re-presented in Old Mutual Africa Regions to include treasury investment income earned on surplus funds 9 Net interest margin is a new key performance indicator which measures how effectively the bank generates interest income from its lending and investment activities after paying interest on deposits and other funding. It is calculated as annualised net interest income divided by average interest-earning assets 10 The non-interest revenue definition has been updated to include all other sources of income from the banking business. Comparatives have been re-presented for this change 11 The comparative amounts have been re-presented for consistency to reflect amounts previously classified within other receivables For more information on our cluster highlights, see page 53 to 56 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 36 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Impact on comparability of results Operating model refinement We refined our operating model to a more decentralised structure, with increased focus on integrated execution and end-to-end accountability at cluster level. The revised model is designed to remove structural barriers to value creation and support more effective, timely and accountable decision-making across the Group. Segment structure realignment During 2025, we began revising our internal organisational and management reporting structure through the introduction of the Life and Savings and Banking clusters. This work continued during 2026 and resulted in further refinements to the Group’s operating and reportable segment structure. As a result, certain businesses, investments and funding activities were reassigned between Old Mutual Life and Savings, Old Mutual Banking, Old Mutual Investments and Other Group activities. The revised structure aligns the Group’s segment reporting with its cluster-based operating model. The realigned structure better reflects the underlying activities of the Group’s businesses. Life and savings-related operations are reported within Old Mutual Life and Savings cluster, banking-related activities within Old Mutual Banking cluster, and certain investment, funding and other non-core activities within Other Group activities. Restatement of comparative information In accordance with IFRS 8, comparative segment information for the six months ended 30 June 2025 and the year ended 31 December 2025 has been restated to reflect the final allocation of entities and activities between operating segments. Comparatives for applicable key performance indicators have also been restated to reflect the revised structure, except for value metrics. The restatement affects only the allocation of amounts between reportable segments and has no impact on the Group’s previously reported consolidated results, financial position or cash flows, and does not affect reported Group IFRS profits or results from operations. The impact of the restatement on comparative information for 30 June 2025 is set out on page 90. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 37 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Group financial review Value Group equity value Group equity value represents management’s assessment of the Group’s market value. Material covered businesses are valued on an embedded value basis, while material non-covered businesses are assessed through directors’ valuations. The remaining entities are included at adjusted net worth. H1 2026 FY 2025 Rm (unless otherwise stated) IFRS equity Group equity value Adjusted headline earnings IFRS equity Group equity value Adjusted headline earnings1 Covered business 26 853 59 692 2 570 26 081 57 311 7 374 Non-covered business 18 716 33 858 1 294 21 804 35 708 2 374 Asset Management2 4 784 12 796 1 099 4 732 12 819 1 781 Banking and Lending3,4 5 434 8 811 (440) 8 606 11 300 (611) Property and Casualty5 8 498 12 251 635 8 466 11 589 1 204 Other4 7 809 (839) (913) 7 010 (874) (1 485) Equity: operating segments 53 378 92 711 2 951 54 895 92 145 8 263 South Africa 39 811 82 561 2 041 42 096 81 365 6 169 Old Mutual Africa Regions 13 567 10 150 910 12 799 10 780 2 094 Equity: Non-core operations6,7 290 220 1 239 332 Equity: Ring-fenced operations7,8 5 533 — 4 004 — Total group equity value 59 201 92 931 2 951 60 138 92 477 8 263 Number of shares issued (millions) 4 498 4 498 4 670 4 670 Group equity value per share (ZAR)9 13.2 20.7 12.9 19.8 Return on group equity value (%) 12.7% 4.1% 1 Comparatives have been restated for operating model changes effective 1 January 2026 2 Old Mutual Investments, Old Mutual Wealth and entities in East Africa and Namibia were valued using dividend discount models while remaining entities were included at adjusted net worth 3 Old Mutual Finance and OM Bank were valued using a dividend discount model while remaining entities were included at adjusted net worth 4 Old Mutual Specialised Finance which is valued using a discounted cash flow is now reported within the Other line of business. Previously it was in the Banking and Lending line of business. 5 Old Mutual Insure and entities in East Africa and Namibia were valued using dividend discount models while remaining entities were included at adjusted net worth 6 Non-core operations include Residual plc. Its contribution to group equity value is based on the realisable economic value of approximately £10 million at 30 June 2026, translated at the closing exchange rate 7 As at December 2025, ring-fenced operations included an intercompany debt balance with non-core operations. During the current reporting period, the loan was converted into equity as part of an internal capital restructuring, which resulted in a transfer of value between these lines 8 Due to continued constraints to access capital by way of dividends, the equity value of Zimbabwe is reduced to nil in group equity value 9 Calculated as closing group equity value divided by the closing number of shares Return on group equity value improved compared to the prior year, mainly due to higher operating earnings as the negative impacts from persistency and cost of non-hedgeable risk assumption changes were not repeated this year. Group equity value increased by R454 million during the period, reflecting growth in the covered business and Property and Casualty business, partially offset by dividends paid and share buyback transactions. The increase in the embedded value of the covered business was largely attributable to expected investment growth on existing assets and future profits, as well as positive new business and experience variances exceeding dividend payments for the period. Asset Management was broadly unchanged over the period. The valuation of Old Mutual Investments increased, supported by higher expected future dividends underpinned by improved operational performance. This was offset by adverse valuation impacts in Old Mutual Africa Regions. Banking and Lending decreased by 22% mainly due to the reallocation of Old Mutual Specialised Finance to the Other line of business and lower dividend expectations, reflecting continued pressure on customers and the deliberate focus on sustainable, risk-adjusted growth within Old Mutual Finance. Property and Casualty increased by 6%, reflecting the resilient underlying underwriting performance in Old Mutual Insure. Other comprises holding companies valued at adjusted net worth, which includes cash and Group costs as well as our investment in China, valued using a discounted cashflow model. Strong cash remittances from subsidiaries and the reallocation of Old Mutual Specialised Finance were offset by dividends paid and share buyback transactions. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY VALUE CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 38 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Analysis of change in embedded value H1 2026 H1 2025 Rm (unless otherwise stated) Adjusted net worth Value of in-force Embedded value Adjusted net worth Value of in-force Embedded value Opening embedded value (1 January) 20 616 36 695 57 311 24 471 42 402 66 873 Expected existing business contribution1 672 2 425 3 097 838 2 330 3 168 Value of new business (692) 1 261 569 (598) 1 030 432 Transfers from value of in-force to adjusted net worth 3 264 (3 264) — 3 019 (3 019) — Experience variances2 1 039 534 1 573 376 695 1 071 Risk 512 20 532 313 19 332 Persistency (23) (208) (231) (76) 8 (68) Expenses 144 25 169 84 135 219 Other 406 697 1 103 55 533 588 Development cost variances (213) — (213) (383) — (383) Non-economic basis changes3 6 (274) (268) (321) (3 399) (3 720) Risk — — — — — — Persistency — — — (320) (1 250) (1 570) Expenses (8) (75) (83) (9) (35) (44) Model and other changes 14 (199) (185) 8 (2 114) (2 106) Operating embedded value earnings 4 076 682 4 758 2 931 (2 363) 568 Economic variances4 (653) 756 103 1 739 (1 323) 416 Non-operating variances 14 54 68 — — — Total embedded value earnings 3 437 1 492 4 929 4 670 (3 686) 984 Closing adjustments (2 432) (116) (2 548) (7 470) (1 223) (8 693) Capital and dividend flows5 (2 102) 5 (2 097) (7 671) — (7 671) Foreign exchange variance6 (330) (121) (451) 201 (1 223) (1 022) Closing embedded value7 21 621 38 071 59 692 21 671 37 493 59 164 Return on embedded value (RoEV) % per annum8 15.3% 6.9% 1 Existing business contribution was lower mainly due to lower expected risk-free rates 2 Experience variance profit was higher mainly due to once-off experience variances, including the introduction of mass lapse reinsurance in Old Mutual Corporate, which reduced the cost of non-hedgeable risk capital, and the updated internal administration fee arrangement in Wealth Management 3 Prior year included strengthening of the long-term persistency basis in Mass and Foundation 4 Economic variances increased the embedded value mainly as a result of long duration yield curve movements which partially reversed the impacts seen in FY2025 5 Capital and dividend flows in prior period contains a once-off reallocation of adjusted net worth across various entities from covered to non-covered business 6 Negative foreign exchange variance was driven by an allowance for lower expected future dividends from Malawi using an internal market-reflective exchange rate given the current hyperinflationary environment 7 All embedded value results are after tax and non-controlling interests, unless stated otherwise 8 Return on embedded value is calculated as the annualised operating embedded value earnings after tax divided by opening embedded value Total embedded value operating earnings was R4.8 billion, resulting in an annualised return on embedded value of 15.3%. This was driven by expected existing business contribution, higher new business contribution, positive risk experience across the business, and once-off impacts related to the introduction of mass lapse reinsurance in Old Mutual Corporate at the end of 2025, as well as an updated internal administration fee arrangement in Wealth Management. This was partially offset by dividend outflows from our life businesses to the Group. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY VALUE CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 39 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Group financial review Value of new business and new business profitability H1 2026 H1 2025 Rm (unless otherwise stated) Present value of new business premiums Value of new business Value of new business margin Present value of new business premiums Value of new business Value of new business margin South Africa1 36 850 497 1.3% 29 901 424 1.4% Old Mutual Africa Regions2 3 585 72 2.0% 3 051 8 0.3% Southern Africa 2 469 25 1.0% 2 152 11 0.5% East and West Africa 1 116 47 4.2% 899 (3) (0.3%) Group 40 435 569 1.4% 32 952 432 1.3% 1 Refer to the line of business key performance indicators by cluster on pages 53 and 54 for the detail 2 Refer to Old Mutual Africa Regions on pages 75 to 82 for the detail New business value Drivers of new business profitability % H1 2026 H1 2025 Value of new business margin at the end of comparative reporting period 1.3% 2.4% Change in volume and new business expenses1 0.2% 0.0% Change in country and product mix 0.1% 0.3% Change in assumptions and models 0.1% (1.5%) Change in economic assumptions2 (0.3%) 0.1% Value of new business margin at the end of the reporting period 1.4% 1.3% 1 Impact driven by improved volume in Old Mutual Corporate, Wealth Management and Old Mutual Africa Regions 2 Economic assumption changes where the lower yield curves impacted all clusters negatively Our Group value of new business margin increased to 1.4%, below our medium-term target range of 2% to 3%. Value of new business of R569 million increased by 32% from the prior period, driven by strong sales in Old Mutual Corporate, Wealth Management and Old Mutual Africa Regions, supported by more profitable new business mix and higher sales volumes. These positive impacts were partially offset by the negative impact of lower opening yield curves. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY VALUE CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 40 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Reconciliation of IFRS equity to embedded value Rm H1 2026 H1 2025 IFRS equity attributable to operating segments 53 378 54 929 Less IFRS equity value for non-covered business (26 525) (28 949) IFRS equity for covered business 26 853 25 980 Adjustment to remove goodwill and other intangibles1 (4 143) (4 309) Revalue amortised cost bonds to fair value 327 — Malawi currency adjustment (1 416) — Adjusted net worth attributable to ordinary equity holders of the parent 21 621 21 671 Value of in-force business 38 071 37 493 Embedded value 59 692 59 164 1 Goodwill and other intangibles recognised per IFRS that are zeroised for value reporting Reconciliation of adjusted headline earnings to total embedded value earnings Rm H1 2026 H1 2025 Adjusted headline earnings after tax and non-controlling interests 2 951 4 204 Less adjusted headline earnings after tax and non-controlling interest on other lines of business (381) (300) Life and Savings adjusted headline earnings after tax and non-controlling interest 2 570 3 904 Non-life dividends1 539 971 Other adjustments2 328 (205) Adjusted net worth total earnings 3 437 4 670 Other value of in-force total earnings3 1 492 (3 686) Covered business embedded value total earnings 4 929 984 1 Reflects the dividends from underlying investments in non-covered entities, aligning earnings with value 2 Adjusted net worth earnings is conceptually aligned to IFRS profit rather than results from operations or adjusted headline earnings. This line includes any adjustments made to derive adjusted headline earnings for Life and Savings business. Other adjustment items included the revaluation of amortised cost bonds to fair value in Old Mutual Africa Regions and the Malawi currency adjustment 3 Refer to analysis of change in embedded value included on page 39 which contains a more detailed breakdown of the change Contractual service margin The contractual service margin is set up at the initial recognition of a profitable group of insurance contracts. It represents a store of future profit held on the balance sheet which, with the risk adjustment for non-financial risk, is expected to be released into profit over the lifetime of the group of insurance contracts and is therefore a key driver of insurance profit emergence. 65.0 1.7 0.5 (0.1) (0.5) (0.1) 65.7 FY 2025 New business Interest on contractual service margin Expected contractual service margin release² Experience variances Non-economic assumption changes Economic experience items Foreign exchange impact H1 2026 1 This metric excludes the results of Zimbabwe 2 Release of contractual service margin includes the impact of expected investment profit or losses New business written in the first six months of 2026 increased the contractual service margin by R1.7 billion, which was 2.6% relative to the opening balance. Interest income further increased the contractual service margin by 4.7%. The annualised actual allocation rate was 11.8%, towards the upper end of our expected range of 8% to 12% annually. The positive experience variances of R0.5 billion were mainly driven by an updated internal administration fee arrangement in Wealth Management, largely offset by reduced economic experience due to lower return in the current period. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY VALUE CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 41 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 Contractual service margin (R billion)1 Predictable Not predictable Expected range of future contractual service margin to P&L: 8% to 12% 3.1 (3.9)
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Group financial review Capital The Group proactively manages its balance sheet to maximise long-term shareholder value. This is achieved through disciplined capital allocation, robust financial risk management and strategic asset allocation aimed at optimising risk-adjusted investment returns. This ensures that the balance sheet remains robust, with capital deployment and capital optimisation supporting overall business growth. Considered capital deployment The Group maximises shareholder value by balancing the return of capital to shareholders and allocation of capital for growth. This is supported by the cash generated from operations and capital optimisation initiatives. Cash remitted from subsidiaries Cash remitted from subsidiaries consists of capital remitted in the form of dividends by subsidiaries to the Group. We expect between 70% and 80% of adjusted headline earnings before optimisations and special dividends as cash remittances from our subsidiaries. The cash remitted from subsidiaries is net of central working capital and can be deployed to ordinary dividends, with the remainder contributing to the discretionary capital balance. Rm (unless otherwise stated) H1 2026 H1 2025 Dividends paid to Group 2 966 5 263 OMLACSA 1 250 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 as a % of adjusted headline earnings 77% 115% Our operating clusters continue to generate a high proportion of cash earnings, which were paid to the Group as dividends. The downward pressure on OMLACSA’s full year 2025 solvency resulted in a reduction in the dividend declared relative to the corresponding period in 2025. Ordinary dividend When determining the appropriateness of a dividend, we consider the underlying cash generated from operations, targeted liquidity and solvency levels, the Group’s strategy and market conditions at the time. Discretionary capital The Group proactively manages discretionary capital by optimising its allocation of capital and distributions to shareholders where appropriate. Discretionary capital represents the surplus assets available for distribution, deployment and/or acquisition. 6.1 (0.1) (2.3) (0.6) 3.1 1.1 2.0 FY 2025 Cash remitted from subsidiaries post dividends paid 2026 completed portion of the R3bn share buyback Other H1 2026 1 R2 billion represents the committed investment into OM Bank in 2026 and 2027 2 R1 billion allocated to approved share buyback The Group’s discretionary capital balance reduced to R3.1 billion at 30 June 2026 from R6.1 billion at 31 December 2025. This was primarily driven by the completion of the remaining R2.3 billion of the approved R3 billion share buyback programme in the first half of 2026. The remaining discretionary capital balance has been committed to the approved share buyback programme of R1 billion, with R2 billion earmarked for investment into OM Bank in 2026 and 2027. Discretionary capital is expected to increase by at least R2 billion in the second half of 2026 following the declaration of a R4 billion dividend by OMLACSA. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CAPITAL CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 42 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 Discretionary capital (R billion) 1 2
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Reinvesting capital: capital allocation The Group’s strategy is underpinned by clearly defined financial metrics and targets that drive long-term shareholder value creation. These metrics are embedded into all significant business decisions, including the annual business planning process and in the evaluation of inorganic growth opportunities. New opportunities are appraised against the Capital Allocation Framework, which ensures alignment with our strategic priorities. This framework requires that any acquisition delivers returns that exceed the cost of equity over time and will ultimately result in enhancing overall return on net asset value and contributing to sustainable value creation. Balance sheet efficiency We are committed to generating long-term shareholder value by delivering sustainable, cash-generative growth at returns on capital that exceed the cost of equity. Return on net asset value Return on net asset value is used to assess and measure the capital efficiency of the Group. Normalised return on net asset value adjusts shareholder investment returns on investable assets backing capital requirements in 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. % H1 2026 H1 2025 FY 2025 Change1 South Africa 10.0% 15.5% 14.8% (550 bps) Old Mutual Africa Regions 13.8% 15.5% 16.5% (170 bps) Return on net asset value 10.9% 15.5% 15.2% (460 bps) Normalised return on net asset value 12.6% 11.9% 12.4% 70 bps 1 The change was calculated with reference to H1 2025 Adjusted IFRS equity Rm H1 2026 H1 2025 FY 2025 Change1 Closing adjusted IFRS equity 53 378 54 929 54 895 (3%) Equity attributable to the holders of the parent 59 201 60 146 60 138 (2%) Equity in respect of ring-fenced operations (5 533) (3 753) (4 004) (38%) Equity in respect of non-core operations (290) (1 464) (1 239) 77% Closing adjusted IFRS equity by region 53 378 54 929 54 895 (3%) South Africa 39 811 41 884 42 096 (5%) Old Mutual Africa Regions 13 567 13 045 12 799 6% Average adjusted IFRS equity 54 136 54 259 54 471 (1%) South Africa 40 953 41 618 41 778 (2%) Old Mutual Africa Regions 13 183 12 641 12 693 4% 1 The change was calculated with reference to FY 2025 Group return on net asset value of 10.9% was 460 bps lower than the prior period, reflecting the substantial decrease in adjusted headline earnings primarily due to the reduction in shareholder investment returns. Investment returns in the current period were materially impacted by events in the Middle East, in comparison to strong investment returns in 2025 which were significantly above expected returns. Normalised return on net asset value increased by 70 bps to 12.6%, mainly reflecting robust growth in results from operations in the current period. In South Africa, closing adjusted IFRS equity was 5% lower than 31 December 2025, with current year profits offset by dividends paid to shareholders of R2.3 billion and the completion of the R3 billion share buyback announced and commenced in 2025, of which R2.3 billion was completed this year. The average adjusted IFRS equity continues to benefit from the impact of capital optimisation activities on the equity base over the last few years. In Old Mutual Africa Regions, the impact on return on net asset value of significantly lower shareholder investment returns was partially offset by strong results from operations in the current period, driven by solid performance in Malawi and East Africa. Closing adjusted IFRS equity increased by 6% mainly due to retained profits in the period. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CAPITAL CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 43 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Group financial review Optimal gearing ratio: issuance and redemption of tier 2 subordinated debt The Group’s optimal gearing ratio range is 15% to 20% and we intend to continue with subordinated debt issuances to optimise the Group’s weighted average cost of capital, subject to market conditions and pricing levels. Gearing and interest cover Rm (unless otherwise stated) H1 2026 H1 2025 FY 2025 Change Gearing1 IFRS value of debt2,3 10 870 10 960 9 079 20% Closing adjusted IFRS equity3 53 378 54 929 54 895 (3%) Gearing ratio (%)3 16.9% 16.6% 14.2% 270 bps Interest cover Finance costs 415 473 840 (12%) Adjusted headline earnings before tax, non-controlling interests and debt service costs 5 059 7 199 14 406 (30%) Interest cover (times) 12.2 15.2 17.2 (20%) 1 Gearing is calculated with reference to the IFRS value of debt that supports the capital structure of the Group and closing adjusted IFRS equity 2 Refer to table 2.2 in the Additional disclosures for the reconciliation of IFRS value of debt to IFRS borrowed funds as disclosed in the IFRS balance sheet 3 The change was calculated with reference to FY 2025 The Group’s gearing ratio of 16.9% increased by 270 bps, mainly due to the issuance of R1.8 billion of floating rate subordinated debt by OMLACSA under the Old Mutual Limited Multi-Issuer Domestic Medium-Term Note programme. The total IFRS value of OMLACSA’s subordinated debt in issuance was R9 960 million as at 30 June 2026. The gearing ratio remains within the target range of 15% to 20%. Interest cover decreased by 20% to 12.2 times, with the impact of lower finance costs due to declining interest rates and more favourable pricing on recent subordinated debt issuances more than offset by the reduction in adjusted headline earnings in the period. S&P Global Ratings has assigned Old Mutual Limited a long-term national scale issuer credit rating of AA+. OMLACSA holds a AAA long-term national scale issuer rating and its subordinated deferrable debt is rated AA-. Balance sheet strength The Group and its subsidiaries set solvency and liquidity targets relative to the regulatory minimum requirements and risk capacity of the Group as per the Board-approved Financial Management Framework. These targets balance protection and business potential by assessing the impacts in stressed scenarios while enabling investments into the business to support growth. The optimal solvency range is set above a risk appetite limit which enables the Group to have sufficient solvency and liquidity levels to withstand an extreme but plausible sequence of events that could lead to a ‘Perfect Storm’. The lower end of the target range serves as a point at which management increases monitoring and may consider operational actions to support the solvency levels if the future outlook indicates downward pressure on coverage ratios. Solvency risk management Capital is allocated within the Group based on subsidiary risk profiles, the requirements of relevant regulators, competitor and customer considerations as well as return on capital targets. All entities’ solvency positions are monitored on a regular basis to ensure they are appropriately capitalised. Rm (unless otherwise stated) Optimal target range H1 2026 Re-presented FY 20251 FY 2025 Change vs re-presented OMLACSA Eligible own funds 55 714 54 501 54 501 2% Solvency capital requirement 31 809 32 714 32 805 (3%) Regulatory solvency ratio (%)2 165% to 200% 175% 167% 166% 800 bps Group Eligible own funds3 94 114 93 199 93 721 1% Solvency capital requirement 54 608 57 496 57 681 (5%) Shareholder solvency ratio (%)2 155% to 185% 172% 162% 162% 1 000 bps 1 The prior year has been re-presented to align results to the audited Prudential Authority submission 2 Due to rounding of eligible own funds and solvency capital requirement, the ratio presented could differ when recalculated 3 Refer to table 2.1 in the Additional disclosures for a reconciliation between IFRS equity to Group eligible own funds (shareholder view) OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CAPITAL CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 44 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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The regulatory solvency position for OMLACSA increased by 800 bps from 167% in December 2025 to 175% in June 2026, primarily driven by an issuance of subordinated debt and yield curve movements. The ratio also benefited from weaker equity market performance, which resulted in a lower solvency capital requirement due to a reduction in the prescribed equity stress. These positive impacts on the solvency ratio were partially offset by the allowance for the R4 billion interim foreseeable dividend and an increase in life underwriting risk due to the impact of lower real yields. The Group shareholder solvency ratio increased to 172% from 162% at December 2025. In addition to the OMLACSA impacts, the increase was largely due to a lower prescribed equity stress across non-regulated entities and other South African operations, more than offsetting the impact of the additional share buyback. Reconciliation of Group regulatory solvency capital to shareholder view H1 2026 Re-presented FY 20251 FY 2025 Rm (unless otherwise stated) Eligible own funds Solvency capital require- ment Solvency ratio Eligible own funds Solvency capital require- ment Solvency ratio Eligible own funds Solvency capital require- ment Solvency ratio Group regulatory 97 082 60 834 160% 95 626 62 818 152% 96 147 63 003 153% China2 (879) (4 137) (825) (3 611) (824) (3 611) Malawi3 (2 089) (2 089) (1 602) (1 711) (1 602) (1 711) Group shareholder 94 114 54 608 172% 93 199 57 496 162% 93 721 57 681 162% 1 The prior year has been re-presented to align Group regulatory results to the audited Prudential Authority submission 2 The adjustment reflects the calibration of interest rate shocks to Chinese yields rather than South African yields. The value is adjusted to include only our proportionate share of eligible own funds and the solvency capital requirement, rather than both our share and that of our partner 3 The adjustment reflects the recognition of eligible own funds and solvency capital requirement using an internal market-reflective exchange rate Shareholder investments The Group manages its shareholder assets in accordance with the Strategic Asset Allocation framework, which prescribes a low-risk investment strategy for invested shareholder assets aimed at protecting and preserving shareholder capital. The investment strategy targets an asset allocation that maximises expected returns net of tax subject to a defined market risk budget with consideration of the Group’s liquidity and solvency requirements. The shareholder investment strategy is designed to ensure optimal investment outcomes, while managing the impact of volatility on capital and earnings. In South Africa, the asset allocation is a combination of protected equity and interest- bearing assets which includes an allocation to bonds. The shareholder investment portfolio is managed in adherence with the Group’s Responsible Investment policy and transitional climate action plans. Across the Old Mutual Africa Regions, the shareholder investment strategy adheres to the Group’s low-risk investment strategy aimed at protecting shareholder value. The strategy targets capital preservation and inflation protection, subject to market risk appetite limits and solvency considerations. Each entity has a bespoke investment strategy which is influenced by the respective macroeconomic and regulatory regimes. Given broader fiscal risks and the global economic backdrop, a more appropriate strategic asset allocation may be implemented in countries where there are inflationary concerns to better preserve capital. Invested shareholder assets Rm H1 2026 FY 2025 Change South Africa 22 223 19 064 17% Old Mutual Africa Regions 9 147 8 760 4% Southern Africa 5 738 5 067 13% East and West Africa 3 409 3 693 (8%) Invested shareholder assets 31 370 27 824 13% OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CAPITAL CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 45 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Group financial review Total shareholder invested assets increased by 13% from the 31 December 2025 asset base. The South African shareholder asset base grew by 17% primarily driven by profit transfers from operating clusters and the R1.8 billion subordinated debt issuance, partly offset by dividend and shareholder tax payments. Old Mutual Africa Regions invested shareholder assets increased by 4% from 31 December 2025. In the Southern Africa region, asset balances increased by 13% primarily attributed to an increase in the shareholder assets in Namibia following optimisations and profit transfers from operating segments. This growth was partially offset by a reduction in the Malawian asset base impacted by negative equity returns, with listed equity forming a material portfolio allocation to preserve real value with inflation at elevated levels. In East and West Africa, the shareholder portfolio asset bases reduced in South African rand terms as the rand strengthened relative to the Ghanian cedi and Kenyan shilling. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CAPITAL CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 46 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 46% 1 4% 39% 1 % Protected equity Bonds Fixed income assets Unlisted and other assets 48% 1 9% 32% 1 % FY 2025H1 2026 Invested shareholder assets by asset class – South Africa 34% 59% 7% Equity Interest-bearing assets Investment property 36% 60% 4% Invested shareholder assets by asset class – Old Mutual Africa Regions: Southern Africa 1 % 40% 59% Equity Interest-bearing assets Investment property 1 % 36% 63% Invested shareholder assets by asset class – Old Mutual Africa Regions: East and West Africa FY 2025 FY 2025 H1 2026 H1 2026
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Interim dividend declaration In line with the Group’s dividend policy, the Directors target a progressive dividend guided by underlying cash generation, while considering the Group’s liquidity and solvency position, available cash balances, strategic capital requirements, and prevailing market and regulatory conditions. The Old Mutual Board declared an interim dividend of 40 cents per share. The increase in the interim dividend from the prior period was due to our resilient operational performance and a sound capital and liquidity position. The interim dividend will be paid out of distributable income reserves to all ordinary shareholders recorded on the record date. Old Mutual’s income tax number is 9267358233. The number of ordinary shares in issue in the Company’s share register at the date of declaration is 4 498 037 281. JSE, MSE, NSX VFEX LSE Declaration date Tuesday, 8 September 2026 Tuesday, 8 September 2026 Tuesday, 8 September 2026 Transfers suspended between registers Close of business on Tuesday, 15 September 2026 Close of business on Tuesday, 15 September 2026 Close of business on Tuesday, 15 September 2026 Finalisation announcement and exchange rates announced Close of business on Wednesday, 16 September 2026 Close of business on Wednesday, 16 September 2026 Close of business on Wednesday, 16 September 2026 Last day to trade cum dividend Tuesday, 29 September 2026 Wednesday, 30 September 2026 Wednesday, 30 September 2026 Ex-dividend date Wednesday, 30 September 2026 Thursday, 1 October 2026 Thursday, 1 October 2026 Record date Close of business on Friday, 2 October 2026 Close of business on Friday, 2 October 2026 Close of business on Friday, 2 October 2026 Transfers between registers restart Opening of business on Monday, 5 October 2026 Opening of business on Monday, 5 October 2026 Opening of business on Monday, 5 October 2026 Interim dividend payment date Monday, 5 October 2026 Monday, 5 October 2026 Friday, 6 November 2026 Share certificates for shareholders on the South African register may not be dematerialised or rematerialised between Wednesday, 30 September and Friday, 2 October 2026, both dates inclusive. Transfers between the registers may not take place between Tuesday, 15 September and Friday, 2 October 2026, both dates inclusive. Trading in shares held on the Namibian branch register through Old Mutual (Namibia) Nominees (Pty) Limited will not be permitted between Tuesday, 15 September and Friday, 2 October 2026, both dates inclusive. The dividend for South African shareholders will be subject to dividend withholding tax of 20% for all shareholders who are not exempt from or do not qualify for a reduced rate of withholding tax. International shareholders who are not exempt or are not subject to a reduced rate in terms of a double taxation agreement will be subject to dividend withholding tax of 20%. The net dividend payable to shareholders subject to withholding tax of 20% amounts to 32.00000 cents per ordinary share. Distributions made through the dividend access trust or similar arrangements established in a country will not be subject to South African withholding tax, but may be subject to withholding tax in the relevant country. We recommend that shareholders consult with their tax adviser regarding the in-country withholding tax consequences. Shareholders that are tax residents in jurisdictions other than South Africa may qualify for a reduced rate under a double taxation agreement with South Africa. To apply for this reduced rate, non-South African taxpayers should complete and submit a declaration form to the respective registrars. The declaration form can be found at: OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CAPITAL CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 47 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Group financial review Earnings Supplementary income statement Rm Notes H1 2026 H1 2025 Change Old Mutual Life and Savings1 3 691 3 548 4% Old Mutual Banking1 (611) (310) (97%) Old Mutual Investments1 695 495 40% Old Mutual Insure 992 1 323 (25%) Old Mutual Africa Regions 947 574 65% Net result from group activities1 A (434) (690) 37% Results from operations 5 280 4 940 7% Shareholder investment return B (214) 2 264 (>100%) Finance costs C (415) (473) 12% Other non-controlled entities (7) (5) (40%) Adjusted headline earnings before tax and non-controlling interests 4 644 6 726 (31%) Shareholder tax (1 364) (2 248) 39% Non-controlling interests (329) (274) (20%) Adjusted headline earnings 2 951 4 204 (30%) 1 Comparatives have been restated for operating model changes effective 1 January 2026, refer to page 90 for detail on restatements OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY EARNINGS CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 48 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Results from operations by line of business and drivers of performance H1 2026 H1 2025 Rm South Africa Old Mutual Africa Regions Group South Africa Old Mutual Africa Regions Group Change Life and Savings results from operations1 3 408 336 3 744 3 493 214 3 707 1% Expected profits 4 114 433 4 547 3 743 345 4 088 11% New business strain (863) (135) (998) (630) (161) (791) (26%) Experience variances 803 114 917 594 (88) 506 81% Development expenses (172) (3) (175) (176) — (176) 1% Non-economic basis changes (13) 47 34 (449) 12 (437) >100% Economic variances (461) (159) (620) 411 106 517 (>100%) Non-operating variance — 39 39 — — — 100% Banking and Lending results from operations1 (663) 221 (442) (459) 199 (260) (70%) Asset Management results from operations 1 207 360 1 567 815 193 1 008 55% Property and Casualty results from operations 1 037 83 1 120 1 339 (5) 1 334 (16%) Insurance service result 1 003 62 1 065 1 277 (18) 1 259 (15%) Non-attributable expenses (227) (85) (312) (331) (91) (422) 26% Investment return on insurance funds2 340 138 478 469 143 612 (22%) Finance expenses from insurance and reinsurance contracts2 (181) (32) (213) (189) (39) (228) 7% Other income 102 — 102 113 — 113 (10%) Other1,3 (656) (53) (709) (822) (27) (849) 16% Results from operations 4 333 947 5 280 4 366 574 4 940 7% Shareholder investment return (224) 10 (214) 1 534 730 2 264 (>100%) Finance costs (375) (40) (415) (415) (58) (473) 12% Other non-controlled entities (7) — (7) (5) — (5) (40%) Adjusted headline earnings before tax and non-controlling interests 3 727 917 4 644 5 480 1 246 6 726 (31%) Shareholder tax (1 440) 76 (1 364) (2 057) (191) (2 248) 39% Non-controlling interests (246) (83) (329) (197) (77) (274) (20%) Adjusted headline earnings 2 041 910 2 951 3 226 978 4 204 (30%) 1 Comparatives have been restated for operating model changes effective 1 January 2026, refer to page 90 for detail on restatements 2 The comparative period 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 3 Other includes net result from group activities and certain central costs allocated to clusters Net result from group activities1 Rm H1 2026 H1 2025 Change Shareholder operational costs (499) (1 164) 57% Treasury and financial movements2 65 537 (88%) Next176 — (63) 100% Net result from group activities (434) (690) 37% 1 Comparatives have been restated to reflect the transfer of Specialised Finance from Old Mutual Investments and certain operations from Old Mutual Corporate 2 This line includes interest income, fair value movements and other income as well as net treasury gain and shareholder-related expenses Shareholder operational costs decreased by 57% due to the non-repeat of R440 million restructuring costs recognised in the prior period and a reduced headcount. Excluding the prior period restructuring costs, shareholder operational costs decreased by 31%. Treasury and financial movements decreased mainly due to lower interest income on Holdco assets as a result of lower interest rates and asset balances as well as the net hedging outcomes of the OMLACSA Asset and Liability Management programme compared to 2025. In addition, the prior period benefited from a tax provision release that did not recur in the current period. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY EARNINGS CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 49 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Group financial review Shareholder investment return Rm H1 2026 H1 2025 Change South Africa (224) 1 534 (>100%) Old Mutual Africa Regions 10 730 (99%) Southern Africa (77) 618 (>100%) East and West Africa 87 112 (22%) Shareholder investment return (214) 2 264 (>100%) South Africa Shareholder investment returns in South Africa were materially impacted by events in the Middle East. Equity markets were down 5.6% (JSE Top 40). While the South African Bond market experienced significant volatility over the period, total returns were positive 4.3% (GOVI Total Return index). In South Africa, the protected equity collar strategy reduced a significant part of the downside impact, in line with previous guidance of 50% to 60% of equity performance. The positive impact of the bond market return was somewhat offset by some rebalancing activities during the period but generated positive returns in line with market expectations. The fixed interest portfolio was reduced in favour of increasing fixed interest bond positions but performed considering its Stefi benchmark. Performance detractors in South Africa relate to a duration extension overlay aimed at reducing interest rate risk captured in capital requirements. While the strategy continues to provide capital relief, spread movements over the period, reversing from the second half of 2025, negatively impacted overall returns. Old Mutual Africa Regions Overall returns in Old Mutual Africa Regions were as expected, other than in Malawi where equity markets were down more than 12%, a significant change from 2025. This offset positive returns mainly related to fixed income investments in other regions. Finance costs Finance costs on the long-term debt that supports the capital structure of the Group were lower by 12% from the prior period, mainly due to declining interest rates and more favourable pricing achieved on the subordinated debt issuances in OMLACSA in recent years. In Old Mutual Africa Regions finance costs decreased by 31%, driven by interest rate cuts in Kenya. Reconciliation of adjusted headline earnings to IFRS profit after tax Rm Notes H1 2026 H1 2025 Change Adjusted headline earnings 2 951 4 204 (30%) Accounting mismatches A 90 (273) >100% Ring-fenced operations B 897 258 >100% Other (5) (27) 81% Headline earnings 3 933 4 162 (6%) Impairment of goodwill, other intangible assets and property (20) (69) 71% (Loss)/profit on disposal of subsidiaries and associated undertakings (24) 9 (>100%) IFRS profit after tax attributable to ordinary equity holders of the parent 3 889 4 102 (5%) Accounting mismatches Accounting mismatches comprises mismatch losses and gains on policyholder investments, where the IFRS valuation rules create mismatches in the valuation of our policyholder assets and liabilities. We exclude these impacts from adjusted headline earnings to align to a shareholder earnings view. Ring-fenced operations Due to continued constraints on accessing capital through dividends, Zimbabwe's results continue to be excluded from adjusted headline earnings. The increase in earnings was primarily driven by higher investment returns. Equity market performance improved significantly during the period, with the ZSE All Share Index delivering a 50.37% year-to-date return compared to a 9.53% loss in the prior period, while the VFEX recorded a 42.95% year-to-date return compared to 2.7% in the prior period. This resulted in higher fair value gains and earnings from the Zimbabwe operations. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY EARNINGS CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 50 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Cumulative net savings 18-month view | Split by calendar year | Excluding OM Bank FY 2024 to FY 2025 26 687 1 348 490 (37) (598) 27 890 FY 2024 Inflation Once-off expenses FX movements Net expense savings FY 2025 H1 2025 to H1 2026 13 746 577 (240) 49 (129) (338) 13 665 H1 2025 Inflation Reversal of prior period once-off expenses Business Boundaries FX movements Net expense savings H1 2026 IFRS to controllable expenses reconciliation Rm H1 20261 H1 20251 FY 20252 FY 20242 Total operating and administration expenses 25 969 24 701 52 663 48 418 Expenses excluded from cost base Revenue-linked expenses3 (7 427) (6 939) (14 812) (14 082) Fee and commission expenses (7 291) (6 556) (13 927) (13 296) Asset management expenses (513) (767) (1 770) (1 671) Fixed fee and commission expenses 377 384 885 885 Reporting basis adjustments4 (3 263) (2 719) (6 789) (4 895) Operational finance costs5 (668) (720) (1 452) (1 404) OM Bank operating and administration expenses6 (889) (624) (1 346) (1 152) Other adjustments7 (57) 47 (374) (198) Controllable expenses8 13 665 13 746 27 890 26 687 1 H1 2025 and H1 2026 IFRS results are unaudited 2 FY 2024 and FY 2025 IFRS results have been audited 3 These expenses are variable in nature and fluctuate based on underlying revenue-related drivers and are removed from controllable expenses as they cannot be reduced independently of sales volumes 4 Reporting basis adjustments exclude the impact of items arising from IFRS consolidation and reporting requirements that do not reflect the underlying operating expenses managed by our business. This includes expenses relating to the consolidation impact of policyholder investments, ring-fenced operations and headline earnings adjustments 5 Interest relating to funding that supports the operations of the Group is excluded as it is not directly controllable through operational expense management 6 OM Bank operating and administration expenses are excluded from our savings commitment 7 Other adjustments include the removal of expenses for arrangements that have associated income and are presented on a gross basis in IFRS, as well as other approved discretionary adjustments 8 Controllable expenses are defined as operating and administrative costs that can be reduced independently of sales volumes OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY EARNINGS CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 51 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 R0.9bn Cumulative reported net savings to June 2026 14 144 13 746
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CLUSTER REVIEWS 52 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Cluster highlights Line of business key performance indicators by cluster H1 2026 Rm (unless otherwise stated) Old Mutual Life and Savings Old Mutual Banking Old Mutual Investments Old Mutual Insure Old Mutual Africa Regions Other Group activities Group Life and Savings Embedded value 47 664 177 7 661 4 190 59 692 Contractual service margin 58 138 650 6 948 65 736 Life APE sales 6 576 209 1 072 7 857 Single premium 1 955 — 163 2 118 Savings 1 670 — 98 1 768 Risk — — 17 17 Annuities 285 — 48 333 Recurring premium 4 621 209 909 5 739 Savings 1 678 — 555 2 233 Risk 2 943 209 354 3 506 Present value of new business premiums 36 566 284 3 585 40 435 Value of new business 449 48 72 569 Value of new business margin (%) 1.2% 16.9% 2.0% 1.4% Banking and Lending Net interest income 1 163 164 1 327 Net interest margin (%)1 12.3% 10.2% 12.0% Non-interest revenue 466 113 579 Gross loans and advances 16 435 2 910 19 345 Performing 10 922 2 451 13 373 Defaulted 5 513 459 5 972 Balance sheet impairment provision 4 481 319 4 800 Performing 648 111 759 Defaulted 3 833 208 4 041 Impairment coverage ratio (%) 27.3% 11.0% 24.8% Credit loss ratio (%) 7.3% 2.7% 6.6% Life and Savings and Asset Management Gross flows 77 910 329 17 828 32 844 128 911 Net client cash flow (2 701) 272 (3 780) 3 081 (3 128) Funds under management (Rbn) 1 231.3 1.3 310.9 188.4 1 731.9 Property and Casualty Gross written premiums 12 103 2 831 14 934 Insurance revenue 12 265 2 352 14 617 Net underwriting margin (%) 7.6% (1.3%) 6.3% Net insurance revenue 10 189 1 796 11 985 Net underwriting result 776 (23) 753 Insurance margin (%) 10.2% 4.6% 9.3% Claims ratio (%) 50.3% 57.1% 51.4% 1 Net interest margin is a new key performance indicator which measures how effectively the bank generates interest income from its lending and investment activities after paying interest on deposits and other funding. It is calculated as annualised net interest income divided by average interest-earning assets OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 53 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Cluster highlights Line of business key performance indicators by cluster H1 2025 Rm (unless otherwise stated) Old Mutual Life and Savings1 Old Mutual Banking Old Mutual Investments Old Mutual Insure Old Mutual Africa Regions Other Group activities Group Life and Savings Embedded value2 43 208 230 7 300 6 573 57 311 Contractual service margin2 57 532 669 6 812 65 013 Life APE sales3 5 441 233 796 6 470 Single premium 1 740 — 120 1 860 Savings 1 426 — 84 1 510 Risk — — 16 16 Annuities 314 — 20 334 Recurring premium 3 701 233 676 4 610 Savings 1 454 — 356 1 810 Risk 2 247 233 320 2 800 Present value of new business premiums 29 901 3 051 32 952 Value of new business 424 8 432 Value of new business margin (%) 1.4% 0.3% 1.3% Banking and Lending Net interest income3,4 1 113 165 1 278 Net interest margin (%)5 12.4% 9.4% 11.9% Non-interest revenue3,6 498 110 608 Gross loans and advances3,7,8 16 388 2 871 19 259 Performing 11 045 2 407 13 452 Defaulted 5 343 464 5 807 Balance sheet impairment provision3,8 4 884 344 5 228 Performing 656 80 736 Defaulted 4 228 264 4 492 Impairment coverage ratio (%)3,8 29.6% 11.5% 26.8% Credit loss ratio (%)3 5.7% 0.9% 4.9% Life and Savings and Asset Management Gross flows3 71 242 313 12 078 23 126 106 759 Net client cash flow3 437 284 (13 390) 2 544 (10 125) Funds under management (Rbn)3,7 1 147.4 2.4 304.1 185.1 1 639.0 Property and Casualty Gross written premiums 11 477 3 034 14 511 Insurance revenue 11 602 2 634 14 236 Net underwriting margin (%) 9.7 % (5.5%) 7.1 % Net insurance revenue 9 754 1 975 11 729 Net underwriting result 946 (109) 837 Insurance margin (%) 13.7% (0.3%) 11.4% Claims ratio (%) 47.2% 58.5% 49.1% 1 The comparative amount for present value of new business premiums, value of new business and value of new business margin includes Old Mutual Finance credit life 2 The comparative amount represents the value as at 1 January 2026, adjusted for transfers between segments and profit transfers, where applicable 3 Comparatives have been restated for operating model changes effective 1 January 2026, refer to page 90 for detail on restatements 4 Comparatives have been re-presented in Old Mutual Africa Regions to include treasury investment income earned on surplus funds 5 Net interest margin is a new key performance indicator which measures how effectively the bank generates interest income from its lending and investment activities after paying interest on deposits and other funding. It is calculated as annualised net interest income divided by average interest-earning assets 6 The non-interest revenue definition has been updated to include all other sources of income from the banking business. Comparatives have been re-presented for this change 7 The comparative amount references FY 2025 8 The comparative amounts have been re-presented for consistency to reflect amounts previously classified within other receivables OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 54 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Analysis of embedded value earnings by cluster H1 2026 H1 2025 Rm Old Mutual Life and Savings Old Mutual Banking and Other Group activities Old Mutual Africa Regions Group Group Prior period closing balance (31 December) 47 543 2 468 7 300 57 311 66 873 Transfer of surplus (4 926) 4 926 — — — Transfer between segments 591 (591) — — — Opening embedded value (1 January) 43 208 6 803 7 300 57 311 66 873 Expected existing business contribution 2 486 144 467 3 097 3 168 Value of new business 449 48 72 569 432 Experience variances 1 205 173 195 1 573 1 071 Development cost variances (126) (85) (2) (213) (383) Non-economic basis changes (92) (64) (112) (268) (3 720) Operating embedded value earnings 3 922 216 620 4 758 568 Economic variances 534 (462) 31 103 416 Non-operating variances — — 68 68 — Total embedded value earnings 4 456 (246) 719 4 929 984 Closing adjustments — (2 190) (358) (2 548) (8 693) Closing embedded value (30 June) 47 664 4 367 7 661 59 692 59 164 Results from operations by line of business and cluster H1 2026 Rm Life and Savings Banking and Lending Asset Management Property and Casualty Other1 Total Old Mutual Life and Savings 3 356 — 474 (139) 3 691 Mass and Foundation 699 — (28) 671 Personal Finance 1 188 — (11) (36) 1 141 Wealth Management 391 — 485 (51) 825 Old Mutual Corporate 1 078 — (24) 1 054 Old Mutual Banking 52 (663) (611) Old Mutual Investments — 733 (38) 695 Old Mutual Insure 1 037 (45) 992 Old Mutual Africa Regions 336 221 360 83 (53) 947 Net result from group activities (434) (434) Results from operations 3 744 (442) 1 567 1 120 (709) 5 280 Shareholder investment return2 (250) (64) 45 86 (31) (214) Finance costs3 (375) (8) (63) 31 (415) Other non-controlled entities (7) (7) Adjusted headline earnings before tax and non-controlling interests 3 112 (506) 1 604 1 143 (709) 4 644 Shareholder tax (547) 56 (395) (274) (204) (1 364) Non-controlling interests 5 10 (110) (234) (329) Adjusted headline earnings 2 570 (440) 1 099 635 (913) 2 951 1 Other includes net result from group activities and certain central costs allocated to clusters 2 The shareholder investment return in Asset Management includes net rental income and fair value movements on investment properties 3 Old Mutual Insure has internal funding. The positive finance costs reflected in Other relates to the offsetting of intercompany interest income in net result from group activities OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 55 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Cluster highlights H1 2025 Rm Life and Savings Banking and Lending Asset Management Property and Casualty Other1 Total Old Mutual Life and Savings 3 343 1 305 (101) 3 548 Mass and Foundation2 589 — — — (27) 562 Personal Finance 1 321 — (3) — (31) 1 287 Wealth Management 269 — 308 — (24) 553 Old Mutual Corporate2 1 164 1 — — (19) 1 146 Old Mutual Banking2 150 (460) — — — (310) Old Mutual Investments2 — 510 (15) 495 Old Mutual Insure 1 339 (16) 1 323 Old Mutual Africa Regions 214 199 193 (5) (27) 574 Net result from group activities2 (690) (690) Results from operations 3 707 (260) 1 008 1 334 (849) 4 940 Shareholder investment return3 2 181 23 60 2 264 Finance costs4 (415) (5) (87) 34 (473) Other non-controlled entities (5) (5) Adjusted headline earnings before tax and non-controlling interests 5 468 (260) 1 026 1 307 (815) 6 726 Shareholder tax (1 564) (65) (282) (371) 34 (2 248) Non-controlling interests — 4 (63) (215) (274) Adjusted headline earnings 3 904 (321) 681 721 (781) 4 204 1 Other includes net result from group activities and certain central costs allocated to clusters 2 Comparatives have been restated for operating model changes effective 1 January 2026, refer to page 90 for detail on restatements 3 The shareholder investment return in Asset Management includes net rental income and fair value movements on investment properties 4 Old Mutual Insure has internal funding. The positive finance costs reflected in Other relates to the offsetting of intercompany interest income in net result from group activities OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 56 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Cluster reviews Old Mutual Life and Savings We delivered positive momentum in the first half of 2026, with strong sales performance supported by a diversified product mix that drove growth across both the risk and savings portfolios. This performance was particularly encouraging given the subdued economic environment, heightened competition, customer affordability pressures and ongoing product mix shifts that continued to put pressure on margins. Against this backdrop, management remained focused on strengthening the quality and resilience of the business through focused expense management, distribution channel optimisation and proposition enhancements to support sustainable growth and long-term value creation. Strategic investments, acquisitions, partnerships and product enhancements continued to support growth and value unlock. In Mass and Foundation, Two Mountains continued to contribute positively to business outcomes, supported by solid funeral sales growth. In Wealth Management, 10X Investments was consolidated from April 2026, and the business performed in line with expectations. Old Mutual Corporate continued to strengthen its capabilities and service offering through strategic partnerships and investments that are enhancing operational efficiency and client servicing. In Personal Finance, strong traction from the recently launched Savings and Income proposition supported growth. We continued to strengthen our digital and innovation capabilities to enhance customer experience, simplify processes and unlock operational efficiencies. This included the evaluation, testing and implementation of AI-enabled solutions. In Old Mutual Corporate, a range of AI-powered use cases were implemented, including always-on client servicing through WhatsApp and AI-enabled automation of risk claims processing and underwriting through the WhatsApp channel. Rm (unless otherwise stated) H1 2026 H1 2025 Change Results from operations1 3 691 3 548 4% Embedded value2 47 664 43 208 10% Contractual service margin2 58 138 57 532 1% Life APE sales1 6 576 5 441 21% Present value of new business premiums3 36 566 29 901 22% Value of new business3 449 424 6% Value of new business margin (%)3 1.2% 1.4% (20 bps) Gross flows1 77 910 71 242 9% Net client cash flow1 (2 701) 437 (>100%) Funds under management (Rbn)1,4 1 231.3 1 147.4 7% 1 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 the Other Group activities 2 The comparative amount represents the value as at 1 January 2026, adjusted for transfers between segments and profit transfers, where applicable 3 The comparative amount includes Old Mutual Finance credit life 4 The comparative amount references FY 2025 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 57 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Cluster reviews Life APE sales by product H1 2026 Rm Mass and Foundation Personal Finance Wealth Management Old Mutual Corporate Old Mutual Life and Savings Life APE sales 2 526 1 543 1 159 1 348 6 576 Single premium 1 536 1 015 403 1 955 Savings 1 367 1 015 287 1 670 Annuities — 169 — 116 285 Recurring premium 2 525 1 007 144 945 4 621 Savings 742 696 144 96 1 678 Risk 1 783 311 — 849 2 943 H1 2025 Rm Mass and Foundation1 Personal Finance Wealth Management Old Mutual Corporate Old Mutual Life and Savings Life APE sales 2 416 1 475 848 702 5 441 Single premium 1 623 779 337 1 740 Savings 1 344 779 302 1 426 Annuities — 279 — 35 314 Recurring premium 2 415 852 69 365 3 701 Savings 772 545 69 68 1 454 Risk 1 643 307 — 297 2 247 1 Comparatives have been restated to reflect the transfer of Old Mutual Finance and Old Mutual Transaction Services to Old Mutual Banking OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 58 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Analysis of embedded value earnings H1 2026 H1 2025 Rm Mass and Foundation Personal Finance Wealth Management Old Mutual Corporate Old Mutual Life and Savings Old Mutual Life And Savings1 Prior period closing balance (31 December) 13 918 16 923 2 931 13 771 47 543 55 184 Transfer of surplus (605) (476) 40 (3 885) (4 926) (8 949) Transfer between segments2 (360) 383 359 209 591 Opening embedded value (1 January) 12 953 16 830 3 330 10 095 43 208 46 235 Expected existing business contribution 588 1 047 159 692 2 486 2 269 Value of new business 161 (7) 111 184 449 424 Experience variances 27 (31) 568 641 1 205 740 Development cost variances (62) (61) — (3) (126) (130) Non-economic basis changes (74) (16) 1 (3) (92) (3 475) Operating embedded value earnings 640 932 839 1 511 3 922 (172) Economic variances 489 332 (60) (227) 534 377 Non-operating variances — — — — — — Total embedded value earnings 1 129 1 264 779 1 284 4 456 205 Closing adjustments — — — — — — Closing embedded value (30 June) 14 082 18 094 4 109 11 379 47 664 46 440 1 The comparative amount includes Old Mutual Finance credit life 2 Includes the reallocation of Old Mutual Finance credit life from Mass and Foundation to Old Mutual Banking and reallocation of market risk capital from Other Group activities to Old Mutual Life and Savings Contractual service margin H1 2026 H1 2025 Rm Mass and Foundation Personal Finance Wealth Management Old Mutual Corporate Old Mutual Life and Savings Old Mutual Life and Savings1 Prior period closing balance (31 December) 18 264 22 874 1 669 15 394 58 201 57 081 Transfer between segments2 (669) — — — (669) — Opening contractual service margin (1 January) 17 595 22 874 1 669 15 394 57 532 57 081 New business 502 483 104 109 1 198 1 643 Interest on contractual service margin 678 1 020 80 806 2 584 2 845 Expected contractual service margin release (749) (1 514) (116) (869) (3 248) (3 426) Non-economic experience variances (66) (155) 478 207 464 214 Non-economic assumption changes (85) (13) 1 (7) (104) (2 175) Economic experience items (41) (38) 50 (259) (288) 548 Closing contractual service margin (30 June) 17 834 22 657 2 266 15 381 58 138 56 730 1 The comparative amount includes Old Mutual Finance credit life 2 Includes the reallocation of Old Mutual Finance credit life from Mass and Foundation to Old Mutual Banking OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 59 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Cluster reviews Covered business results from operations by the drivers of performance H1 2026 Rm Mass and Foundation Personal Finance Wealth Management Old Mutual Corporate Old Mutual Life and Savings Expected profits 1 029 1 762 257 989 4 037 New business strain (443) (313) (12) (98) (866) Experience variances 251 139 244 195 829 Development expenses (85) (83) — (4) (172) Non-economic basis changes (5) (8) — — (13) Economic variances (48) (309) (98) (4) (459) Non-operating variance — — — — — Results from operations 699 1 188 391 1 078 3 356 Performance overview Old Mutual Life and Savings (‘The Cluster’) offers a comprehensive suite of products, including simple financial services products, holistic financial advice, long-term solutions, global investment and product solutions to customers. The Cluster is a direct outcome of the redefined operating model to bring together four established businesses operating at scale in South Africa. Effective 1 January 2026, Old Mutual Finance and Old Mutual Transaction Services were transferred to Old Mutual Banking and certain operations from Old Mutual Corporate were transferred to Other Group activities. Comparative information has been restated for applicable key performance indicators to reflect the revised structure, except for value metrics. Life APE sales growth was mainly driven by strong group risk and annuity sales in Old Mutual Corporate, and higher savings products sales in both Personal Finance and Wealth Management. This was partially offset by lower guaranteed annuity sales in Personal Finance, reflecting changing customer preferences in a low-interest rate environment. The value of new business increased by 6%, reflecting strong sales in Old Mutual Corporate and Wealth Management, supported by more profitable new business mix and higher sales volumes. The reported value of new business margin reduced to 1.2%, mainly due to the reallocation of Old Mutual Finance credit life to Old Mutual Banking. On a comparable basis excluding credit life, both value of new business and new business margin improved relative to the prior period. Gross flows increased as a result of stronger inflows in Wealth Management and Old Mutual Corporate, with both benefiting from strong sales momentum. Wealth Management was further supported by the inclusion of inflows from 10X Investments. This was partially offset by lower inflows in Personal Finance, primarily due to reduced guaranteed annuity sales. Despite strong growth in gross flows, net client cash flow declined to a net outflow of R2.7 billion. This was mainly due to higher institutional outflows in the Treasury business and lower inflows in Cash and Liquidity Solutions within Wealth Management, both of which are lower-margin products; as well as lower inflows and higher disinvestments in Personal Finance. These impacts were partly offset by the inclusion of net client cash flow from 10X Investments and the non‑recurrence of a large termination in Old Mutual Corporate recorded in the prior period. Results from operations increased by 4%, supported by robust underlying operating performance despite the impact of economic variances. In Wealth Management, results from operations increased by 49%, mostly driven by stronger revenue generation from higher average assets under management and administration. Across the Cluster, earnings benefited from improved recurring experience variances, particularly improved mortality and persistency outcomes. In Mass and Foundation, the prior period also included the negative impact of the strengthening of the long-term persistency basis on the funeral book. These positive impacts were partially offset by unfavourable economic variances across the businesses, which was impacted by downward yield curve movements at long durations. Embedded value operating earnings for the period were significantly higher than the prior period across all business units. The prior period included significant negative assumption changes. Excluding assumption and model changes, the operating earnings increased by 22% primarily due to higher value of new business and positive once-off impacts. These once-off impacts include an embedded value uplift related to the introduction of mass lapse reinsurance in Old Mutual Corporate at the end of 2025, as well as an updated administration fee arrangement in Wealth Management. Economic variances increased the embedded value, primarily as a result of positive long duration yield curve movements which partially reversed the impacts seen in the 2025 financial year. The contractual service margin increased over the period, primarily due to the addition of profitable new business as well as the once-off impact of an updated administration fee arrangement in Wealth Management. Economic variance reduced the contractual service margin over the period. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 60 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Mass and Foundation Rm (unless otherwise stated) H1 2026 H1 2025 Change Results from operations1 671 562 19% Embedded value2 14 082 12 953 9% Contractual service margin2 17 834 17 595 1% Life APE sales1 2 526 2 416 5% Present value of new business premiums3 6 358 6 494 (2%) Value of new business3 161 294 (45%) Value of new business margin (%)3 2.5% 4.5% (200 bps) Gross flows1 7 177 6 965 3% Net client cash flow1 3 074 2 905 6% Funds under management (Rbn)1,4 32.6 32.6 — 1 Comparatives have been restated to reflect the transfer of Old Mutual Finance and Old Mutual Transaction Services to Old Mutual Banking 2 The comparative amount represents the value as at 1 January 2026, adjusted for transfers between segments and profit transfers, where applicable 3 The comparative amount includes Old Mutual Finance credit life 4 The comparative amount references FY 2025 Performance overview Mass and Foundation operates in the low-income and lower-middle-income markets and offers a comprehensive range of products to the mass and foundation markets across underwritten life and funeral insurance, savings and funeral services. Our diversified, multi-channel distribution network delivers advice and non-advice solutions to our customers. Effective 1 January 2026, Old Mutual Finance and Old Mutual Transaction Services were transferred to Old Mutual Banking as part of the Group’s operating model changes. Comparative information has been restated for applicable key performance indicators to reflect the revised structure, except for value metrics. Life APE sales increased by 5% mainly due to the take-on of a large foundation market group scheme, while retail risk sales growth was supported by a significant increase in funeral product sales from the Two Mountains Group. Across our remaining channels, sales growth was more muted as we have started to deliberately scale down pockets of lower quality sales in certain distribution channels to support improved persistency and stronger value creation going forward. The value of new business and value of new business margin has reduced relative to the prior period mainly due to the reallocation of Old Mutual Finance credit life to the Old Mutual Banking cluster. In addition, the negative impact of the muted sales growth was partially offset by lower initial expenses and a higher contribution from the Two Mountains Group. Gross flows increased by 3% supported by a 9% growth in the retail risk gross flows. Maintaining positive gross flows growth while improving the quality of new business is a key focus area. Net client cash flow increased by 6% mainly due to growth in the retail risk book and lower surrenders. Results from operations increased by 19%. The prior period included the negative impact of the strengthening of the long-term persistency basis on the funeral book. In addition, improved mortality and persistency outcomes were offset by materially lower economic variances in the current period. Embedded value increased by 9% over the period due to growth in the retail risk book as well as the positive impacts of long duration yield curve movements. The growth in the retail risk book has also supported an increase in the contractual service margin over the period. 2 424 2 416 2 526 1 453 1 643 1 783 758 773 743 213 Life and Funeral Savings and Investments Risk-Credit life H1 2024 H1 2025 H1 2026 0 1 000 2 000 3 000 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 61 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 Life APE sales by products (R million) 5%
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Cluster reviews Personal Finance Rm (unless otherwise stated) H1 2026 H1 2025 Change Results from operations 1 141 1 287 (11%) Embedded value1 18 094 16 830 8% Contractual service margin2 22 657 22 874 (1%) Life APE sales 1 543 1 475 5% Present value of new business premiums 9 733 9 870 (1%) Value of new business (7) (5) (40%) Value of new business margin (%) (0.1%) (0.1%) — Gross flows 14 643 15 237 (4%) Net client cash flow (5 206) (3 330) (56%) Funds under management2 262.7 262.6 0% 1 The comparative amount represents the embedded value as at 1 January 2026, adjusted for profit transfers and transfers between segments 2 The comparative amount references FY 2025 Performance overview Personal Finance operates primarily in Life and Savings, offering a wide range of holistic financial advice and long-term risk, savings, income and investment solutions. Products are distributed through tied advisers, independent financial advisers, agency franchises and direct channels, including digital and tele-advisers. The face-to-face channels are also significant distributors of Wealth Management products. Personal Finance tied advisers also originate a significant portion of new business for Old Mutual Insure's home, vehicle and business insurance. Life APE sales increased by 5% due to better recurring premium sales resulting from an improvement in savings business and a small uplift in risk, partially offset by lower single premium sales. These were lower primarily due to a decline of 39% in guaranteed annuity sales, a cyclical trend we have seen across the industry. This led to a corresponding decline in the present value of new business premiums. The value of new business and value of new business margin were in line with the prior period. Lower annuity sales were partially offset by higher risk and savings sales, as well as improved distribution economics. Gross flows were lower than the prior period due to lower flows from guaranteed annuity sales. The lower inflows resulted in a significant reduction in net client cash flow. Outflows also increased due to higher Section 14 retirement annuity transfers and the effect of strong market performance over 2025, which raised the value of funds being disinvested in 2026. Results from operations decreased by 11%, largely as a result of the downward yield curve movements at long durations. This was partially offset by improved mortality and persistency experience. 1 819 1 619 1 702 304 307 311 459 279 169 114 112 117 786 777 946 156 144 159 Risk Guaranteed annuities Living annuities Savings and investments (covered) Savings and investments (non-covered) H1 2024 H1 2025 H1 2026 0 1 000 2 000 Embedded value earnings were positive over the period, primarily due to yield curve movements that increased the value of in-force business. Mortality and persistency experience also improved over the period. Operating embedded value earnings increased relative to prior period, reflecting the non-recurrence of the non-hedgeable risk capital charge basis change included in the prior period. Contractual service margin declined slightly over the year due to the impact of book run-off and non-economic experience variances outweighing new business contribution. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 62 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 Total retail sales on an APE comparable basis (R million) 5% 1 663 1 475 1 543
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Wealth Management Rm (unless otherwise stated) H1 2026 H1 2025 Change Results from operations 825 553 49% Embedded value1 4 109 3 330 23% Contractual service margin3 2 266 1 669 36% Life APE sales 1 159 848 37% Present value of new business premiums 10 291 7 862 31% Value of new business 111 60 85% Value of new business margin (%) 1.1% 0.8% 30 bps Gross flows2 39 709 33 229 20% Net client cash flow2 3 184 8 302 (62%) Assets under management and administration (Rbn)3,4 640.3 468.5 37% Funds under management 625.7 543.4 15% Intergroup assets2,5 14.6 (74.9) >100% Revenue 2 229 1 932 15% Annuity 2 236 1 920 16% Non-annuity (7) 12 (>100%) Revenue bps – annuity6,7 81 bps 89 bps (8 bps) 1 The comparative amount represents the embedded value as at 1 January 2026, adjusted for profit transfers and transfers between segments 2 The comparative amount has been re-presented to reflect the elimination of assets which were previously eliminated in Old Mutual Life and Savings cluster 3 The comparative amount references FY 2025 4 Assets under management and administration represents the total market value of funds managed and/or administered by the Group on behalf of clients and provides a measure of the fee earning asset base 5 The H1 2026 amount reflects an increase in retail assets that are no longer eliminated due to the revised retail fund margin allocations implemented with Old Mutual Investments. The comparative amount was not re-presented 6 Calculated as annuity revenue divided by average assets under management and administration 7 The reporting changes relating to intergroup assets influence the revenue bps – annuity metric. Had we reported on a consistent basis across the two periods, the margin would be 74 bps for H1 2026 and 71 bps for H1 2025 Performance overview Wealth Management provides comprehensive local and global investment solutions tailored for high-net-worth and affluent individuals. Our offerings are primarily distributed through financial intermediaries and accessed on our local and global investment platforms. Through our investment solutions and private client businesses, we deliver specialised investment expertise and a highly differentiated service. From 2026, we retain 70% of the retail margin previously reported by Old Mutual Investments on assets managed on behalf of our clients, better aligning revenue allocation with the activities associated with gathering those assets. Comparatives were not re-presented to reflect this change. In addition, 10X Investments has been consolidated from 1 April 2026. Life APE sales increased by 37%, driven by strong growth in endowment and living annuity sales. The present value of new business premiums increased, reflecting the stronger new business inflows. The value of new business increased by 85%, supported by higher sales and improved margins. Gross flows increased by 20%, driven by strong inflows into the local platform business, particularly unit trusts and living annuities, as well as the inclusion of 10X Investments. This was partly offset by lower inflows in Cash and Liquidity Solutions. Despite strong growth in gross flows, net client cash flow decreased by 62%, primarily driven by significant outflows in low-margin Treasury business and lower inflows in Cash and Liquidity Solutions. This was partly offset by stronger net client cash flow in the local and offshore platform businesses and the inclusion of net client cash flow from 10X Investments. Excluding Treasury and Cash and Liquidity Solutions, net client cash flow in the core investment business increased by 82% compared to the prior period. 3 062 3 385 4 101 484 528 671 273 320 488 2 305 2 537 2 942 Living annuities Savings and investments (covered) Savings and investments (non-covered) H1 2024 H1 2025 H1 2026 0 1 000 2 000 3 000 4 000 5 000 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 63 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 Total retail sales on an APE comparable basis (R million) 21% 757 848 1 159
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Cluster reviews Assets under management and administration increased by 37% from December 2025. The intergroup assets elimination reduced following the revised retail margin reporting with Old Mutual Investments. On a comparable basis, assets under management and administration increased by 14%. The growth was supported by the inclusion of assets under management from 10X Investments and positive net client cash flows, with growth in offshore markets offsetting the impact of weaker local equity market performance. Results from operations increased by 49% compared to the prior period. Most of this growth was driven by stronger revenue off a higher average base of assets under management and administration. The growth was further supported by the reporting change with Old Mutual Investments. Results from operations also includes the once-off impact of an updated administration fee agreement. The increase in the contractual service margin over the period was primarily driven by the once-off impact of an updated administration fee agreement, together with higher volumes of profitable new business. The increase in embedded value over the period was primarily driven by the same factors influencing the contractual service margin. Old Mutual Corporate Rm (unless otherwise stated) H1 2026 H1 2025 Change Results from operations1 1 054 1 146 (8%) Embedded value2 11 379 10 095 13% Contractual service margin3 15 381 15 394 (0.1%) Life APE sales 1 348 702 92% Present value of new business premiums 10 184 5 675 79% Value of new business 184 75 >100% Value of new business margin (%) 1.8% 1.3% 50 bps Gross flows 16 381 15 811 4% Net client cash flow (3 753) (7 440) 50% Funds under management3 310.4 308.8 1% 1 Comparatives have been restated to reflect the transfer of certain operations to Other Group activities 2 The comparative amount represents the embedded value as at 1 January 2026, adjusted for profit transfers and transfers between segments 3 The comparative amount references FY 2025 Performance overview Old Mutual Corporate provides employee benefit solutions and consulting services, including pre- and post-retirement investments solutions, group risk cover, administration and specialised solutions. Our business-to-business-to-customer model spans small, medium and large enterprises, and our customers include employers, retirement funds and other benefit funds, as well as their members and employees. A large component of the funds under management relates to our flagship smoothed bonus funds, which are built to deliver relatively high investment returns at lower volatility to customers and at relatively modest cost. This smoothing allows our customers to experience reduced volatility while building their retirement savings through consistent real returns. This is a critical market differentiator for us as evidenced by our market share of close to 85%. Life APE sales showed a very strong improvement in the first half of the year, mainly due to higher risk sales, driven by organic industry consolidation. Present value of new business premiums increased by 79%. In addition to the growth in volume, the product mix shifted due to higher risk business sales, which contributed strongly to the value of new business and value of new business margin achieved over the period. The current period new business result benefited from significant recurring risk flows, which are not expected to recur at the same level over the second half of the year. The growth in gross flows of 4% indicates positive momentum in asset gathering and client flows, despite a competitive market environment. Net client cash flow improved, mainly due to better gross flows and lower terminations, partly offset by higher benefit payment outflows. Targeted client retention efforts resulted in termination outflows improving from R4.7 billion in the prior period to R1 billion in the current period. Total outflows were also adversely impacted by benefit payments resulting from two-pot claims of R1.7 billion in the current period (R0.9 billion in 2025). Funds under management were largely flat compared to December 2025 due to the impact of these outflows. 809 702 1 348 433 302 287 74 68 96 271 297 84931 35 116 Single premium savings Recurring premium savings Risk Annuities H1 2024 H1 2025 H1 2026 0 500 1 000 1 500 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 64 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 Life APE sales (R million) 92%
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(2 709) (1 965) (17 965) 14 728 (4 703) (2 166) (16 382) 15 811 (978) (2 385) (16 771) 16 381 H1 2024 H1 2025 H1 2026 Terminations Group assurance products (GAP) benefits Retirement savings and annuity benefits Gross flows (25 000) (20 000) (15 000) (10 000) (5 000) 0 5 000 10 000 15 000 20 000 25 000 Expected profits for the period increased due to a higher opening contractual service margin. The risk variances remain strong, but have reduced year on year in line with expectations. In addition, the positive economic variance for the prior period did not repeat. The net impact of these movements was an 8% reduction in results from operations. Embedded value increased by 13%, mainly driven by a positive once-off impact from the implementation of the mass lapse reinsurance treaty in 2025 as well as strong new business value created and positive experience variances, partially offset by negative economic variances as a result of long duration yield curve movements. Contractual service margin remained broadly stable year-on-year. The impact of negative economic variance was mostly offset by positive persistency experience and new business contributions. Old Mutual Life and Savings Outlook Although we delivered strong momentum in the first half of 2026, we remain cautious regarding the outlook for the remainder of the year. The risk and annuity sales in Old Mutual Corporate, driven by organic consolidation opportunities in the market, have been concentrated in the first half of the year; further umbrella consolidation opportunities remain. Value creation outcomes in Mass and Foundation and Personal Finance are expected to remain under pressure in the short-term. In Mass and Foundation, the continued focus on improving the quality of new business and optimising the product mix is expected to moderate sales growth in the short-term but should support improved persistency and stronger value creation over time. In Personal Finance, guaranteed annuity sales are not expected to recover to recent historical levels in the near term. We remain on track to deliver our cost-saving commitments. We will continue to refine the internal business unit reorganisation during the second half of the year. While these refinements may impact the allocation of reported results between business units, they are not expected to change the underlying commercial focus of the businesses. Looking ahead, management remains focused on disciplined cost reduction and optimisation, proposition enhancement, accelerated digital enablement, improved retention and servicing outcomes and continued strengthening of core capabilities to support sustainable growth and long-term value creation. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 65 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 Old Mutual Corporate net client cash flow drivers (R million)
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Cluster reviews Old Mutual Banking OM Bank made significant progress in building a scalable, differentiated banking franchise, driven by strong customer acquisition, robust retail deposit growth and continued enhancement of its everyday banking proposition. We also advanced the integration of Old Mutual Finance into the Banking cluster, while continuing to strengthen the customer proposition and expand transactional banking capabilities. Together, these initiatives are creating a more integrated banking and lending proposition and increasing our ability to deepen customer relationships over time. Growth in customers and deposits reflects increasing trust and engagement, while supporting funding diversification and future balance sheet growth. This progress was achieved against a subdued economic backdrop, continued pressure on consumer affordability and a highly competitive banking market. While the business remains in a build phase, the trajectory is encouraging. An increasingly competitive banking landscape has also reinforced the importance of differentiation, creating opportunities to deepen customer relationships, strengthen our proposition and further leverage the Old Mutual ecosystem. Continued enhancements to our product offering and everyday banking capabilities are expected to drive higher transactional activity, stronger engagement and increasingly diversified revenue streams. We remain focused on strengthening the quality of our balance sheet and scaling a customer-centric banking franchise that leverages the full breadth of the Old Mutual ecosystem to deliver sustainable long-term growth. Rm (unless otherwise stated) H1 2026 H1 2025 Change Results from operations1 (611) (310) (97%) OM Bank (764) (579) (32%) Old Mutual Finance and other2 153 269 (43%) Net interest income1 1 163 1 113 4% Net interest margin3 12.3% 12.4% (10 bps) Non-interest revenue1,4 466 498 (6%) Credit loss ratio1 7.3% 5.7% (160 bps) Credit impairment charges (601) (467) (29%) Gross loans and advances1,5 16 435 16 388 0.3% Secured lending 1 530 1 269 21% Unsecured lending 14 905 15 119 (1%) Gross retail deposits5 1 383 272 >100% Number of customers (000)5,6 1 010 552 83% OM Bank 742 284 >100% Old Mutual Finance 268 268 — 1 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 3 Net interest margin is a new key performance indicator which measures how effectively the bank generates interest income from its lending and investment activities after paying interest on deposits and other funding. It is calculated as annualised net interest income divided by average interest-earning assets 4 The non-interest revenue definition has been updated to include all other sources of income from the banking business. Comparatives have been re-presented for this change 5 The comparative amount references FY 2025 6 Customer count for the cluster excludes Old Mutual Transaction Services Performance overview Old Mutual Banking provides integrated, customer-oriented transactional banking, savings and lending solutions. Old Mutual Banking serves mass and middle-income South Africans, customers earning between R8 000 and R80 000 per month, anchored on customers earning between R15 000 and R50 000. Our integrated product suite combines everyday transactional and payment solutions, savings products that support financial resilience, personal loans and credit facilities, and secured lending through Home Loans and Investment-Backed Lending. The business operates through a digital-first, hybrid distribution model, with the mobile app as the primary engagement channel, supported by branches for assisted sales and digital adoption and contact centres for comprehensive servicing. With effect from 1 January 2026, Old Mutual Finance, Old Mutual Transaction Services and Secured Lending are managed and reported as part of the Old Mutual Banking Cluster. Our long-term strategy includes the consolidation of these businesses into the OM Bank Holding Company, subject to regulatory approval. Comparative information has been restated for applicable key performance indicators to reflect the revised structure, except for value metrics. Old Mutual Banking continued to build scale during the first half of 2026, supported by strong customer acquisition, strong retail deposit growth and progress in integrating transactional, savings, unsecured and secured lending propositions into one customer offering. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 66 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Transactional banking customer numbers increased from 284 000 to 742 000 during the first half of 2026. Growth was supported by the migration of legacy Money Account customers, while approximately half of customer acquisition comprised new customers adopting the transactional and savings propositions. Retail deposits increased significantly to R1.4 billion, demonstrating adoption of Old Mutual Banking’s transactional and savings propositions and strengthening the funding base for future lending growth. Gross loans and advances remained broadly stable at R16.4 billion as the business maintained a disciplined, risk-adjusted approach to lending in a challenging consumer environment. The OM Bank App-based lending proposition was soft- launched in the first half of 2026 and will be expanded across the Group ecosystem during the second half of the year. The secured lending portfolio remains a high-quality, low-risk component of the overall lending book, supported by strong collateral coverage. Investment-Backed Lending achieved strong growth in the second quarter of 2026 following targeted distribution initiatives, while the Home Loans proposition continued to evolve within the broader banking ecosystem. The unsecured lending portfolio decreased by 1% due to a more cautious lending criteria given the ongoing pressure on consumer affordability. Net interest income increased by 4%, benefiting from higher investment returns on the growing deposit base and lower funding costs across the unsecured lending portfolio. Net interest margin remained broadly stable at 12.3% compared with the prior period. Non-interest revenue declined by 6%, driven by lower transactional revenue due to the wind-down of legacy Money Account activity that has not yet fully transitioned onto the OM Bank platform, with lending and insurance non-interest revenue stable year-on-year due to cautious lending. Encouragingly, customer transactions grew significantly quarter-on-quarter during the first half as product rollout progressed and customer activity increased. The credit loss ratio increased to 7.3%, reflecting continued pressure on household affordability and a prudent approach to credit risk. Results from operations deteriorated mainly due to a 29% increase in credit impairment charges on the unsecured loan book and higher operating costs as OM Bank continued to invest in scale, integration and the transition from build phase to revenue-generating growth. The value of new business margin for Old Mutual Finance credit life business declined to 16.9%, mainly due to lower sales and the revised cost allocation methodology following its transition into the Banking cluster. Management remains focused on increasing transactional activity, strengthening the customer value proposition, growing a stable retail deposit base and expanding quality lending across the integrated franchise. These priorities are intended to improve operating leverage, accelerate the path to profitability and deliver sustainable long-term value. Outlook The operating environment is expected to remain challenging during the second half of 2026, with consumer affordability likely to remain under pressure. Competition across the banking sector is expected to remain strong, reinforcing the importance of delivering differentiated customer value and deepening banking relationships. Management will remain focused on completing the integration of Old Mutual Finance into the Banking cluster, growing transactional banking activity, expanding the retail deposit franchise and increasing quality lending while maintaining disciplined credit risk management. These initiatives are expected to strengthen customer engagement, diversify revenue streams and improve operating leverage as the bank continues to scale. Supported by the broader Old Mutual ecosystem, the Banking cluster remains well positioned to deliver an integrated banking, lending, insurance and investment proposition and create sustainable long-term value for customers and shareholders. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 67 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Cluster reviews Old Mutual Investments We delivered a strong first-half performance, demonstrating the resilience of our diversified platform and the strength of our client-led investment capabilities in a volatile market environment. Our Alternatives business delivered another excellent performance, underpinned by strong capital raising and deal flow. We are also encouraged by the uplift in new business activity in our Asset Management businesses. Despite an early-year geopolitical shock and sell-off, we delivered consistent and credible investment performance across our range of capabilities, providing our clients with compelling investment outcomes. Artificial intelligence continues to reshape our industry, and we are actively positioning the business to harness AI as an enabler of efficiency, sharper decision-making and improved client outcomes, while maintaining robust governance and human judgement. Rm (unless otherwise stated) H1 2026 H1 2025 Change Results from operations1 695 495 40% Total revenue1 1 914 1 648 16% Annuity1 1 489 1 411 6% Non-annuity1 425 237 79% Revenue bps - annuity1,2 30 bps 32 bps (2 bps) Cost to income ratio3 63.7% 70.0% 630 bps Gross flows 17 828 12 078 48% Net client cash flow (3 780) (13 390) 72% Assets under management (Rbn)4,5 992.8 993.0 — Funds under management 310.9 304.1 2% Intergroup assets1 681.9 688.9 (1%) 1 Comparatives have been restated to reflect the transfer of Specialised Finance to Other Group activities 2 Calculated as total annuity revenue divided by average assets under management 3 Calculated as operating expenses divided by total revenue for the period 4 Assets under management comprise funds under management as defined for the Group and funds managed on behalf of other entities in the Group, which are reported as funds under management of these respective clusters 5 The comparative amount references FY 2025 Assets under management by asset class Rbn (unless otherwise stated) H1 2026 % of total FY 20251 % of total Fixed interest – Listed 131.3 13.2% 146.6 14.8% Fixed interest – Unlisted 127.6 12.9% 133.2 13.4% Floating interest – Listed 7.5 0.8% 7.4 0.7% Equity – Listed 172.2 17.3% 185.2 18.7% Equity – Unlisted 52.4 5.3% 57.3 5.8% Multi-asset portfolios 106.7 10.7% 87.4 8.8% Offshore 321.2 32.4% 278.1 28.0% Money market and other cash instruments 73.9 7.4% 97.8 9.8% Assets under management 992.8 100% 993.0 100% 1 Comparatives have been restated to reflect the transfer of Specialised Finance to Other Group activities OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 68 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Performance overview Old Mutual Investments operates through four independent asset management affiliates across two investment business lines, namely Asset Management and Alternatives. As indicated in the last set of results, following changes to the Group’s operating model the Specialised Finance business no longer forms part of the Old Mutual Investments cluster from 2026. Key performance indicators have been restated to reflect these changes. In addition, the margin received from Old Mutual Wealth relating to retail funds managed by Old Mutual Investment Group was reduced by 70% effective January 2026 to better match the revenue allocation with the activity associated with gathering the assets. Comparatives were not re-presented for this reduction. We delivered a strong first-half performance, reflecting the benefits of our diversified investment platform across Asset Management and Alternatives. Results from operations increased by 40% to R695 million, supported by broad-based revenue growth and a particularly strong contribution from Alternatives. Total revenue increased by 16% to R1.9 billion, with annuity revenue (made up of management fees, commitment fees and catch-up fees) up 6% to R1.5 billion and non-annuity revenue (comprising preferred returns, revaluation of fund co-investments and performance fees) up 79% to R425 million, highlighting the value of diversified revenue streams through market cycles. The business continued to attract meaningful client activity, with gross flows increasing by 48% to R17.8 billion predominantly in Asset Management, and R6.7 billion of capital raised in Alternatives over the period. Net client cash flow improved to negative R3.8 billion, reflecting stronger platform momentum and a more favourable trend relative to the prior period. We returned capital to investors following the successful conclusion of some of our Alternatives funds' lifecycles. Assets under management remained stable at R993 billion. The cost-to-income ratio improved by 630 basis points to 63.7%, reflecting the benefit of revenue growth and ongoing cost discipline in line with the overall Group focus on managing expenses tightly. These results demonstrate the strength of Old Mutual Investments’ operating model, with steady annuity earnings complemented by higher, through the investment lifecycle, performance-linked and valuation-related non-annuity income. Asset Management Rm (unless otherwise stated) H1 2026 H1 2025 Change Results from operations 227 227 — Total revenue 978 905 8% Annuity 936 875 7% Non-annuity 42 30 40% Gross flows 15 822 11 593 36% Net client cash flow (1 981) (12 787) 85% Assets under management (Rbn)1,2 864.7 863.5 0.1% 1 Asset under management comprise funds under management as defined for the Group and funds managed on behalf of other entities in the Group, which are reported as funds under management of these respective clusters 2 The comparative amount references FY 2025 Asset Management delivered a resilient performance, underpinned by strong client flows and higher fee-earning assets. Results from operations were broadly in line with the prior period at R227 million, while total revenue increased by 8% to R978 million. Gross flows increased by 36% to R15.8 billion, demonstrating improved client activity across key investment capabilities. Net client cash flow improved by 85%, albeit still negative at R2.0 billion, with most outflows attributable to low-margin fixed income and money market funds, as well as contractual liability-driven investment benefit payments. Assets under management remained stable at R865 billion, supported by resilient investment performance in a volatile market environment. The Asset Management result reflects a solid operating performance against the backdrop of the revised commercial arrangement relating to the Old Mutual Wealth retail funds. The business remains well positioned through its diversified investment offering across listed equity, multi-asset, fixed income, credit, liability-driven investment and income solutions. This breadth of capability supports continued relevance to retail, institutional and corporate clients. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 69 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Cluster reviews Alternatives Rm (unless otherwise stated) H1 2026 H1 2025 Change Results from operations 468 268 75% Total revenue 936 743 26% Annuity 553 536 3% Non-annuity 383 207 85% Gross flows 2 006 485 >100% Net client cash flow (1 799) (603) (>100%) Assets under management (Rbn)1,2 128.1 129.5 (1%) 1 Asset under management comprise funds under management as defined for the Group and funds managed on behalf of other entities in the Group, which are reported as funds under management of these respective clusters 2 The comparative amount references FY 2025 Old Mutual Alternative Investments continued to demonstrate its role as a key growth engine for Old Mutual Investments, delivering strong earnings growth and material capital raising success with sustained investor demand for private markets. The strong first half performance highlights the value of a differentiated Alternatives platform, with performance-linked revenues providing meaningful upside through the investment cycle. The business delivered another strong performance in respect of capital raising (R6.7 billion) and deal flow (R6.7 billion) activity over the period. Results from operations increased by 75% to R468 million, driven by significant revenue growth. Despite several funds being in the exit phase of the investment lifecycle, annuity revenue grew by 3% to R553 million due to increased fund commitments and portfolio growth. Non-annuity revenue increased by 85% to R383 million, supported by higher preferred returns and fair value gains. Non-annuity revenue generates significant economic value over the investment cycle and differentiates us from our peers, however, it can introduce greater volatility in the profit outcomes. 16.0 4.8 6.7 H1 2024 H1 2025 H1 2026 0 5 10 15 20 Outlook Looking ahead, we enter the second half of 2026 with a resilient platform, strong Alternatives momentum and a meaningful pipeline of third-party client flows and capital-raising opportunities. We anticipate continued growth in our Alternatives business as demand for infrastructure and private markets across South Africa and the continent remains strong. In Asset Management, appetite for competitive global capabilities remains strong and we are well positioned to meet client demand. Our focus for the remainder of 2026 is to convert our significant secured to flow pipeline into positive flows, and deploy the capital we have raised while focusing on strict cost discipline. We remain focused on generating sustainable long-term returns for clients while creating enduring value for stakeholders. We will continue to focus on areas of strength and areas where we see growth opportunities, particularly in private markets and across our global capabilities. This positions Old Mutual Investments to continue delivering sustainable client outcomes along with generating long-term value for our stakeholders throughout the remainder of 2026 and beyond. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 70 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 5.3 3.4 6.7 H1 2024 H1 2025 H1 2026 0 3 5 8 Alternatives capital raised (R billion) Alternatives deal flow (R billion)
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Old Mutual Insure We delivered a strong start to the year despite a significantly more challenging claims environment, demonstrating the resilience of our operating model and the benefits of the deliberate diversification of our portfolio over the past four years. While growth remained muted, underwriting performance across the portfolio was strong despite catastrophe losses and the adverse impact of geopolitical tensions in the Middle East. Severe flooding events in the Eastern and Western Cape in May 2026, together with increased claims activity in the trade credit market contributed to heightened claims volatility. Notwithstanding these pressures, the results were supported by disciplined underwriting, effective risk management and the continued execution of strategic initiatives to contain claims costs, complemented by rigorous expense management. Growth remained challenging, with affordability pressures, heightened competition and subdued economic activity. Encouragingly, our strategic interventions implemented in 2025 to drive sustainable organic growth have gained traction, resulting in increased momentum during the second quarter. Customer retention, policy volume growth and new business activity strengthened materially across most portfolios. The strong growth contribution from our Strategic Acquisitions highlights the value of our diversified business model, while improving momentum within our core business supports our confidence in delivering sustainable growth and long-term value creation. Rm (unless otherwise stated) H1 2026 H1 2025 Change Results from operations 992 1 323 (25%) Gross written premiums 12 103 11 477 5% Insurance revenue 12 265 11 602 6% Net insurance revenue 10 189 9 754 4% Net underwriting result 776 946 (18%) Net underwriting margin (%) 7.6% 9.7% (210 bps) Claims ratio (%) 50.3% 47.2% (310 bps) Insurance margin (%) 10.2% 13.7% (350 bps) Rm H1 2026 H1 2025 Change Retail 347 549 (37%) iWYZE 98 94 4% Specialty1 48 155 (69%) Specialty 160 171 (6%) Premier (112) (16) (>100%) Old Mutual Alternative Risk Transfer Insure1 28 14 100% Credit Guarantee Insurance Corporation 82 231 (65%) Strategic Acquisitions1,2 400 234 71% Insurance service result 1 003 1 277 (21%) Non-attributable expenses (227) (331) 31% Net underwriting result 776 946 (18%) Investment return on insurance funds3 340 469 (28%) Finance income and expenses from insurance and reinsurance contracts3 (181) (189) 4% Other income and expenses 57 97 (41%) Results from operations 992 1 323 (25%) 1 Comparatives have been re-presented to disclose OMART Insure separately from Specialty and include ONE Financial Services Holdings premiums within Strategic Acquisitions 2 Strategic Acquisitions is the investment portfolio that includes Genric Insurance and ONE Financial Services 3 The comparative period 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 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 71 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Cluster reviews 4 366 596 1 683 1 541 843 2 448 4 349 594 1 656 1 713 897 2 894 H1 2025 H1 2026 Retail iWYZE Specialty Old Mutual Alternative Risk Transfer Insure Credit Guarantee Insurance Corporation Strategic Acquisitions 0 1 000 2 000 3 000 4 000 5 000 6 000 Performance overview Gross written premiums increased by 5%, supported by growth in Strategic Acquisitions, Old Mutual Alternative Risk Transfer Insure and Credit Guarantee Insurance Corporation. Growth became increasingly diversified across the Group, with specialist, niche and alternative risk businesses performing strongly, while momentum in the core business improved during the second quarter. Improved customer retention, policy volume growth, and significantly higher quote and new business activity, together with the onboarding of strategic partnerships within Retail, positions the Group to benefit from stronger growth in the second half of the year. Our expansion into Accident and Health through our strategic acquisition of Genric is gaining momentum, with the Accident and Health portfolio growing at 17% and reaching an annualised revenue of R700 million. The insurance service result decreased by 21% driven by significantly elevated catastrophe losses due to severe flooding events in the Eastern and Western Cape to the value of R376 million net of reinsurance, as well as increased claims activity within the trade credit portfolio. Underlying underwriting performance reflected disciplined risk selection, pricing adequacy initiatives, effective claims management and ongoing improvements in portfolio quality. Retail, Strategic Acquisitions and Old Mutual Alternative Risk Transfer Insure delivered strong contributions, while Credit Guarantee Insurance Corporation continued to provide meaningful diversification to Group earnings, notwithstanding a more challenging large-claims environment. Results from operations decreased by 25%, reflecting lower underwriting earnings relative to the strong prior period outcome and a reduction in investment returns on insurance funds. The lower investment income was driven by declining interest rates, reduced average investable balances and weaker fair value gains on investment portfolios. Retail Retail includes the Commercial, Agriculture and Personal business portfolios. The Commercial and Agricultural business portfolios serve small to large sized enterprises by providing insurance solutions tailored to the needs of entrepreneurs, businesses and farmers. The Personal business portfolio offers a multi-product and multi-channel distribution portfolio that provides private individuals with cover through a wide range of products. Gross written premiums remained broadly in line with the prior period despite a highly competitive and affordability- constrained market. Momentum improved during the second quarter, supported by stronger customer retention, policy volume growth, increased tied-agent capacity and significantly increased new business activity. The onboarding of strategic partnership business within the Alternative Business portfolio further broadened the growth base and enhanced future growth prospects. Despite challenging trading conditions, Retail maintained a disciplined focus on underwriting quality and profitability. Insurance service result decreased by 37%, primarily reflecting elevated catastrophe losses arising from severe storm events. Notwithstanding the higher claims experience, the business remained profitable and well within our targeted underwriting margin, supported by a favourable attritional loss ratio, disciplined underwriting and pricing actions, effective claims cost management and ongoing claims optimisation initiatives. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 72 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 Gross written premiums (R million) (0.4%) (0.3%) (2%) 6% 18%11% 1 Comparatives have been re-presented to disclose OMART Insure separately from Specialty and include ONE Financial Services Holding premiums within Strategic Acquisitions 1 1 1
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iWYZE The iWYZE non-life business offers short-term cover, value-added products and business insurance through a direct distribution model. Gross written premiums remained broadly in line with the prior period despite strong new business sales growth and improved customer acquisition. Premium growth was constrained by affordability pressures, higher policy lapses and lower conversion of sales into active premium-paying policies. During the period, management took deliberate actions to optimise partnership portfolio spend and focused on profitable new business growth, supporting improved quality of earnings. The insurance service result increased by 4%, underpinned by a favourable claims experience, disciplined underwriting and pricing actions, effective expense management and ongoing improvements in portfolio quality, demonstrating the resilience of the underlying business model. Specialty The Specialty business portfolio focuses on the insurance of large and complex risks in niche market segments, mainly corporate property, engineering and marine. Specialty includes Premier which delivers tailor-made products for the large commercial market segment and adopts the type of technical underwriting and improved risk management used in the Specialty business for complex and bespoke customer needs. Gross written premiums marginally decreased, where trading conditions were mixed. Corporate Property achieved solid growth despite competitive market conditions and pricing pressure, supported by the retention of key accounts and successful new business wins. Engineering and certain specialist portfolios recorded softer premium performance, while Premier's lower premiums reflected the ongoing impact of portfolio remediation actions completed in prior periods, resulting in a smaller but higher-quality portfolio. The Specialty insurance service result was lower than the strong prior period outcome, reflecting elevated catastrophe losses and a higher incidence of large-loss events within the Premier portfolio. Excluding Premier, the Specialty portfolio demonstrated resilience in a challenging claims environment. The impact of catastrophe losses were partially mitigated by lower attritional claims frequency and reduced large-loss activity across the portfolio. The Premier portfolio's insurance service result decreased by R95 million, mainly driven by catastrophe losses and selected large-loss events. Notwithstanding these impacts, the underlying performance of the portfolio continued to improve, with a stronger attritional loss ratio reflecting the benefits of remediation actions, portfolio optimisation and enhanced underwriting discipline. Overall, the underwriting performance excluding the May catastrophes across the Specialty segment remained resilient, demonstrating the continued benefits of disciplined underwriting and targeted remediation initiatives despite a challenging claims environment. Old Mutual Alternative Risk Transfer Insure Old Mutual Alternative Risk Transfer Insure offers first and third-party cell captive structures as well as underwriting solutions from the promoter cell. The cell captive portfolio gross written premiums grew by 11%, supported by strong customer acquisition and continued expansion in third-party cell arrangements. Insurance service result improved during the period, supported by favourable claims experience in the promoter cell and disciplined underwriting, reflecting the quality and resilience of the portfolio. Credit Guarantee Insurance Corporation Credit Guarantee Insurance Corporation’s main business is that of trade credit insurance in both the domestic and export trade credit insurance market. Credit Guarantee Insurance Corporation also underwrites bond and surety insurance which naturally complements the core business. Gross written premiums increased by 6%, supported by strong growth in the Bonds, Construction, Logistics, Africa and Exports portfolios, together with continued geographic expansion into selected African markets. Growth was partially offset by ongoing pressure in traditional sectors such as steel and retail, reflecting subdued economic activity and competitive market conditions. Despite a challenging environment characterised by elevated default risk and global uncertainty, disciplined underwriting and proactive buyer risk management continued to support portfolio quality. The insurance service result and underwriting result decreased compared to the prior period, primarily due to adverse developments on a small number of large claims. This was further compounded by lower reinsurance commission income resulting from the higher claims experience. Despite the more challenging claims environment, underlying underwriting fundamentals, attritional claims experience and expense discipline remained sound. We continue to actively manage claims exposures and remain confident that loss ratios will normalise. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 73 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Cluster reviews Strategic Acquisitions Strategic Acquisitions is a division in which we report the results of acquired subsidiaries. This includes Genric Insurance Company, a diversified non-life insurer that focuses mainly on Accident and Health insurance together with other niche classes of insurance as well as ONE Financial Services Holdings, a non-life insurance service provider and a cell owner within the cell captive environment. Following the award of an insurance license by the Prudential Authority in 2025, ONE Financial Services Holdings continues to transition the business from its cell captive structure into the licensed entity. Gross written premiums increased by 18%, driven by strong growth in both ONE Financial Services Holdings and Genric Insurance Company. Growth was supported by expansion in Commercial and Personal Lines and growing contributions from the Marine, Engineering and Bonds portfolios, as well as continued momentum in the Accident and Health portfolio. The insurance service result increased strongly, supported by premium growth, improved claims performance and disciplined underwriting across the portfolio. The segment's diversified portfolio mix further supported profitability during the period. Outlook We started the second half of 2026 in a position of strength and resilience, supported by a diversified earnings base, a strong capital position and improving growth momentum across the portfolio. While affordability pressures, competitive market conditions and macroeconomic uncertainty are expected to persist, encouraging trends in customer retention, policy count growth, quote activity and new business volumes provide confidence in a significantly improved growth trajectory. This momentum is further supported by the continued strong performance of Strategic Acquisitions and Credit Guarantee Insurance Corporation. The benefits of portfolio remediation, underwriting interventions and disciplined risk selection are becoming increasingly evident, particularly through improved portfolio quality, favourable attritional claims experience and resilient underwriting margins. Management remains focused on restoring sustainable growth, improving cost competitiveness and maintaining industry-leading claims ratios. Continued investment in data, analytics, artificial intelligence and technology, combined with the disciplined execution of strategic growth initiatives, will support improved customer outcomes, underwriting performance and operational efficiency. We will continue to scale practical automation use cases across the insurance value chain and support functions, strengthening decision-making, customer outcomes and operational efficiency. We remain well positioned to navigate a potentially volatile operating environment while delivering sustainable growth and long-term shareholder value. From 2027, key performance indicators will be reported on a management view basis to align with industry practice and better reflect how the business is managed. Performance targets will also be set and measured on this basis. Refer to page 87 for the management view of key performance indicators. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 74 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Old Mutual Africa Regions Our portfolio delivered solid growth despite external headwinds, including heightened geopolitical tensions, elevated fuel prices and regulatory developments in some markets. Performance was supported by strong execution and underlying growth drivers. Growth was underpinned by the sustained success of our corporate life strategy, through which we continue to deepen our market position through targeted distribution expansion. This was complemented by strong asset management performance, driven by continued growth in our East Africa retail businesses, and improved profitability in our Property and Casualty portfolio. Across our markets, we remained focused on strengthening customer value propositions and expanding distribution reach. We scaled our retail funeral proposition in Southern Africa, improved the profitability and efficiency of our East Africa medical business through artificial intelligence-enabled claims and fraud management, deepened our penetration in the private wealth segment, accelerated growth in unit trusts, and advanced the execution of our alternative investment pipeline. We continued to leverage digital capabilities to enhance customer experience, strengthen engagement and unlock new growth opportunities. OM Thrive, our health and wellness proposition, has established a strong footprint across East Africa, with approximately 242 000 registered users and has become a growing platform for deeper customer interaction and value creation. In Zimbabwe, O'mari continued to scale rapidly, surpassing 2.2 million customers. This was supported by strong transaction growth, higher average revenue per user and a 270% year-on-year increase in revenue-generating users. We continue to receive industry recognition, including being named the Top-Ranked Insurance Organisation in the 2026 Best of Namibia Awards. Rm (unless otherwise stated) H1 2026 H1 2025 Change Results from operations1 947 574 65% Embedded value2,3 7 661 7 300 5% Contractual service margin3 6 948 6 812 2% Life APE sales 1 072 796 35% Present value of new business premiums2 3 585 3 051 18% Value of new business2 72 8 >100% Value of new business margin (%)2 2.0% 0.3% 170 bps Gross flows 32 844 23 126 42% Net client cash flow 3 081 2 544 21% Funds under management (Rbn)3 188.4 185.1 2% Banking and Lending Net interest income4 164 165 (1%) Net interest margin (%)5 10.2% 9.4% 80 bps Non-interest revenue6 113 110 3% Gross loans and advances3 2 910 2 871 1% Credit impairment charges (39) (13) (>100%) Credit loss ratio (%) 2.7% 0.9% (180 bps) Property and Casualty Gross written premiums 2 831 3 034 (7%) Insurance revenue 2 352 2 634 (11%) Net underwriting margin (%) (1.3%) (5.5%) 420 bps Claims ratio (%) 57.1% 58.5% 140 bps 1 Old Mutual Africa Regions results from operations include net results from central activities of R159 million (H1 2025: R206 million) 2 These metrics are valued allowing for fungibility constraints in Malawi 3 The comparative amount references FY 2025 4 Comparatives have been re-presented to include treasury investment income earned on surplus funds 5 Net interest margin is a new key performance indicator which measures how effectively the bank generates interest income from its lending and investment activities after paying interest on deposits and other funding. It is calculated as annualised net interest income divided by average interest-earning assets 6 The non-interest revenue definition has been updated to include all other sources of income from the banking business. Comparatives have been re-presented for this change OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 75 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Cluster reviews Analysis of embedded value earnings Rm H1 2026 H1 2025 Change Opening embedded value (1 January) 7 300 10 599 (31%) Expected existing business contribution 467 475 (2%) Value of new business 72 8 >100% Experience variances 195 276 (29%) Development cost variances (2) — (100%) Non-economic basis changes (112) (245) 54% Operating embedded value earnings 620 514 21% Economic variances 31 799 (96%) Non-operating variances 68 — 100% Total embedded value earnings 719 1 313 (45%) Closing adjustments (358) (4 211) 91% Closing embedded value (30 June) 7 661 7 701 (1%) Contractual service margin Rm H1 2026 H1 2025 Change Opening contractual service margin (1 January) 6 812 4 480 52% New business 233 128 82% Interest on contractual service margin 498 244 >100% Expected contractual service margin release (378) (260) (45%) Economic experience items (266) 356 >100% Non-economic experience variances 127 633 (80%) Non-economic assumption changes (20) 16 (>100%) Foreign exchange impact and other movements (58) (57) (2%) Closing contractual service margin (30 June) 6 948 5 540 25% Covered business results from operations by the drivers of performance Rm H1 2026 H1 2025 Change Expected profits 433 345 26% New business strain (135) (161) 16% Experience variances 114 (88) >100% Development expenses (3) — (100%) Non-economic basis changes 47 12 >100% Economic variances (159) 106 (>100%) Non-operating variance 39 — 100% Results from operations 336 214 57% OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 76 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Performance overview The key performance indicators in this performance overview exclude the results of our business in Zimbabwe which is managed on a ring-fenced basis due to historic fungibility constraints. Our Malawi operations continue to face challenges brought on by high levels of inflation and foreign currency shortages. The significant equity returns experienced in the previous financial year did not repeat, with the business reporting equity losses in the current period. Despite this, Malawi delivered a good set of results, reflective of management’s response to the economic environment. The Group cautions that Malawi is expected to remain volatile due to sustained inflationary pressures and foreign currency shortages. Consequently, a sensitivity analysis on the impact of Malawi’s exchange rate on our results has been disclosed on page 107. Life APE sales grew by 35% driven by solid growth in most of our markets. The present value of new business premiums increased by 18% attributable to the Life APE sales growth in Malawi, positive persistency basis changes in Namibia and East Africa, as well as lower yields in Ghana and Namibia. The value of new business increased significantly due to a combination of higher sales volumes and improved value generation across the regions. Net client cash flow increased due to higher inflows which exceeded the increased outflows. The 1% growth in gross loans and advances, although muted, was due to higher disbursements in Kenya following a pivot to sectors that enable larger loan sizes and improved credit quality. The net interest margin increased by 80 bps due to pivoting towards higher margin segments in Kenya. Our Kenyan operations continued to face delays with collections from counties and universities in our retail book. These delays together with increased provisioning prudence contributed to the 180 bps regression in the credit loss ratio. Gross written premiums declined by 7% due to the appreciation of the South African rand against the Kenyan shilling, which offset improved sales in both regions. The net underwriting margin improved by 420 bps due to improvements across the markets, reflective of efforts to improve pricing, underwriting and claims management. We delivered growth of 65% in results from operations, driven by strong performance in Malawi and East Africa. Embedded value increased over the period, driven by strong value creation from profitable new business growth, better than expected mortality experience in the retail portfolio, tighter expense management across the business, and the release of a capital gains tax provision in Malawi. Positive economic variances also contributed to growth, although the impact was partially offset by lower yields in certain markets and negative investment returns in Malawi. Embedded value gains were tempered by adverse non-economic basis changes, primarily driven by updates to the frictional cost and cost of non- hedgeable risk methodologies in Malawi. The contractual service margin increased over the period, reflecting strong growth from profitable new business generation, interest accretion on opening contractual service margin balances, and the release of a capital gains tax provision in Malawi. These positive contributions were partially offset by adverse economic variances, mainly driven by negative investment growth in Malawi. 293 160 (1) 68 (11) 214 193 199 (5) (27) 336 360 221 83 (53) H1 2024 H1 2025 H1 2026 Life and Savings¹ Asset Management Banking and Lending¹ Property and Casualty Other² (200) 0 200 400 1 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. H1 2025 results were re-presented for this change 2 Other represents net results from central activities allocated to clusters OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 77 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 Results from operations by line of business (R million) 57% 87% 11% >100% (96%)
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Cluster reviews Southern Africa Southern Africa comprises Malawi, Namibia, Botswana and Eswatini. Rm (unless otherwise stated) H1 2026 H1 2025 Change Results from operations 981 770 27% Life APE sales 627 463 35% Present value of new business premiums1 2 469 2 152 15% Value of new business1 25 11 >100% Value of new business margin (%)1 1.0% 0.5% 50 bps Gross flows 18 008 11 415 58% Net client cash flow 1 274 120 >100% Funds under management (Rbn)2 119.3 119.2 0.1% Banking and Lending Net interest income 91 94 (3%) Net interest margin (%)3 13.4% 14.3% (90 bps) Non-interest revenue4 83 82 1% Gross loans and advances2 1 358 1 352 0.4% Credit impairment charges (22) (14) (57%) Credit loss ratio (%) 3.3% 2.2% 110 bps Property and Casualty Gross written premiums 616 614 0.3% Insurance revenue 583 625 (7%) Net underwriting margin (%) 5.5% 3.3% 220 bps Claims ratio (%) 39.0% 41.0% 200 bps Malawi Rm (unless otherwise stated) H1 2026 H1 2025 Change Results from operations 745 500 49% Life APE sales 266 116 >100% Present value of new business premiums1 670 576 16% Value of new business1 21 14 50% Value of new business margin (%)1 3.1% 2.5% 60 bps Gross flows 10 807 3 641 >100% Net client cash flow 1 228 1 070 15% Funds under management (Rbn)2 46.5 47.3 (2%) Banking and Lending Net interest income 1 — 100% Net interest margin (%)3 43.1% — 4 310 bps Non-interest revenue4 1 — 100% Gross loans and advances2 4 1 >100% 1 These metrics are valued allowing for fungibility constraints in Malawi 2 The comparative amount references FY 2025 3 Net interest margin is a new key performance indicator which measures how effectively the bank generates interest income from its lending and investment activities after paying interest on deposits and other funding. It is calculated as annualised net interest income divided by average interest-earning assets 4 The non-interest revenue definition has been updated to include all other sources of income from the banking business. Comparatives have been re-presented for this change OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 78 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Namibia Rm (unless otherwise stated) H1 2026 H1 2025 Change Results from operations 261 278 (6%) Life APE sales 342 325 5% Present value of new business premiums 1 705 1 474 16% Value of new business 19 12 58% Value of new business margin (%) 1.1% 0.8% 30 bps Gross flows 6 561 7 257 (10%) Net client cash flow (168) (1 143) 85% Funds under management (Rbn)1 66.3 65.7 1% Banking and Lending Net interest income 90 93 (3%) Net interest margin (%)2 13.3% 14.2% (90 bps) Non-interest revenue3 82 82 — Gross loans and advances1 1 354 1 351 0.2% Credit impairment charges (22) (14) (57%) Credit loss ratio (%) 3.3% 2.2% (110 bps) Property and Casualty Gross written premiums 416 425 (2%) Insurance revenue 408 422 (3%) Net underwriting margin (%) 16.0% 7.7% 830 bps Claims ratio (%) 28.2% 38.4% 1 020 bps 1 The comparative amount references FY 2025 2 Net interest margin is a new key performance indicator which measures how effectively the bank generates interest income from its lending and investment activities after paying interest on deposits and other funding. It is calculated as annualised net interest income divided by average interest-earning assets 3 The non-interest revenue definition has been updated to include all other sources of income from the banking business. Comparatives have been re-presented for this change OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 79 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Cluster reviews Performance overview Life APE sales increased by 35% due to growth in both retail and corporate sales in Malawi buoyed by improved sales force productivity as well as competitive pricing and returns offered, respectively. The present value of new business premiums increased by 15% as sales volumes grew across the region, while margin expansion benefited from basis changes and improved acquisition expense efficiency in Namibia. The value of new business increased by more than 100% and the value of new business margin improved by 50 bps, primarily driven by improved profitability in Malawi and Namibia. Gross flows grew by 58% from the prior period due to strong money market inflows from existing and new clients in Malawi as they shifted from investing in the stock market given the significantly lower returns observed in the current period. This was partially offset by lower inflows into the international funds in Namibia, driven by client liquidity needs. Despite increasing outflows emanating mainly from short-term mandates in Malawi, net client cash flow has increased significantly. Gross loans and advances were slightly ahead of the prior period due to loans issued by the Malawi lending business following its launch midway through 2025. To date, disbursements have been made to one risk secured segment of the market as a pilot. The net interest margin decreased by 90 bps due to increased interest expenses arising from new borrowings in Namibia. Gross written premiums were marginally ahead of the prior period due to improved retentions in Botswana, which were largely offset by the loss of a large client in Namibia. The net underwriting margin improved by 220 bps due to improved net claims experience in Namibia following the non-recurrence of large losses. Results from operations increased by 27% driven by improved performance across all lines of business. Property and Casualty results from operations were significantly higher than the prior period due to the improved net underwriting performance. Asset Management results from operations improved by 63% due to increased income earned on higher funds under management in Malawi coupled with fair value gains on the property portfolio. Banking and Lending results from operations increased by 20% due to higher associate earnings in Malawi. Excluding the associate earnings, Banking and Lending results from operations were 7% behind the prior period due to the lower net interest income in Namibia, coupled with higher credit losses on the debit order book. Life and Savings results from operations grew by 12% driven by stronger profits in Malawi following higher contractual service margin and tax reserve releases as well as model changes, together with improved mortality, morbidity and new business outcomes in Namibia. These benefits more than offset adverse market-driven economic variances in the region and weaker mortality experience in Eswatini. Malawi’s pensions administration business also contributed positively following higher fees earned from higher funds under management and the current year benefiting from a May 2025 modification in the way fees are determined. 295 121 109 22 312 168 276 14 350 273 330 28 H1 2024 H1 2025 H1 2026 Life and Savings¹ Asset Management Banking and Lending¹ Property and Casualty 0 100 200 300 400 500 1 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. H1 2025 results were re-presented for this change OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 80 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 Results from operations by line of business (R million) – Southern Africa 12% 63% 20% 100%
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East and West Africa East and West Africa comprises Ghana, Kenya, Uganda, South Sudan and Rwanda. Rm (unless otherwise stated) H1 2026 H1 2025 Change Results from operations 125 10 >100% Life APE sales 445 333 34% Present value of new business premiums 1 116 899 24% Value of new business 47 (3) >100% Value of new business margin (%) 4.2% (0.3%) 450 bps Gross flows 14 836 11 711 27% Net client cash flow 1 807 2 424 (25%) Funds under management (Rbn)1 69.1 65.8 5% Banking and Lending Net interest income2 74 72 3% Net interest margin (%)3 7.8% 6.5% 130 bps Non-interest revenue4 29 28 4% Gross loans and advances1 1 552 1 519 2% Credit impairment charges (17) 1 (>100%) Credit loss ratio (%) 2.3% (0.1%) 240 bps Property and Casualty Gross written premiums 2 215 2 420 (8%) Insurance revenue 1 769 2 009 (12%) Net underwriting margin (%) (2.0%) (5.8%) 380 bps Claims ratio (%) 62.1% 63.1% 100 bps 1 The comparative amount references FY 2025 2 Comparatives have been re-presented to include treasury investment income earned on surplus funds 3 Net interest margin is a new key performance indicator which measures how effectively the bank generates interest income from its lending and investment activities after paying interest on deposits and other funding. It is calculated as annualised net interest income divided by average interest-earning assets 4 The non-interest revenue definition has been updated to include all other sources of income from the banking business. Comparatives have been re-presented for this change Performance overview Life APE sales increased by 34% due to Kenya’s strong corporate bancassurance delivery, while improved sales force productivity resulted in higher retail and corporate sales in Kenya and Ghana. The present value of new business premiums increased by 24%, reflecting continued growth in new business volumes. The value of new business improved from a small loss in the prior period to a profit of R47 million, with the value of new business margin increasing by 450 bps. The improvement was supported by the introduction of a more profitable risk product in Ghana, repricing actions in Uganda as well as basis changes across the region. Gross flows grew by 27% from the prior period due to improved unit trust flows in Kenya and Uganda. Despite higher inflows, increased outflows in Kenya and Uganda resulted in a 25% decline in net client cash flow. Both businesses experienced increased unit trust outflows while Kenya also lost some large mandates. Gross loans and advances increased by 2% due to higher disbursements following the pivot from the county government and parastatal retail segment to higher margin, lower credit risk segments. The net interest margin improved by 130 bps due to a lower interest expense following a reduction in borrowings. Gross written premiums decreased by 8% due to the appreciation of the South African rand against the Kenyan shilling and lower renewals in the Uganda general insurance business following the loss of key accounts in response to repricing actions. This offset solid new business growth in both the general insurance and medical businesses in Kenya. The net underwriting margin improved by 380 bps driven by better claims experience following turnaround initiatives in the medical business, as well as lower expenses and claims in South Sudan as the business is in run-off. This was partially offset by lower insurance revenue in Uganda, where prior period benefited from large one-off projects. Results from operations experienced solid growth driven by improved performance across all lines of business except Banking and Lending. Property and Casualty results from operations improved by more than 100% due to higher net underwriting performance. Life and Savings results from operations saw a marked turnaround, supported by favourable investment returns as well as stronger mortality and persistency experience variances in Kenya. These were partially offset by adverse economic variances in Uganda and weaker mortality experience in Ghana. Asset Management results from operations increased by 80% due to increased income from higher funds under management on the back of strong unit trust flows, which also contributed to increased fees earned, in Kenya and Uganda. Banking and Lending results from operations regressed due to higher credit losses on the non-performing loan book and the non-recurrence of foreign exchange gains experienced in the prior period. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 81 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Cluster reviews 36 59 (91) 33 (35) 66 (34) 1317 119 (81) 70 H1 2024 H1 2025 H1 2026 Life and Savings Asset Management Banking and Lending Property and Casualty (100) 0 100 Old Mutual Africa Regions Outlook The macroeconomic outlook across our markets remains broadly supportive, with inflation expected to remain contained and exchange rates relatively stable in most jurisdictions. While economic and fiscal pressures are expected to persist in Malawi, ongoing reform initiatives continue to support a gradual improvement in operating conditions. Policy rates in several markets have moderated from peak levels, although the outlook for further easing remains uncertain given geopolitical tensions, energy price risks and inflationary pressures in some markets. An intensifying El Niño weather pattern presents heightened downside risks in the second half of the year, including increased flood and disaster exposure in East Africa as well as elevated drought risk across Southern Africa. Our focus remains on delivering profitable growth through stronger underwriting, pricing discipline, improved claims performance, higher retention and targeted market share growth. Growth will be supported by increased participation in under-penetrated retail life markets, expansion through partnerships, digital channels and customer-led innovation. Our banking businesses will focus on expanding non- funded income streams and we expect continued growth in funds under management, supported by stronger retail flows and growth in alternative investments. We will continue to scale high-growth propositions that strengthen customer engagement and diversify earnings, including expanding the reach of O'mari in Zimbabwe, increasing adoption of OM Thrive across East Africa, and deepening our penetration of the private wealth segment through differentiated customer offerings. Operational efficiency, disciplined cost management, and capital optimisation remain key priorities to improve returns and support sustainable value creation. We remain committed to accelerating digital transformation and automation across critical processes to improve customer experience, strengthen risk management and controls, and create capacity for sustainable long-term growth. From 2027, Property and Casualty key performance indicators will be reported on a management view basis to align with industry practice and better reflect how the business is managed. Performance targets will also be set and measured on this basis. Refer to page 87 for the management view of key performance indicators. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 82 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 Results from operations by line of business (R million) – East and West Africa 80% >100% (>100%) >100%
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Contents ADDITIONAL DISCLOSURES 83 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 1 Key metrics 84 1.1 Group key performance indicators 84 1.2 Per share measures 84 1.3 Line of business key performance indicators 84 1.4 Cumulative special distributions 85 1.5 Group solvency position 85 2 Other disclosures and reconciliations 86 2.1 IFRS equity to Group eligible own funds (shareholder view) 86 2.2 IFRS value of debt to IFRS borrowed funds 86 2.3 Maturity profile of subordinated debt 86 2.4 Old Mutual Limited shares held in the Group 86 2.5 Property and Casualty management view 87 2.6 Economic statistics 88 3 Embedded value 89 3.1 Embedded value sensitivities 89 3.2 Economic assumptions 89 4 Restatements 90
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1 Key metrics Since 2018, we have returned R64.8 billion to shareholders through special distributions, underscoring our commitment to delivering long-term value. 1.1 Group key performance indicators Rm (unless otherwise stated) H1 2026 H1 2025 H1 2024 H1 2023 H1 2022 Group equity value 92 931 86 723 89 761 91 624 87 437 Return on group equity value1 12.7% Cash remitted from subsidiaries 2 287 4 821 4 025 2 345 2 998 Discretionary capital (Rbn) 3.1 5.9 1.4 1.0 Return on net asset value (%) 10.9% 15.5% 12.6% 11.9% 10.1% Normalised return on net asset value (%)2 12.6% 11.9% 12.0% Shareholder solvency ratio (%)3 172% 172% 188% 186% 187% Regulatory solvency ratio (%)3 160% 169% 175% 186% 187% Results from operations 5 280 4 940 4 243 4 366 4 254 Adjusted headline earnings 2 951 4 204 3 267 3 160 2 579 Headline earnings3 3 933 4 162 5 825 4 358 4 749 IFRS profit after tax attributable to equity holders of the parent3 3 889 4 102 5 241 4 354 4 831 1.2 Per share measures4 Cents H1 2026 H1 2025 H1 2024 H1 2023 H1 2022 Results from operations per share5 126.3 113.5 95.5 95.1 93.7 Adjusted headline earnings per share5 70.6 96.6 73.5 68.8 56.8 Headline earnings per share3 96.9 97.5 133.6 96.8 104.9 Basic earnings per share3 95.8 96.1 120.2 96.7 106.8 Interim dividend per share 40 37 34 32 25 Group equity value per share6 2 066.1 1 840.1 1 873.5 1 880.6 1 856.8 1.3 Line of business key performance indicators Rm (unless otherwise stated) H1 2026 H1 2025 H1 2024 H1 2023 H1 2022 Life and Savings Embedded value 59 692 59 164 68 047 67 967 66 499 Contractual service margin 65 736 62 270 62 939 61 278 — Life APE sales 7 857 6 470 6 376 6 101 5 352 Present value of new business premiums 40 435 32 952 35 477 35 382 31 520 Value of new business 569 432 858 937 708 Value of new business margin (%) 1.4% 1.3% 2.4% 2.6% 2.2% Banking and Lending Net interest income7 1 327 1 278 1 280 1 177 1 251 Net interest margin (%)8 12.0% 11.9% Non-interest revenue9 579 608 506 464 405 Gross loans and advances10 19 345 19 512 19 919 19 255 18 481 Credit loss ratio 6.6% 4.9% 9.3% 6.2% 3.6% Life and Savings and Asset Management Gross flows 128 911 106 759 99 940 93 716 79 508 Net client cash flow (3 128) (10 125) (4 285) (8 226) (5 818) Funds under management (Rbn) 1 731.9 1 504.0 1 381.7 1 289.3 1 174.7 Property and Casualty Gross written premiums 14 934 14 511 13 764 12 591 10 895 Insurance revenue 14 617 14 236 13 336 12 245 10 502 Net underwriting margin (%) 6.3% 7.1% 4.4% 0.2% (0.7%) Net underwriting margin – Old Mutual Insure (%) 7.6% 9.7% 5.9% 0.9% 2.5% 1 Return on group equity value was disclosed from FY 2025 2 Normalised return on net asset value adjusts shareholder investment returns on investable assets backing capital requirements in 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 3 These metrics include the results of Zimbabwe. All other key performance indicators exclude Zimbabwe 4 Per share measures can be found on page 116 5 Results from operations per share and adjusted headline earnings per share are calculated with reference to adjusted weighted average number of shares. Adjusted weighted average number of shares used was 4 179 million at 30 June 2026 (H1 2025: 4 352 million) 6 Group equity value per share is calculated with reference to closing number of ordinary shares. Closing number of shares used in the calculation of the group equity value per share was 4 498 million at 30 June 2026 (FY 2025: 4 670 million) 7 H1 2025 has been re-presented in Old Mutual Africa Regions to include treasury investment income earned on surplus funds 8 Net interest margin is a new key performance indicator which measures how effectively the bank generates interest income from its lending and investment activities after paying interest on deposits and other funding. It is calculated as annualised net interest income divided by average interest-earning assets 9 The non-interest revenue definition has been updated to include all other sources of income from the banking business. The H1 2025 comparative has been re-presented for this change 10 H1 2025 has been re-presented for consistency to reflect amounts previously classified within other receivables OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 84 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 Group key performance indicators, per share measures and line of business key performance indicators expanded from page 36
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1.4 Cumulative special distributions to shareholders Rbn H1 2026 FY 2025 FY 2024 FY 2023 FY 2022 Opening special distributions 62.5 61.6 60.8 59.3 59.3 Share buyback 2.3 0.9 0.8 1.5 — Closing special distributions 64.8 62.5 61.6 60.8 59.3 1.5 Group solvency position H1 2026 Rm (unless otherwise stated) OMLACSA1 Old Mutual Insure1 Other2 Consolidation adjustments3 Regulatory solvency Adjustments Shareholder solvency Eligible own funds4 55 714 5 339 49 827 (13 798) 97 082 (2 968) 94 114 Solvency capital requirement 31 809 3 792 28 281 (3 048) 60 834 (6 226) 54 608 Solvency ratio (%)5 175% 141% 176% 160% 172% Re-presented FY 2025 Rm (unless otherwise stated) OMLACSA1 Old Mutual Insure1 Other2 Consolidation adjustments3 Regulatory solvency6 Adjustments Shareholder solvency Eligible own funds4 54 501 5 096 50 904 (14 875) 95 626 (2 427) 93 199 Solvency capital requirement 32 714 3 637 29 714 (3 247) 62 818 (5 322) 57 496 Solvency ratio (%)5 167% 140% 171% 152% 162% FY 2025 Rm (unless otherwise stated) OMLACSA1 Old Mutual Insure1 Other2 Consolidation adjustments3 Regulatory solvency Adjustments Shareholder solvency Eligible own funds4 54 501 5 397 51 425 (15 176) 96 147 (2 426) 93 721 Solvency capital requirement 32 805 3 840 32 245 (5 887) 63 003 (5 322) 57 681 Solvency ratio (%)5 166% 141% 159% 153% 162% 1 The standard formula under the Prudential standards is used for both OMLACSA and Old Mutual Insure 2 This category includes other entities in the Group, including holding companies, asset managers, Old Mutual Africa Regions, China and smaller lending businesses 3 Includes the elimination of double counting between entities e.g. the investment of a holding company in a subsidiary and the impact of the accounting consolidation methodology 4 Refer to table 2.1 for a reconciliation between IFRS equity to Group eligible own funds (shareholder view) 5 Due to rounding of eligible own funds and solvency capital requirement, the ratio presented could differ when recalculated 6 The prior year has been re-presented to align results to the audited Prudential Authority submission OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 85 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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2 Other disclosures and reconciliations 2.1 IFRS equity to Group eligible own funds (shareholder view) Rm H1 2026 Re-presented FY 20251 FY 2025 % change vs re-presented IFRS equity 59 201 60 138 60 138 (2%) Scoping adjustment2 (473) (332) 973 (42%) Goodwill and other intangibles3 (10 132) (8 277) (8 277) (22%) Own funds included in IFRS liabilities4 45 085 44 298 44 298 2% Subordinated debt5 9 960 8 157 8 157 22% Fungibility and eligibility adjustment6 (7 025) (6 396) (7 179) (10%) Own funds gross-up for entities in deficit7 297 537 537 (45%) Foreseeable dividend (2 799) (4 926) (4 926) 43% Group eligible own funds 94 114 93 199 93 721 1% 1 The prior year has been re-presented to align results to the audited Prudential Authority submission 2 Included in this line item is the valuation adjustment required for OMLACSA policyholder participations as prescribed by the Prudential standards, the impact of intragroup eliminations and an adjustment for entities included in IFRS reporting but not in scope for Group solvency 3 Goodwill and other intangibles are assets that are recognised per IFRS requirements however, they are deemed inadmissible under the Prudential standards 4 Prudential standards use a best estimate liability basis to measure insurance liabilities. This effectively recognises an earnings component (net of tax) within the liabilities that contributes to eligible own funds 5 Subordinated debt includes tier 2 issuances and redemptions from OMLACSA recognised as per the Prudential standards 6 Fungibility adjustments include excess own funds from countries that are not available to absorb Group losses. Further adjustments are made for eligibility requirements and the removal of inadmissible items 7 Participations within the insurance group holding own funds less than its capital requirement at the solo level are required to include the full deficit 2.2 IFRS value of debt to IFRS borrowed funds Rm H1 2026 H1 2025 FY 2025 Change1 Subordinated debt – South Africa2 9 960 9 959 8 157 22% Term loans – Old Mutual Africa Regions 910 1 001 922 (1%) Borrowed funds that support the Group’s capital structure 10 870 10 960 9 079 20% Other term loans and drawn credit facilities3 2 153 2 028 1 709 26% Total borrowed funds 13 023 12 988 10 788 21% 1 The change was calculated with reference to FY 2025 2 OMLACSA issued R1.8 billion of floating rate subordinated debt under the Old Mutual Limited Multi-Issuer Domestic Medium-Term Note programme. There were no redemptions of subordinated debt in the period 3 These are borrowings used for operational activities 2.3 Maturity profile of subordinated debt Rm H1 2026 H1 2025 FY 2025 Change1 Value of debt with first call date within: 12 months 2 622 2 635 1 510 74% Two years 1 377 2 636 1 628 (15%) Three years 1 660 1 377 1 511 10% Four years 1 662 1 648 1 508 10% Five years 2 639 1 663 2 000 32% Total subordinated debt – South Africa 9 960 9 959 8 157 22% 1 The change was calculated with reference to FY 2025 2.4 Old Mutual Limited shares held in the Group Number of shares (millions) H1 2026 H1 2025 FY 2025 Change1 South Africa 47 81 117 (60%) Old Mutual Africa Regions 1 5 1 — Shares held in subsidiaries and consolidated funds2 48 86 118 (59%) Shares held in charitable foundations and trusts 81 82 82 (1%) Shares held in ESOP and similar trusts 237 261 292 (19%) Shares held in Black Economic Empowerment trusts and Retail Schemes 78 81 82 (5%) Treasury shares held in Old Mutual Limited3 14 — 21 (33%) IFRS defined treasury shares 410 424 477 (14%) Total Old Mutual Limited shares held in the Group 458 510 595 (23%) Total Old Mutual Limited shares in issue 4 498 4 713 4 670 (4%) Shares held in South African incorporated companies 61 81 138 (56%) % of shares held in South African incorporated entities 1.4% 1.7% 3.0% (160 bps) 1 The change was calculated with reference to FY 2025 2 These shares are held to support policyholder liabilities and are therefore treated as financial assets measured at fair value and not treasury shares under IFRS 3 Includes 14.1 million shares purchased for the long-term incentive plan of the Group's Chief Executive Officer. The prior year amount further includes shares purchased under the share buyback, which were not yet cancelled as at 31 December OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 86 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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2.5 Property and Casualty management view Old Mutual Insure Rm (unless otherwise stated) H1 2026 H1 2025 Change Net earned premiums1 8 648 8 168 6% Traditional underwriting margin (%)1 8.6% 11.4% (280 bps) Traditional claims ratio (%)1 51.8% 48.4% (340 bps) 1 Calculated on a management view basis, excluding OMART Insure, and expressed as a percentage of net earned premium. Net earned premium is defined as insurance revenue less reinsurance premium outflows Old Mutual Africa Regions Rm (unless otherwise stated) H1 2026 H1 2025 Change Net earned premiums1 1 617 1 816 (11%) Traditional underwriting margin (%)1 (1.4%) (6.0%) 460 bps Traditional claims ratio (%)1 67.2% 67.4% 20 bps Southern Africa Rm (unless otherwise stated) H1 2026 H1 2025 Change Net earned premiums1 286 338 (15%) Traditional underwriting margin (%)1 7.5% 4.0% 350 bps Traditional claims ratio (%)1 57.2% 54.1% (310 bps) East and West Africa Rm (unless otherwise stated) H1 2026 H1 2025 Change Net earned premiums1 1 331 1 479 (10%) Traditional underwriting margin (%)1 (2.2%) (6.1%) 390 bps Traditional claims ratio (%)1 69.3% 70.5% 120 bps 1 Calculated on a management view basis and expressed as a percentage of net earned premium. Net earned premium is defined as insurance revenue less reinsurance premium outflows OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 87 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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2 Other disclosures and reconciliations 2.6 Economic statistics H1 2026 H1 2025 FY 2025 Change1 GBP:ZAR Average exchange rate (YTD) 22.0926 23.8592 23.5646 (7%) Closing exchange rate 21.7335 24.3227 22.3165 (3%) KES:ZAR Average exchange rate (YTD) 0.1271 0.1423 0.1383 (11%) Closing exchange rate 0.1266 0.1371 0.1284 (1%) USD:ZAR Average exchange rate (YTD) 16.4271 18.4002 17.8808 (11%) Closing exchange rate 16.3892 17.7118 16.5611 (1%) BWP:ZAR Average exchange rate (YTD) 1.1770 1.3423 1.2833 (12%) Closing exchange rate 1.1640 1.3331 1.1860 (2%) MWK:ZAR Average exchange rate (YTD) 0.0095 0.0106 0.0103 (10%) Closing exchange rate 0.0095 0.0102 0.0095 —% GHS:ZAR Average exchange rate (YTD) 1.4842 1.3223 1.4367 12% Closing exchange rate 1.4472 1.7113 1.5813 (8%) NGN:ZAR Average exchange rate (YTD) 0.0119 0.0118 0.0118 1% Closing exchange rate 0.0119 0.0116 0.0115 3% CNY:ZAR Average exchange rate (YTD) 2.3938 2.5372 2.4885 (6%) Closing exchange rate 2.4148 2.4724 2.3696 2% ZiG:ZAR Average exchange rate (YTD) 0.6122 0.6573 0.6323 (7%) Closing exchange rate 0.6122 0.6573 0.6323 (3%) South African equity indices FTSE/JSE Africa All Share Index 110 314 96 430 115 832 14% FTSE/JSE Shareholder Weighted All Share Index2 18 206 21 995 >100% Rest of Africa equity indices FTSE/NSX Namibia Overall Index 2 312 1 787 2 141 29% Malawi All Share Index 524 002 329 923 598 063 59% Nairobi Securities Exchange Limited All Share Index 224 153 187 46% ZSE All Share Index 418 195 278 >100% Global equity indices MSCI Emerging Markets Index (Net) 1 723 1 223 1 404 41% Interest-bearing indices STeFI composite Index 661 617 639 7% 1 The % change for average exchange rates were calculated with reference to H1 2025 and closing exchange rates were calculated with reference to FY 2025. The % change for indices was calculated with reference to H1 2025 2 The FTSE/JSE Shareholder Weighted All Share Index has been discontinued in 2026 and its shareholder-weighted methodology is now incorporated into the standard FTSE/JSE All Share Index OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 88 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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3 Embedded value 3.1 Embedded value sensitivities For each sensitivity illustrated, all other assumptions have been left unchanged except where they are directly affected by the revised conditions. Sensitivity scenarios therefore include consistent changes in cash flows directly affected by the changed assumption(s), for example future bonus participation in changed economic scenarios. H1 2026 Rm Embedded value Value of in-force Value of new business Base assumptions 59 692 38 071 569 Value given changes in: 100 bps increase in valuation rates1 60 286 37 962 571 100 bps decrease in valuation rates1 58 604 38 107 560 10 bps increase of liquidity spreads2 60 142 38 072 573 1 Increasing or decreasing all pre-tax investment and economic assumptions (projected investment returns and inflation) by 100 bps, with credited rates and discount rates changing commensurately 2 Recognising the present value of an additional 10 bps of liquidity spreads assumed on corporate bonds over the lifetime of the liabilities (annuities only), with credited rates and discount rates changing commensurately 3.2 Economic assumptions The risk-free reference rates, reinvestment rates and discount rates are determined as set out in the basis of preparation. The swap curve is bootstrapped internally from the curve constituent data supplied by the JSE and compared to an independent source for reasonability. The government bond curve is published by the Prudential Authority in South Africa and validated internally. Expense inflation rates have been derived by comparing real rates of return against nominal risk-free rates, with adjustments for higher anticipated inflation rates where appropriate. Real world economic assumptions are determined with reference to one-year forward risk-free reference rates applicable to the currency of the liabilities at the start of the reporting period. The expected asset returns, in excess of the risk-free reference rates, only impact the calculation of the expected existing business contribution in the analysis of embedded value earnings. The cash return equals the one year risk-free reference rate. The bond return equals the one year risk-free reference rate (plus the liquidity premium for applicable product portfolios). All other economic assumptions, for example future bonus rates, are set at levels consistent with the real world investment return assumptions. The economic assumptions in non-South African entities were set with reference to local economic conditions. The table below sets out the yield curves used to discount the cash flows of insurance contracts for major currencies: South African risk-free reference spot yields1 and expense inflation H1 2026 H1 2025 Risk-free (based on bond curve) 1 year 7.1% 7.0% 5 years 8.1% 8.9% 10 years 8.8% 10.8% 20 years 9.5% 13.0% Expense inflation (based on bond curve) 1 year 3.9% 3.0% 5 years 4.3% 3.8% 10 years 4.5% 5.2% 20 years 5.1% 7.3% Pre-tax real world economic assumptions H1 2026 H1 2025 Personal Finance illiquidity premium¹ 0.54% 0.33% Old Mutual Corporate illiquidity premium (inflation linked annuities)¹ 0.54% 0.33% Old Mutual Corporate illiquidity premium (non-profit annuities valued on a swap basis)¹ 0.54% 0.33% Old Mutual Corporate illiquidity premium (non-profit annuities valued on a bond basis)¹ 0.54% 0.33% Equity risk premium 3.7% 3.7% Property risk premium 1.5% 1.5% Weighted average effective tax rate 27.1% 26.5% 1 An illiquidity premium adjustment has been added to the reference rates of OMLACSA’s immediate annuity business (Personal Finance and Old Mutual Corporate immediate annuities) for setting investment return and discounting assumptions OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 89 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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4 Restatements Operating model changes The impact of the restatement on comparative information for 30 June 2025 is set out below and includes key performance indicators for business units within Old Mutual Life and Savings, Old Mutual Banking, Old Mutual Investments and Other Group activities. Effective 1 January 2026, Old Mutual Finance and Old Mutual Transaction Services, previously reported within Mass and Foundation, and Secured Lending, previously reported within Other Group activities, are managed and reported within Old Mutual Banking. Certain operations previously reported under Old Mutual Corporate are included in Other Group activities, while the Specialised Finance business has been transferred from Old Mutual Investments to Other Group activities. Results from operations H1 2025 Rm Published Banking and Funding entities Specialised Finance Restated Mass and Foundation 801 (239) — 562 Old Mutual Corporate 1 155 (9) — 1 146 Old Mutual Investments 596 — (101) 495 Old Mutual Banking (579) 269 — (310) Other Group activities (770) (21) 101 (690) Total 1 203 — — 1 203 Life APE sales H1 2025 Rm Published Banking and Funding entities Restated Mass and Foundation 2 649 (233) 2 416 Old Mutual Banking — 233 233 Total 2 649 — 2 649 Gross flows H1 2025 Rm Published Banking and Funding entities Restated Mass and Foundation 7 278 (313) 6 965 Old Mutual Banking — 313 313 Total 7 278 — 7 278 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 90 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Net client cash flow H1 2025 Rm Published Banking and Funding entities Restated Mass and Foundation 3 189 (284) 2 905 Old Mutual Banking — 284 284 Total 3 189 — 3 189 Funds under management FY 2025 Rbn Published Banking and Funding entities Restated Mass and Foundation 35.0 (2.4) 32.6 Old Mutual Banking — 2.4 2.4 Total 35.0 — 35.0 Old Mutual Investments H1 2025 Rm Published Specialised Finance Restated Total revenue 1 816 (168) 1 648 Annuity 1 564 (153) 1 411 Non-annuity 252 (15) 237 Asset under management (Rbn)1 1 021.7 (28.7) 993.0 1 The comparative amount references FY 2025 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 91 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Glossary Adjusted headline earnings The Group’s primary profit metric that adjusts headline earnings, as defined by the SAICA Circular, for the impact of material transactions, non-core operations and any IFRS accounting treatments that do not fairly reflect the long-term economic performance of the business. Adjusted headline earnings per share The Group’s adjusted headline earnings generated for each adjusted weighted average number of ordinary share. Adjusted headline earnings per share is calculated as adjusted headline earnings divided by the adjusted weighted average number of shares. The weighted average number of shares is adjusted to reflect the Group’s Black Economic Empowerment shares as being in the hands of third parties, consistent with the treatment of the related revenue in adjusted headline earnings. Adjusted net worth The market value of shareholders’ net assets held in respect of an insurance business and forms part of the embedded value of a life company. The term is also used in the context of non-covered business where similar adjustments to net asset value are made when producing non-covered group equity value. Basic earnings per share IFRS profit/loss generated for each weighted average number of ordinary share. Cash remitted from subsidiaries Comprises capital remitted in the form of dividends by subsidiaries to the Group, net of central working capital. Claims ratio The percentage of net claims incurred in relation to the net insurance revenue. For traditional claims ratio, net earned premium is used instead of net insurance revenue. Contractual service margin A component of the carrying amount of an asset or liability for a group of insurance contracts representing the unearned profit to be recognised as services are provided to policyholders. Cost to income ratio Total operating expenses as a percentage of total income for the relevant business units. Credit loss ratio The amount of expected credit losses recognised in the current year with respect to new disbursements and outstanding loan balances expressed as a percentage of loans and advances. Discretionary capital Represents the surplus assets available for distribution, deployment and/or acquisitions. Embedded value The valuation of the Group’s current in-force value of its covered business. It does not include the value of any future new business. Covered business includes, where material, any contracts that are regarded by local insurance supervisors as long-term life insurance business. It can also include other business, where material, directly related to such long-term life assurance business, where the profits are included in the IFRS long-term business profits in the primary financial statements. Funds under management Represents the total market value of funds managed and administered by the Group on behalf of customers, at the point at which funds flow into the Group. It excludes assets managed and administered by the Group on behalf of shareholders as these are not customer funds flowing into the Group. Gross flows Represents all cash flows received from external customers for the period by businesses in the Group engaged in Life and Savings and Asset Management. Gross flows are recognised at the point at which funds flow into the Group. Gross loans and advances The balance of gross loans and advances for businesses engaged in Banking and Lending. The amounts are gross of impairments on all performing, arrears and default loans. Group equity value Management’s view of the market value of the Group. Group equity value per share The equity value of the Group for each ordinary share issued. Headline earnings Defined with reference to the SAICA Circular ‘Headline Earnings’. Headline earnings represents the Group’s earnings which are generated from operational and investment activities. It excludes asset sales, remeasurements and impairments. Headline earnings per share Earnings generated from operations and investment activities for each weighted average number of ordinary share. Impairment coverage ratio Balance sheet impairment provision for impaired loans as a percentage of impaired loans. Defined term Description OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 92 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Defined term Description Insurance margin The operating profit of a Property and Casualty business, expressed as a percentage of net insurance revenue. Insurance revenue Defined as the expected premium receipts excluding investment components allocated to the period. Invested shareholder assets A portfolio of assets that are invested and managed with the intention of generating an investment return for shareholders. The portfolio has a clearly defined mandate that supports the Group's capital requirements. Life APE sales A standardised measure of the volume of new life insurance business written in the Life and Savings line of business. Net client cash flow Represents the difference between gross flows and cash returned to customers (e.g. claims, surrenders, maturities) during the period. Net earned premium Net earned premium represents the portion of insurance service revenue earned net of reinsurance premium. It reflects the exposure to risk that has elapsed. Net interest margin Net interest margin measures how effectively the bank generates interest income from its lending and investment activities after paying interest on deposits and other funding. Net underwriting margin Represents underwriting result as a percentage of net insurance revenue. For traditional underwriting margin, net earned premium is used instead of net insurance revenue. Net underwriting result Reflects the profit generated through underwriting activity before investment income and capital gains or losses. Net interest income Net interest income represents gross interest earned from the loan book less interest expense to provide funding to customer. Non-interest revenue Non-interest revenue represents income earned from banking activities excluding net interest income. Normalised return on net asset value Normalised return on net asset value adjusts shareholder investment returns on investable assets backing capital requirements in 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. Present value of new business premiums Indicates the present value of total sales (premiums) received in the current year and continuing into future periods. It is calculated as the sum of single premiums and the present value of new recurring premiums (e.g. life insurance premiums paid year after year). Regulatory solvency ratio Eligible own funds expressed as a percentage of solvency capital requirement. Eligible own funds are the sum of basic own funds and ancillary own funds approved by the Prudential Authority as meeting the prescribed criteria for such funds, adjusted in accordance with the prescribed tiering restrictions. Solvency capital requirement is the level of eligible own funds required to ensure the value of assets will exceed technical provisions and other liabilities at a 99.5% level of certainty over a one-year time horizon. Results from operations The primary measure of the operating business performance of the Group’s segments. Results from operations per share The Group’s results from operations generated for each adjusted weighted average number of ordinary share. The weighted average number of shares is adjusted to reflect the Group’s Black Economic Empowerment shares as being in the hands of third parties, consistent with the treatment of the related revenue in results from operations. Return on net asset value Used to assess and measure the capital efficiency of the Group and it is one of a range of measures by which management performance and remuneration is assessed. Calculated as adjusted headline earnings divided by the average adjusted IFRS equity. Shareholder solvency ratio Shareholder solvency ratio represents the regulatory solvency ratio adjusted for material differences in the way the Group manages capital and is consistent with the basis on which the current Old Mutual target range was established. Value of new business The discounted value of expected future profits arising from new life insurance business sold in the reporting period. Value of new business margin Reflects how much future profit is expected from each future life insurance premium and therefore measures the profitability of new business sold after all risks are closed out to the market at market rates. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 93 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 94 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 95 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 Contents Condensed consolidated income statement 96 Condensed consolidated statement of comprehensive income 97 Condensed consolidated statement of financial position 98 Condensed consolidated statement of cash flows 99 Condensed consolidated statement of changes in equity 100 Notes to the unaudited condensed consolidated interim financial statements 104
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Condensed consolidated income statement For the six months ended 30 June 2026 Rm Notes 2026 2025 Insurance service result Insurance revenue D1 37 371 38 272 Insurance service expenses F1.2 (30 927) (29 749) Net expenses from reinsurance contracts F1.2 (2 359) (2 140) Total insurance service result 4 085 6 383 Investment result Net investment return 44 893 84 398 Net finance expenses from insurance contracts F1.2 (23 642) (50 323) Net finance income from reinsurance contracts F1.2 135 204 Change in investment contract liabilities (10 960) (16 783) Change in third-party interest in consolidated funds (5 674) (9 244) Total net investment result 4 752 8 252 Non-insurance revenue and income Banking interest and similar income 2 306 2 211 Banking trading, investment and similar income 142 155 Fee and commission income, and income from service activities D2 6 087 5 160 Other income 1 252 1 439 Total non-insurance revenue and income 9 787 8 965 Non-insurance expenses Credit impairment charges (787) (655) Finance costs (415) (473) Banking interest payable and similar expenses (165) (185) Other operating and administrative expenses1 (13 388) (12 724) Total non-insurance expenses (14 755) (14 037) Share of gains of associated undertakings and joint ventures after tax 274 232 (Loss)/profit on disposal of subsidiaries and associated undertakings H4 (24) 9 Profit before tax 4 119 9 804 Income tax credit/(expense) 89 (5 280) Profit after tax for the financial period 4 208 4 524 Attributable to Equity holders of the parent 3 889 4 102 Non-controlling interests Ordinary shares 319 422 Profit after tax for the financial period 4 208 4 524 Earnings per ordinary share Basic earnings per ordinary share (cents) C1(a) 95.8 96.1 Diluted earnings per ordinary share (cents) C1(b) 92.8 93.4 1 Included in other operating and administrative expenses is finance costs of R668 million (30 June 2025: R721 million) which includes interest relating to funding that support the operations of the Group (funding within Policyholder investments) of R593 million (30 June 2025: R638 million) and interest on lease liabilities of R75 million (30 June 2025: R83 million) OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 96 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Condensed consolidated statement of comprehensive income For the six months ended 30 June 2026 Rm 2026 2025 Profit after tax for the financial period 4 208 4 524 Other comprehensive income for the financial period Items that will not be reclassified to profit or loss Losses on property revaluations — (55) Remeasurement gains on defined benefit plans 54 67 Fair value movements related to credit risk on borrowed funds1 17 (15) Income tax on items that will not be reclassified to profit or loss (6) (14) 65 (17) Items that may be reclassified to profit or loss Currency translation differences on translating foreign operations1 (480) (621) Total comprehensive income for the financial period 3 793 3 886 Attributable to Equity holders of the parent 3 502 3 567 Non-controlling interests Ordinary shares 291 319 Total comprehensive income for the financial period 3 793 3 886 1 No tax impacts are associated with this line item OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 97 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Condensed consolidated statement of financial position As at 30 June 2026 and 31 December 2025 Rm Notes As at 30 June 2026 As at 31 December 2025 Assets Goodwill and other intangible assets 10 132 8 277 Property, plant and equipment 8 606 8 980 Investment property 44 612 43 184 Deferred tax assets 2 944 3 271 Investments in associated undertakings and joint ventures 1 641 1 593 Costs of obtaining contracts 377 370 Loans and advances 20 305 19 245 Investments and securities 1 231 907 1 194 115 Other investments and securities including term deposits 1 206 371 1 173 531 Cash and cash equivalents 25 536 20 584 Insurance contract assets F1 7 457 7 732 Reinsurance contract assets F1 8 326 8 393 Current tax receivable 442 338 Trade, other receivables and other assets 26 551 24 268 Derivative financial instruments 3 811 6 646 Assets held for sale H5 1 066 1 326 Cash and cash equivalents 37 040 40 185 Total assets 1 405 217 1 367 923 Liabilities Insurance contract liabilities F1 766 706 758 659 Reinsurance contract liabilities F1 2 760 2 381 Investment contract liabilities 289 782 281 406 Third-party interests in consolidated funds 159 383 139 553 Derivative financial instruments 5 250 7 681 Borrowed funds F2 13 023 10 788 Provisions 2 583 2 607 Contract liabilities 481 531 Deferred tax liabilities 9 568 13 248 Current tax payable 1 560 1 008 Trade, other payables and other liabilities 81 955 79 007 Amounts owed to bank depositors 9 761 7 996 Total liabilities 1 342 812 1 304 865 Net assets 62 405 63 058 Shareholders’ equity Equity attributable to the equity holders of the parent 59 201 60 138 Non-controlling interests Ordinary shares 3 204 2 920 Total non-controlling interests 3 204 2 920 Total equity 62 405 63 058 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 98 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Condensed consolidated statement of cash flows For the six months ended 30 June 2026 Rm Notes 2026 2025 Cash flows from operating activities Profit before tax 4 119 9 804 Non-cash movements in profit before tax (11 880) (45 299) Net changes in working capital 17 487 49 932 Taxation paid (2 746) (2 737) Net cash inflow from operating activities1 6 980 11 700 Cash flows from investing activities Acquisition of investment properties (465) (551) Proceeds from disposal of investment properties 278 225 Dividends received from associated undertakings 120 32 Acquisition of property, plant and equipment (425) (377) Proceeds from disposal of property, plant and equipment 135 18 Acquisition of intangible assets (511) (460) Proceeds from disposal of intangible assets 93 29 Proceeds from the disposal of interests in associated undertakings and joint ventures 157 2 Acquisition of interests in subsidiaries (1 958) (192) Acquisition of interests in associated undertakings and joint ventures (53) – Net cash outflow from investing activities (2 629) (1 274) Cash flows from financing activities Dividends paid to Ordinary equity holders of the Company (2 298) (2 165) Non-controlling interests and preferred security interests (86) (45) Interest paid (excluding banking interest paid) (437) (556) Acquisition of treasury shares – ordinary shares (108) (334) Proceeds from disposal of treasury shares – ordinary shares 846 493 Share buyback transactions (2 308) (178) Lease liabilities repayments (281) (194) Proceeds from borrowed funds F2 3 025 1 689 Repayment of borrowed funds F2 (767) (1 418) Net cash outflow from financing activities (2 414) (2 708) Net cash inflow 1 937 7 718 Effects of exchange rate changes on cash and cash equivalents (130) (301) Cash and cash equivalents at beginning of the year 60 769 72 083 Cash and cash equivalents at end of the period 62 576 79 500 Comprising Cash and cash equivalents included in investments and securities 25 536 39 760 Cash and cash equivalents2 37 040 39 740 Total 62 576 79 500 1 Net cash inflow from operating activities includes interest income from investments and securities of R18 970 million (30 June 2025: R18 810 million), dividend income from investments and securities of R8 020 million (30 June 2025: R6 684 million) and banking interest payable of R753 million (30 June 2025: R658 million) 2 The ‘Mandatory reserve deposits within central banks’ line item previously disclosed separately has now been aggregated and is included in the ‘Cash and cash equivalents’ line item given that these are similar in nature OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 99 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Condensed consolidated statement of changes in equity For the six months ended 30 June 2026 For the six months ended 30 June 2026 Rm Notes Millions Number of shares issued and fully paid Share capital Property revaluation reserve Share-based payments reserve Liability credit reserve¹ Foreign currency translation reserve Retained earnings Attributable to equity holders of the parent Total non- controlling interests Total equity Shareholders’ equity at beginning of the year 4 670 230 2 271 1 376 (477) (16 859) 73 597 60 138 2 920 63 058 Profit after tax for the period — — — — — — 3 889 3 889 319 4 208 Other comprehensive income/(loss) for the financial period — — — — 17 (452) 48 (387) (28) (415) Total comprehensive income/(loss) for the financial period — — — — 17 (452) 3 937 3 502 291 3 793 Transactions with the owners of the Company Contributions and distributions Share buyback transactions3 (172) (8) — — — — (2 300) (2 308) — (2 308) Dividends for the year C4 — — — — — — (2 298) (2 298) (86) (2 384) Share-based payment reserve movements — — — 60 — — — 60 — 60 Transfer between reserves — — (36) (72) — — 108 — — — Other movements in share capital2 — — — — — — 107 107 (3) 104 Total contributions and distributions (172) (8) (36) (12) — — (4 383) (4 439) (89) (4 528) Changes in ownership and capital structure Change in participation in subsidiaries — — — — — — — — 82 82 Total changes in ownership and capital structure — — — — — — — — 82 82 Total transactions with the owners of the Company (172) (8) (36) (12) — — (4 383) (4 439) (7) (4 446) Shareholders’ equity at end of the period 4 498 222 2 235 1 364 (460) (17 311) 73 151 59 201 3 204 62 405 1 In the liability credit reserve, the Group recognises fair value gains and losses on the borrowed funds designated at fair value through profit or loss. The cumulative fair value gains and losses as a result of changes in the credit risk of the issued bonds are recognised in other comprehensive income and not in profit or loss. The balance of the total fair value gains and losses on these instruments is recognised in profit or loss. Refer to notes E2 and F2 for information regarding amounts repaid 2 Other movements in equity mainly relate to own shares held by employee share trusts. These shares are treated as treasury shares in the consolidated financial statements 3 The Group concluded the R3 billion share buyback programme on 15 May 2026 repurchasing 214.9 million Old Mutual shares, all of which were subsequently cancelled. This comprises 42.9 million shares cancelled in 2025 and 172.0 million shares cancelled in 2026 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 100 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 101 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Condensed consolidated statement of changes in equity For the six months ended 30 June 2026 For the six months ended 30 June 2025 Rm Notes Millions Number of shares issued and fully paid Share capital Property revaluation reserve Share-based payments reserve Liability credit reserve1 Foreign currency translation reserve Retained earnings Attributable to equity holders of the parent Total non- controlling interests Total equity Shareholders’ equity at beginning of the period as previously reported 4 740 234 2 231 1 506 (387) (15 714) 70 905 58 775 2 990 61 765 Profit after tax for the period 4 102 4 102 422 4 524 Other comprehensive (loss)/income for the financial period (55) — (15) (518) 53 (535) (103) (638) Total comprehensive (loss)/income for the financial period (55) — (15) (518) 4 155 3 567 319 3 886 Transactions with the owners of the Company Contributions and distributions Share buyback transactions2 (27) — — — — — (178) (178) — (178) Dividends for the year C4 — — — — — — (2 214) (2 214) (45) (2 259) Share-based payment reserve movements — — — 300 — — — 300 — 300 Transfer between reserves — — 62 (157) — — 95 — — — Other movements in share capital³ — — — — — — (99) (99) (8) (107) Total contributions and distributions (27) — 62 143 — — (2 396) (2 191) (53) (2 244) Changes in ownership and capital structure Change in participation in subsidiaries4 — — — — — — (5) (5) 410 405 Total changes in ownership and capital structure — — — — — — (5) (5) 410 405 Total transactions with the owners of the Company (27) — 62 143 — — (2 401) (2 196) 357 (1 839) Shareholders’ equity at end of the period 4 713 234 2 238 1 649 (402) (16 232) 72 659 60 146 3 666 63 812 1 In the liability credit reserve, the Group recognises fair value gains and losses on the borrowed funds designated at fair value through profit or loss. The cumulative fair value gains and losses as a result of changes in the credit risk of the issued bonds are recognised in other comprehensive income and not in profit or loss. The balance of the total fair value gains and losses on these instruments is recognised in profit or loss. Refer to notes E2 and F2 for information regarding amounts repaid 2 The Group concluded the R1 billion share buyback programme on 27 January 2025 repurchasing 78 009 025 Old Mutual shares. The Old Mutual shares were cancelled and delisted in two tranches consisting of 51 203 722 Old Mutual shares on 20 December 2024 and 26 805 303 on 27 January 2025 3 Other movements in equity mainly relate to own shares held by employee share trusts. These shares are treated as treasury shares in the consolidated financial statements 4 Changes in participation during the period relate to the disposal of a 14.24% interest in Community Property Holdings on 27 May 2025 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 102 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 103 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 A: Material accounting policies A1: Basis of preparation 1.1 Statement of compliance Old Mutual Limited (the Company) is a company incorporated in South Africa. The unaudited condensed financial statements for the six months ended 30 June 2026 (interim financial statements) consolidates the results of the Company and its subsidiaries (together ‘the Group’) and equity accounts the Group’s interest in associates and joint ventures (other than those held by investment-linked insurance funds and investments in venture capital divisions which are accounted for as investments at fair value through profit or loss). The interim financial statements comprise the condensed consolidated statement of financial position at 30 June 2026, the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the six months ended 30 June 2026 and selected explanatory notes to the interim financial statements. The interim financial statements have been prepared under the supervision of C.G. Troskie CA(SA) (Chief Financial Officer). The accounting policies and method of computation applied in the preparation of these interim financial statements are in terms of IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB) and are consistent with those applied in the preparation of the Group’s 2025 consolidated financial statements. The interim financial statements are prepared in accordance with the requirements of the JSE Limited Listings Requirements, International Accounting Standard (IAS) 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies Act, 71 of 2008 (Companies Act) of South Africa. The interim financial statements fairly present, in all material respects, the financial position, financial performance and cash flows of the Group in terms of the IFRS Accounting Standards. Amendments to standards effective from 1 January 2026 do not have a material effect on the Group’s interim financial statements. These include amendments to IFRS 9 and IFRS 7 relating to the classification and measurement of financial instruments, including the settlement of financial liabilities through electronic payment systems. These interim financial statements do not include all the notes typically included in the annual financial statements and should therefore be read in conjunction with the Group’s audited consolidated financial statements for the year ended 31 December 2025. The Directors of the Group take full responsibility for the preparation of the interim financial statements and have reviewed and approved the interim financial statements on 8 September 2026. 1.2 Going concern The Group has performed a detailed going concern assessment in order to support the 2026 interim reporting process. This assessment has relied on the Group’s 2026 to 2028 business plan and has considered the profitability, liquidity and solvency projections over the plan period together with other items which may impact the business’ ability to continue as a going concern. The results of the projections indicate that the Group is expected to remain sufficiently capitalised to continue as a going concern. No material uncertainty in relation to the ability to continue as a going concern has been identified. The directors therefore consider it appropriate for the going concern basis to be adopted in preparing the interim financial statements. 1.3 External review and comparative information These interim financial statements, including non-IFRS numbers, are the responsibility of the directors and have not been reviewed or audited by the Group’s independent auditors Deloitte & Touche and Ernst & Young Inc. Comparative information for the six months ended 30 June 2025 was not reviewed by the Group's independent joint auditors. Except where expressly stated otherwise, comparative information presented at and for the year ended 31 December 2025 within these financial statements has been correctly extracted from the Group’s audited consolidated financial statements for the year ended 31 December 2025. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 104 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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1.4 Foreign currency translation Translation of foreign operations into the Group’s presentation currency The assets and liabilities of foreign operations are translated from their respective functional currencies into the Group’s presentation currency (being the South African rand), using the period-end exchange rates, and their income and expenses, using the average exchange rates for the year. Cumulative translation gains and losses up to 1 January 2015, being the effective date of the Group’s conversion to IFRS Accounting Standards, were reset to zero. Other than in respect of cumulative translation gains and losses up to 1 January 2015, cumulative unrealised gains or losses resulting from translation of functional currencies to the presentation currency are included as a separate component of shareholders’ equity. Upon the disposal of subsidiaries, the cumulative amount of exchange differences post 1 January 2015, deferred in shareholders’ equity, is recognised in profit or loss. The accounting for Zimbabwe is explained in note A2. The exchange rates used to translate the operating results, assets and liabilities of key foreign businesses to rand are: Six months ended 30 June 2026 Six months ended 30 June 2025 Year ended 31 December 2025 Income statement (average rate) Statement of financial position (closing rate) Income statement (average rate) Statement of financial position (closing rate) Statement of financial position (closing rate) Pound sterling 22.0926 21.7335 23.8592 24.3227 22.3165 US dollar 16.4271 16.3892 18.4002 17.7118 16.5611 Kenyan shilling 0.1271 0.1266 0.1423 0.1371 0.1284 1.5 Basis of preparation of adjusted headline earnings Purpose of adjusted headline earnings Adjusted headline earnings is an alternative non-IFRS profit measure used alongside IFRS profit to assess performance of the Group. It is one of a range of measures used to assess management performance and performance-based remuneration outcomes. In addition, it is used in setting the dividend to be paid to shareholders. Non-IFRS measures are not defined by IFRS Accounting Standards, are not uniformly defined or used by all entities and may not be comparable with similarly labelled measures and disclosures provided by other entities. Due to the long-term nature of the Group’s operating businesses, management considers that adjusted headline earnings is an appropriate alternative basis by which to assess the operating results of the Group and that it enhances the comparability and understanding of the financial performance of the Group. It is calculated as headline earnings in accordance with JSE Limited Listings Requirements and SAICA circular 01/2023 adjusted for items that are not considered reflective of the long-term economic performance of the Group. Adjusted headline earnings is presented to show separately the results from operations, which measure the operational performance of the Group from items such as investment return, finance costs and income from associated undertakings. The adjustments from headline earnings to adjusted headline earnings are explained below. The Group Audit committee regularly reviews the determination of adjusted headline earnings and the use of adjusting items to confirm that it remains an appropriate basis against which to analyse the operating performance of the Group. The Committee assesses refinements to the policy on a case-by-case basis and seeks to minimise such changes in order to maintain consistency over time. Adjustments applied in the determination of adjusted headline earnings for the six months ended 30 June 2026 are consistent with those applied for the year ended 31 December 2025. The adjustments applied in the determination of adjusted headline earnings are: (a) Accounting mismatches Accounting mismatches comprises mismatch losses and gains on policyholder investments, where the IFRS valuation rules create mismatches in our policyholder assets and liabilities valuation. We exclude these impacts from adjusted headline earnings to align to a shareholder earnings view. (b) Ring-fenced operations Until such time as we are able to access capital by way of dividends from the business in Zimbabwe, the Group will manage it on a ring-fenced basis and exclude its results from adjusted headline earnings. Refer to note A2 for more details on Zimbabwe. This adjustment has been applied from 1 January 2019. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 105 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 A: Material accounting policies continued A1: Basis of preparation continued 1.5 Basis of preparation of adjusted headline earnings continued (c) Other adjustments Other adjustments include Residual plc and are removed from adjusted headline earnings as they are not representative of the operating activity of the Group and by their nature they are not expected to persist in the long-term. Residual plc recorded a loss of R5 million in the current period, compared to a loss of R27 million in the prior period. 1.6 Basis of preparation of other non-IFRS measures The Group uses adjusted headline earnings in the calculation of various other non-IFRS measures which are used by management, alongside IFRS metrics, to assess performance. Non-IFRS measures are not defined by IFRS Accounting Standards, are not uniformly defined or used by all entities and may not be comparable with similarly labelled measures and disclosures provided by other entities. The basis of preparation of each is outlined below. (a) Return on net asset value Return on net asset value is used to assess and measure the capital efficiency of the Group and it is one of a range of measures by which management performance and remuneration is assessed. Return on net asset value (expressed as a percentage), is calculated as adjusted headline earnings divided by the average adjusted IFRS equity. Adjusted IFRS equity is calculated as IFRS equity attributable to operating segments, excluding equity related to the Residual plc, discontinued operations (if applicable) and ring-fenced operations. The adjustments made to adjusted IFRS equity mirror those made in adjusted headline earnings to ensure consistency of the numerator and denominator in the calculation of return on net asset value. A reconciliation is presented in note C3. (b) Adjusted headline earnings per share Adjusted headline earnings per share is calculated as adjusted headline earnings divided by the Adjusted weighted average number of shares. The weighted average number of shares is adjusted to reflect the Group’s BEE shares as being in the hands of third parties, consistent with the treatment of the related revenue in adjusted headline earnings. Refer to note C1 for more information. Adjusted headline earnings per share is used alongside IFRS earnings, to assess performance of the Group. 1.7 Standards issued but not yet effective A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2026 and earlier application is permitted. The Group has not early adopted any of the new or amended standards in preparing these interim financial statements. IFRS 18 Presentation and Disclosure in Financial Statements, effective for annual periods beginning on or after 1 January 2027, introduces new categories and subtotals in the statement of profit or loss, enhanced requirements for the disclosure of management-defined performance measures and additional guidance on the aggregation and disaggregation of financial information. Except for IFRS 18, the Group does not expect the adoption of other standards and amendments issued but not yet effective to have a material impact on its financial statements. A2: Critical accounting estimates and judgements The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The critical accounting estimates and judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements of Old Mutual Limited for year ended 31 December 2025. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 106 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Critical accounting judgements The following sets out the items that require the Group to make critical estimates and judgements in the application of the relevant accounting policy, with additional detail provided below on key accounting judgements applied in the current and prior period. Malawi as a hyperinflationary economy The Malawian economy continues to be a hyperinflationary economy, and hyperinflation accounting was applied for the period ended 30 June 2026. Accordingly, the results, cash flows and financial position of the Group’s subsidiary, Old Mutual (Malawi) Limited, have been expressed in terms of the measuring unit current at the reporting date. The application of IAS 29 Financial Reporting in Hyperinflationary Economies increased the Group’s profit after tax by R52 million (30 June 2025: R37 million). The CPIs (which represent the general price indices), as published by the National Statistics Office in Malawi, were used in adjusting the historic cost local currency results and financial positions of the Group’s Malawian subsidiary. The consumer price index for 30 June 2026 was 285.5 (30 June 2025: 235.7). The consumer price index increased by 21.1 points during the six months ended 30 June 2026 (30 June 2025: 19.6 points), which was used in restating the income and expenses of Old Mutual (Malawi) Limited. As at 30 June 2026, the cumulative three-year inflation rate was 105% (30 June 2025: 116%). For the six month ended June 2026, the Group has translated results, financial position, and cash flows of operations with a functional currency of MWK using the official Reserve Bank of Malawi (RBM) interbank exchange rate of MWK105.77:ZAR1 (30 June 2025: 97.93:ZAR1), consistent with IAS 21 The Effects of Changes in Foreign Exchange Rates (IAS 21). Foreign exchange markets in Malawi continue to be characterised by exchange controls, limited access to foreign currency and observable differences between official and effective transaction rates. Accordingly, management exercised significant judgement in determining the exchange rate to be used for financial reporting purposes. After considering prevailing market conditions and the rates at which the Group can access and settle foreign currency transactions, management concluded that the official RBM exchange rate remains the most appropriate exchange rate for translation under IAS 21. The determination of the appropriate exchange rate remains an area of estimation uncertainty, and changes in the availability of foreign currency or developments in Malawi’s foreign exchange market could result in a different assessment in future reporting periods. Sensitivities A sensitivity analysis has been provided to illustrate the impact that alternative exchange rates could have on the reported ZAR-equivalent results and net assets of the Group’s Malawi operations. The sensitivity analysis is presented for illustrative purposes only and does not represent management’s assessment of the most likely outcome. The following tables illustrate the impact on profit and equity attributable to equity holders of the parent using exchange rates representing a 30% depreciation (MWK151.10:ZAR1) and a 50% depreciation (MWK211.54:ZAR1) of the official Reserve Bank of Malawi interbank exchange rate applied at 30 June 2026. Comparative sensitivities at 30 June 2025 were based on 30% depreciation (MWK139.90:ZAR1) and 50% depreciation (MWK195:86:ZAR1) of the official exchange rate. For the six months ended 30 June 2026 Rm As reported 30% depreciation 50% depreciation Condensed statement of financial position Total assets 31 755 22 228 15 877 Total liabilities (27 085) (18 959) (13 542) Net assets 4 670 3 269 2 335 Equity attributable to equity holders of the parent 4 127 2 889 2 063 Condensed income statement Total revenue D1 (2 997) (2 098) (1 499) Profit before tax (2 021) (1 415) (1 011) Income tax expense 2 908 2 036 1 454 Profit after tax for the financial period 887 621 443 Profit after tax attributable to equity holders of the parent 828 579 414 Currency translation differences on translating foreign operations 34 1 057 1 740 Key performance indicators Results from operations 745 521 372 Shareholder investment return (27) (19) (14) Adjusted headline earnings 828 579 414 Headline earnings 828 579 414 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 107 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 A: Material accounting policies continued A2: Critical accounting estimates and judgements continued Critical accounting judgements continued For the six months ended 30 June 2025 Rm As reported 30% depreciation 50% depreciation Condensed statement of financial position Total assets 24 438 17 107 12 219 Total liabilities (21 075) (14 753) (10 538) Net assets 3 363 2 354 1 681 Equity attributable to equity holders of the parent 2 893 2 025 1 447 Condensed income statement Total revenue 7 750 5 425 3 875 Profit before tax 1 150 805 575 Income tax expense (195) (136) (97) Profit after tax for the financial period 955 669 478 Profit after tax attributable to equity holders of the parent 919 644 460 Currency translation differences on translating foreign operations 148 821 1 272 Key performance indicators Results from operations 500 350 250 Shareholder investment return 532 373 266 Adjusted headline earnings 924 647 462 Headline earnings 919 644 460 The sensitivity analysis below illustrates the potential impact on the investment values and profit attributable to the equity holders of the parent arising from significant movements in equity prices on the Malawian Stock Exchange (MSE). For the six months ended 30 June 2026, the Malawi All Share Index (MASI) declined by 12.38% (30 June 2025: increased by 91.77%). Consistent with the performance of the Malawi equity market, the Group’s Malawi shareholder portfolio recorded a negative investment return of R143 million from listed equity investments. This compares to a positive investment return of R444 million for the six months ended 30 June 2025. For the six months ended 30 June 2026 Rm As reported 30% increase 30% decrease 50% decrease Profit after tax attributable to equity holders of the parent 828 1 132 523 320 Equity attributable to equity holders of the parent 4 127 4 431 3 822 3 619 Listed equities (total for both shareholders and policyholders) 21 188 27 545 14 832 10 594 For the six months ended 30 June 2025 Rm As reported 30% increase 30% decrease 50% decrease Profit after tax attributable to equity holders of the parent 919 1 123 715 579 Equity attributable to equity holders of the parent 2 893 3 098 2 689 2 553 Listed equities (total for both shareholders and policyholders) 14 425 18 752 10 097 7 212 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 108 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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B: Segment information B1: Basis of segmentation 1.1 Segment presentation The Group has identified the executive management team of Old Mutual Limited as the Chief Operating Decision Maker (CODM). The CODM reviews the Group’s operating results and allocates resources based on internal management reporting structures that reflect the nature of products and services, customer segments and geographic operations. The managing directors of the operating segments form part of the executive management team. The Group’s reportable segments are aligned to the internal management reporting structures reviewed by the CODM and comprise the following businesses: ● Old Mutual Life and Savings: Provides integrated financial solutions, including risk, savings, investment and income products through the Mass and Foundation, Personal Finance and Wealth Management, and Old Mutual Corporate businesses. ● Old Mutual Investments: Provides investment management solutions through a portfolio of listed and alternative investment affiliates. ● Old Mutual Banking: Provides banking, transactional, savings and lending products and services in South Africa. ● Old Mutual Insure: Provides property and casualty insurance solutions through retail, direct, specialist and commercial distribution channels. ● Old Mutual Africa Regions: Provides life and savings, property and casualty, health insurance, banking, lending and asset management solutions across 10 countries in Southern, East and West Africa. ● Other Group Activities: Comprises activities that are not managed as operating segments, including shareholder investment assets and liabilities, treasury and capital management activities, third-party borrowings and related finance costs, credit asset management activities and the net assets and operations of Residual plc. The Group’s reportable segment structure reflects a combination of product- and service-based businesses and geographic operations. Central shareholder activities and enabling functions support the operating segments. Costs associated with these activities are allocated to segments where appropriate based on the underlying drivers of expenditure, with unallocated costs reported within Other Group Activities. 1.2 Presentation and disclosure The CODM assesses the performance of the reportable segments and makes resource allocation decisions primarily based on adjusted headline earnings (AHE) before shareholder tax and non-controlling interests. Segment results exclude net investment return on shareholder assets, finance costs and income from Group associates, which are managed centrally and reported within Other Group Activities. Segment information is prepared on the same basis as that used in the internal management reports reviewed by the CODM and may differ from amounts reported in accordance with IFRS Accounting Standards. “Adjusting items and reclassifications” comprise items excluded from AHE, together with IFRS Accounting Standards, consolidation and other reconciling adjustments required to reconcile management reporting information to the Group’s consolidated IFRS Accounting Standards results. These adjustments include the impact of the Group’s Zimbabwe operations and other items that are not considered part of the operational performance measures reviewed by the CODM. 1.3 Restatement of comparative segmental disclosure During 2025, the Group commenced a revision of its internal organisational and management reporting structure through the introduction of the Old Mutual Life and Savings and Old Mutual Banking clusters. This process continued during the current reporting period, resulting in further refinements to the Group’s operating and reportable segment structure to better align with the evolving nature of its operations and internal management reporting. Accordingly, the comparative segmental income statement and balance sheet information for the prior period has been restated to reflect: ● Reallocations between the Old Mutual Life and Savings and Old Mutual Banking clusters arising from refinements to the operating model and management reporting structure, impacting insurance revenue, banking interest and similar income, credit impairment charges and other operating and administrative expenses; ● Reallocations between the Old Mutual Investments and Other Group Activities clusters relating to net investment return after policyholder tax, reflecting changes in the attribution of investment activities and funding structures; ● Reallocations of other assets and other liabilities across the Old Mutual Life and Savings, Old Mutual Banking, Old Mutual Investments and Other Group Activities clusters, to align supporting balances with the revised reportable segment structure. These restatements ensure consistency and comparability of segmental information across reporting periods and provide comparative segment information on a basis consistent with the current period reportable segment structure and the information reviewed by the CODM, in accordance with IFRS 8 Operating Segments. The restated comparative figures do not impact the Group’s previously reported consolidated financial results. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 109 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 B: Segment information continued B2: Segmental income statement Insurance service result Insurance revenue 22 423 — 302 12 265 1 928 (321) 36 597 — 774 37 371 Insurance service expenses (16 893) — (132) (9 734) (3 514) 78 (30 195) — (732) (30 927) Net (expenses)/income from reinsurance contracts (405) — 63 (1 527) (540) 120 (2 289) — (70) (2 359) Total insurance service result after policyholder tax 5 125 — 233 1 004 (2 126) (123) 4 113 — (28) 4 085 Investment result Net investment return after policyholder tax 27 312 4 218 (25) 326 2 640 (693) 33 778 8 888 2 227 44 893 Net finance (expenses)/income from insurance contracts (21 487) — — (130) 303 9 (21 305) — (2 337) (23 642) Net finance income/(expenses) from reinsurance contracts 67 — — (51) 34 83 133 — 2 135 Change in investment contract liabilities (6 493) (3 628) — — (33) 15 (10 139) — (821) (10 960) Change in third-party interest in consolidated funds — — — — — — — (5 674) — (5 674) Total net investment result (601) 590 (25) 145 2 944 (586) 2 467 3 214 (929) 4 752 Non-insurance revenue and income Banking interest and similar income — — 1 594 — 254 — 1 848 — 458 2 306 Banking trading, investment and similar income — — 2 — 20 — 22 — 120 142 Fee and commission income, and income from service activities 4 506 1 568 234 31 769 (1 374) 5 734 (395) 748 6 087 Other income 326 35 162 86 139 (166) 582 757 (87) 1 252 Total non-insurance revenue and income 4 832 1 603 1 992 117 1 182 (1 540) 8 186 362 1 239 9 787 Non-insurance expenses Credit impairment charges (34) — (601) — (28) (107) (770) (10) (7) (787) Finance costs — — — — — — — — (415) (415) Banking interest payable and similar expenses — — (10) — (78) — (88) — (77) (165) Other operating and administrative expenses (5 636) (1 515) (2 200) (289) (1 176) 1 916 (8 900) (3 566) (922) (13 388) Total non-insurance expenses (5 670) (1 515) (2 811) (289) (1 282) 1 809 (9 758) (3 576) (1 421) (14 755) Share of gains of associated undertakings and joint ventures after tax 5 17 — 15 229 6 272 2 274 Profit on disposal of subsidiaries and associated undertakings — — — — — — — — (24) (24) Results from operations1 3 691 695 (611) 992 947 (434) 5 280 — (1 161) 4 119 Shareholder investment return — — — 29 10 (253) (214) — 214 — Finance costs — — — (31) (40) (344) (415) — 415 — Share of gains of associated undertakings and joint ventures after tax — — — — — (7) (7) — 7 — Adjusted headline earnings before tax and non- controlling interests 3 691 695 (611) 990 917 (1 038) 4 644 — (525) 4 119 Shareholder tax (1 058) (126) (55) (183) 76 (18) (1 364) — 1 453 89 Non-controlling interests (5) (22) — (219) (83) — (329) — 10 (319) Adjusted headline earnings 2 628 547 (666) 588 910 (1 056) 2 951 — 938 3 889 Accounting mismatches and hedging impacts (4) (11) (27) (16) 74 74 90 — (90) — Ring-fenced operations — — — — 897 — 897 — (897) — Impact of restructuring and non-core operation — — — — — (5) (5) — 5 — Headline earnings 2 624 536 (693) 572 1 881 (987) 3 933 — (44) 3 889 Impairment and profit on disposal of goodwill and other intangibles assets and property plant and equipment 3 — (1) (23) 1 (20) — 20 — Profit on disposal of subsidiaries and associated undertakings — 1 — — (25) (24) — 24 — Profit after tax for the financial period attributable to equity holders of the parent 2 627 537 (693) 571 1 858 (1 011) 3 889 — — 3 889 Profit for the financial period attributable to non-controlling interests 5 22 — 219 83 (10) 319 — — 319 Profit after tax for the financial period 2 632 559 (693) 790 1 941 (1 021) 4 208 — — 4 208 For the six months ended 30 June 2026 Rm Old Mutual Life and Savings Old Mutual Investments Old Mutual Banking Old Mutual Insure Old Mutual Africa Regions Other Group activities and intercompany eliminations Adjusted headline earnings Consolidation Impact of Policyholder Investments Adjusting items and reclassifications Total IFRS 1 Results from operations is a segmental performance measure used by the Group and is defined in note B1 (1.2) Total inter-segments transactions included total revenue and other income as follows: Life and Savings is R9 172 million (30 June 2025: R9 452 million), Old Mutual Investments is R3 659 million (30 June 2025: R3 909 million), Old Mutual Banking is R122 million (30 June 2025: R142 million), Old Mutual Insure is net negative R14 million (30 June 2025: net negative R3 million), Old Mutual Africa Regions is a net negative R9 million (30 June 2025: R3 million), Impact of Policyholder investment entities is R28 million (30 June 2025: net negative R19 million) and Other Group Activities is net negative R2 575 million (30 June 2025: net negative R14 170 million). Segmental income statements are disclosed to match the way the business is managed. This will not align to Disaggregated revenue (D2) as it represents the IFRS 15 view of income. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 110 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 111 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 B: Segment information continued B2: Segmental income statement continued Insurance service result Insurance revenue 21 316 — 319 11 602 4 675 (345) 37 567 — 705 38 272 Insurance service expenses (16 245) — (141) (8 946) (3 969) 168 (29 133) — (616) (29 749) Net (expenses)/income from reinsurance contracts (488) — 66 (1 379) (469) 159 (2 111) — (29) (2 140) Total insurance service result after policyholder tax 4 583 – 244 1 277 237 (18) 6 323 – 60 6 383 Investment result Net investment return after policyholder taxes 53 864 4 697 47 344 9 211 (1 296) 66 867 11 812 5 719 84 398 Net finance (expenses)/income from insurance contracts (41 114) — — (170) (8 766) 9 (50 041) — (282) (50 323) Net finance (expenses)/income from reinsurance contracts (12) — — 106 88 21 203 — 1 204 Change in investment contract liabilities (12 680) (4 250) — — (95) 344 (16 681) — (102) (16 783) Change in third-party interest in consolidated funds — — — — — — — (9 244) — (9 244) Total net investment result 58 447 47 280 438 (922) 348 2 568 5 336 8 252 Non-insurance revenue and income Banking interest and similar income — — 1 542 — 283 — 1 825 — 386 2 211 Banking trading, investment and similar income — — (5) — 31 — 26 — 129 155 Fee and commission income, and income from service activities 3 750 1 475 256 — 585 (1 285) 4 781 (314) 693 5 160 Other income 242 64 150 105 135 (63) 633 746 60 1 439 Total non-insurance revenue and income 3 992 1 539 1 943 105 1 034 (1 348) 7 265 432 1 268 8 965 Non-insurance expenses Credit impairment charges (85) — (467) — (29) (75) (656) 3 (2) (655) Finance costs — — — — — — — — (473) (473) Banking interest payable and similar expenses (4) — — — (120) — (124) — (61) (185) Other operating and administrative expenses (5 012) (1 521) (2 077) (345) (1 153) 1 673 (8 435) (3 009) (1 280) (12 724) Total non-insurance expenses (5 101) (1 521) (2 544) (345) (1 302) 1 598 (9 215) (3 006) (1 816) (14 037) Share of gains of associated undertakings and joint ventures after tax 16 30 — 6 167 — 219 6 7 232 Profit on disposal of subsidiaries and associated undertakings — — — — — — — — 9 9 Results from operations 3 548 495 (310) 1 323 574 (690) 4 940 – 4 864 9 804 Shareholder investment return — — — 11 730 1 523 2 264 — (2 264) — Finance costs — — — (34) (58) (381) (473) — 473 — Share of gains of associated undertakings and joint ventures after tax — — — — — (5) (5) — 5 — Adjusted headline earnings before tax and non- controlling interests 3 548 495 (310) 1 300 1 246 447 6 726 — 3 078 9 804 Shareholder tax (911) (125) (72) (335) (191) (614) (2 248) — (3 032) (5 280) Non-controlling interests (4) (21) — (172) (77) — (274) — (148) (422) Adjusted headline earnings 2 633 349 (382) 793 978 (167) 4 204 — (102) 4 102 Accounting mismatches and hedging impacts — (4) (4) (3) 11 (273) (273) — 273 — Ring-fenced operations — — — — 257 1 258 — (258) — Impact of restructuring and non-core operations — — — — — (27) (27) — 27 — Headline earnings 2 633 345 (386) 790 1 246 (466) 4 162 — (60) 4 102 Reversal of impairment/(impairment) of goodwill and other intangibles assets and property, plant and equipment 6 — — (2) 2 (75) (69) — 69 — Profit on disposal of subsidiaries and associated undertakings 7 — — — 2 — 9 — (9) — Profit after tax for the financial period attributable to equity holders of the parent 2 646 345 (386) 788 1 250 (541) 4 102 — — 4 102 (Loss)/profit for the financial period attributable to non-controlling interests 4 21 — 172 127 98 422 — — 422 Profit after tax for the financial period 2 650 366 (386) 960 1 377 (443) 4 524 – – 4 524 For the period ended 30 June 2025 Rm¹ Old Mutual Life and Savings Old Mutual Investments Old Mutual Banking Old Mutual Insure Old Mutual Africa Regions Other Group activities and intercompany eliminations Adjusted headline earnings Consolidation Impact of Policyholder investments Adjusting items and reclassifications Total IFRS 1 Refer to note B1.3 for details in relation to the restatement of the segmental income statement OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 112 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 113 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 B: Segment information continued B3: Segmental statement of financial position At 30 June 2026 Rm Old Mutual Life and Savings Old Mutual Investments Old Mutual Banking Old Mutual Insure Old Mutual Africa Regions Other Group activities and other intercompany eliminations Adjusted IFRS equity Consolidation Impact of policyholder investment entities Adjusting items and reclassifications Total IFRS Insurance contract assets (Note F1) 7 284 — 123 35 138 (123) 7 457 — — 7 457 Life risk and annuities 7 284 — 123 — 138 (123) 7 422 — — 7 422 Life savings — — — — — — — — — — Property and casualty — — — 35 — — 35 — — 35 Other assets 938 305 90 241 16 973 19 358 86 068 9 886 1 160 831 201 297 35 632 1 397 760 Total assets1 945 589 90 241 17 096 19 393 86 206 9 763 1 168 288 201 297 35 632 1 405 217 Insurance contract liabilities (Note F1) (681 173) — — (7 041) (63 737) 239 (751 712) — (14 994) (766 706) Life risk and annuities (117 237) — — — (6 307) 336 (123 208) — (358) (123 566) Life savings (563 936) — — — (54 641) — (618 577) — (14 460) (633 037) Property and casualty — — — (7 041) (2 789) (97) (9 927) — (176) (10 103) Investment contract liabilities (200 185) (86 217) — — (1 451) 1 733 (286 120) — (3 662) (289 782) Other liabilities (57 872) (1 232) (13 473) (4 765) (6 596) 9 133 (74 805) (201 065) (10 454) (286 324) Total liabilities1 (939 230) (87 449) (13 473) (11 806) (71 784) 11 105 (1 112 637) (201 065) (29 110) (1 342 812) Net assets 6 359 2 792 3 623 7 587 14 422 20 868 55 651 232 6 522 62 405 Shareholder equity 6 405 2 629 3 623 6 274 13 567 20 880 53 378 (30) 5 853 59 201 Non-controlling interests (46) 163 — 1 313 855 (12) 2 273 262 669 3 204 Total equity 6 359 2 792 3 623 7 587 14 422 20 868 55 651 232 6 522 62 405 At 31 December 2025 Rm2 Old Mutual Life and Savings Old Mutual Investments Old Mutual Banking Old Mutual Insure Old Mutual Africa Regions Other Group activities and intercompany eliminations Adjusted IFRS equity Consolidation Impact of Policyholder Investments Adjusting items and reclassifications Total IFRS Insurance contract assets (Note F1) 7 417 — 130 130 186 (131) 7 732 — — 7 732 Life risk and annuities 7 417 — 130 — 186 (131) 7 602 — — 7 602 Life savings — — — — — — — — — — Property and casualty — — — 130 — — 130 — — 130 Other assets 897 902 89 573 16 777 19 095 87 995 35 167 1 146 509 181 884 31 798 1 360 191 Total assets1 905 319 89 573 16 907 19 225 88 181 35 036 1 154 241 181 884 31 798 1 367 923 Insurance contract liabilities (Note F1) (676 068) — — (7 183) (62 866) 276 (745 841) — (12 818) (758 659) Life risk and annuities (112 558) — — — (5 969) 332 (118 195) — (210) (118 405) Life savings (563 510) — — — (54 292) — (617 802) — (12 455) (630 257) Property and casualty — — — (7 183) (2 605) (56) (9 844) — (153) (9 997) Investment contract liabilities (193 881) (85 387) — — (1 440) 1 854 (278 854) — (2 552) (281 406) Other liabilities (28 337) (1 484) (12 240) (4 796) (10 292) (15 521) (72 670) (181 664) (10 466) (264 800) Total liabilities1 (898 286) (86 871) (12 240) (11 979) (74 598) (13 391) (1 097 365) (181 664) (25 836) (1 304 865) Net assets 7 033 2 702 4 667 7 246 13 583 21 645 56 876 220 5 962 63 058 Shareholder equity 7 146 2 541 4 667 6 091 12 799 21 651 54 895 (49) 5 292 60 138 Non-controlling interests (113) 161 — 1 155 784 (6) 1 981 269 670 2 920 Total equity 7 033 2 702 4 667 7 246 13 583 21 645 56 876 220 5 962 63 058 1 Total assets held for sale included in total assets is as follows: Impact of Policyholder Investment entities is Rnil (31 December 2025 : R278 million), and Other Group Activities is R1 066 million (31 December 2025: R1 048 million) 2 Refer to note B1.3 for details in relation to the restatement of the segmental statement of financial position OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 114 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 115 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 C: Other key performance information C1: Earnings per share For the six months ended 30 June Cents Source of guidance Notes 2026 2025 Basic earnings per share IFRS Accounting Standards C1(a) 95.8 96.1 Diluted earnings per share IFRS Accounting Standards C1(b) 92.8 93.4 Headline earnings per share JSE Listings Requirements SAICA Circular 01/2023 C1(c) 96.9 97.5 Diluted headline earnings per share JSE Listings Requirements SAICA Circular 01/2023 C1(c) 93.9 94.7 Adjusted headline earnings per share Refer to note A1.6(b) C1(d) 70.6 96.6 Diluted adjusted headline earnings per share Refer to note A1.6(b) C1(d) 70.4 95.7 (a) Basic earnings per share Basic earnings per share is calculated by dividing the profit for the financial period attributable to ordinary equity shareholders of the parent by the weighted average number of ordinary shares in issue during the year excluding Employee Share Ownership Plan Trusts (ESOP) and Black Economic Empowerment trusts. These shares are regarded as treasury shares. The following table summarises the calculation of the weighted average number of ordinary shares for the purposes of calculating basic earnings per share: For the six months ended 30 June 2026 2025 Profit after tax for the financial period attributable to equity holders of the parent (Rm) 3 889 4 102 Weighted average number of ordinary shares in issue (millions) 4 541 4 720 Shares held in charitable foundations and trusts (millions) (82) (82) Shares held in ESOP and similar trusts (millions) (280) (286) Adjusted weighted average number of ordinary shares (millions) 4 179 4 352 Treasury shares (millions) (39) – Shares held in Black Economic Empowerment trusts and Retail schemes (millions) (81) (82) Weighted average number of ordinary shares used to calculate basic earnings per share (millions) 4 059 4 270 Basic earnings per ordinary share (cents) 95.8 96.1 (b) Diluted earnings per share Diluted earnings per share recognises the dilutive impact of shares and options held in ESOP and similar trusts and Black Economic Empowerment trusts, to the extent they have value, in the calculation of the weighted average number of shares, as if the relevant shares were in issue for the full year. The following table summarises the calculation of weighted average number of shares for the purpose of calculating diluted basic earnings per share: For the six months ended 30 June Notes 2026 2025 Profit after tax for the financial period attributable to equity holders of the parent (Rm) 3 889 4 102 Weighted average number of ordinary shares (millions) C1(a) 4 059 4 270 Adjustments for share options held by ESOP and similar trusts (millions) 87 87 Adjustments for share options held in Black Economic Empowerment Trusts and Retail Schemes (millions) 44 37 Weighted average number of ordinary shares used to calculate diluted earnings per share (millions) 4 190 4 394 Diluted earnings per ordinary share (cents) 92.8 93.4 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 116 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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(c) Headline earnings per share The Group is required to calculate headline earnings per share (HEPS) in accordance with the JSE Limited Listings Requirements, determined by reference to the South African Institute of Chartered Accountants' circular 01/2023 'Headline Earnings'. The table below sets out a reconciliation of basic EPS and HEPS in accordance with that circular. Disclosure of HEPS is not a requirement of IFRS Accounting Standards, but it is a JSE required measure of earnings in South Africa. The following table reconciles the profit for the financial year attributable to equity holders of the parent to headline earnings and summarises the calculation of basic HEPS: 2026 2025 For the six months ended 30 June Notes Gross Net of tax and non- controlling interest Gross Net of tax and non- controlling interest Profit attributable to ordinary equity holders (Rm) 3 889 4 102 Adjustments: Reversal of impairments of property, plant and equipment — — 102 78 Impairments of intangible assets 1 1 2 2 Loss/(profit) on disposal of subsidiaries, associated undertakings and joint ventures 24 24 (9) (9) Loss/(profit) on disposal of property and equipment 17 19 (11) (11) Total adjustments (Rm) 42 44 84 60 Headline earnings (Rm) 3 933 4 162 Weighted average number of ordinary shares (millions) C1(a) 4 059 4 270 Diluted weighted average number of ordinary shares (millions) C1(b) 4 190 4 394 Headline earnings per share (cents) 96.9 97.5 Diluted headline earnings per share (cents) 93.9 94.7 (d) Adjusted headline earnings per share Adjusted headline earnings per share is calculated as adjusted headline earnings divided by the adjusted weighted average number of shares. For the six months ended 30 June Notes 2026 2025 Adjusted headline earnings after tax and non-controlling interests (Rm) 2 951 4 204 Adjusted weighted average number of ordinary shares (millions) C1(a) 4 179 4 352 Adjusted headline earnings per share (cents) 70.6 96.6 Diluted weighted average number of ordinary shares (millions) C1(b) 4 190 4 394 Diluted headline earnings per share (cents)1 70.4 95.7 1 Diluted adjusted headline earnings per share has been included in the current year. Diluted adjusted headline earnings has been calculated using the same weighted average number of ordinary shares used to calculate diluted earnings per share C2: Net asset value per share and tangible net asset value per share Net asset value per share is calculated as total assets minus total liabilities divided by the total number of ordinary shares in issue at period end. Net tangible asset value per share is calculated as total assets minus goodwill and other intangible assets minus total liabilities divided by the total number of shares in issue at period end. At 30 June 2026 and 31 December 2025 Rand 2026 2025 Net asset value per share 13.9 13.4 Net tangible asset value per share 11.6 11.6 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 117 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 C: Other key performance information continued C3: Return on net asset value The following table outlines the calculation of return on net asset value For the six months ended 30 June 2026 and the year ended 31 December 2025, using adjusted headline earnings disclosed in the segmental income statement included in note B2. The basis of preparation of return on net asset value is described in note A1.6. Rm or % 2026 2025 Return on net asset value (%) 10.9 % 15.2 % Average adjusted IFRS equity (Rm) 54 136 54 471 Closing adjusted IFRS equity (Rm) 53 378 54 895 Reconciliation of equity attributable to the holders of the parent to closing adjusted IFRS equity Rm 2026 2025 Equity attributable to the holders of the parent 59 201 60 138 Equity in respect of ring-fenced operations (5 533) (4 004) Equity in respect of non-core operations (290) (1 239) Closing adjusted IFRS equity 53 378 54 895 C4: Dividends For the six months ended 30 June Rm Ordinary dividend payment date 2026 2025 2024 Final dividend paid – 52.00 cents per share 14 April 2025 — 2 214 2025 Final dividend paid – 56.00 cents per share 13 April 2026 2 298 — Dividend declared to ordinary equity holders for the period 2 298 2 214 The total dividend paid to ordinary equity holders is calculated using the number of shares in issue at the record date less own shares held in ESOP trusts, Black Economic Empowerment trusts and related undertakings. As a consequence of the exchange control arrangements in place in certain African territories, dividends to ordinary equity holders on the branch registers of those countries (or, in the case of Namibia, the Namibian section of the principal register) are settled through Dividend Access Trusts established for that purpose. An interim dividend of 40 cents (30 June 2025: 37 cents), or its equivalent in other applicable currencies, per ordinary share in the Company has been declared by the directors and will be paid o n 5 October 2026 to shareholders on all registers, except for shareholders on the London Stock Exchange who will be paid on 6 November 2026. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 118 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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D: Consolidated income statement notes D1: Insurance revenue The Group's insurance service revenue is analysed as follows: For the six months ended 30 June 2026 Rm Life risk and annuities Life savings Property and casualty Total Contracts not measured under the premium allocation approach (PAA) Amounts relating to changes in liabilities for remaining coverage 11 826 2 216 — 14 042 Expected incurred claims 7 788 284 — 8 072 Expected other insurance service expenses 1 652 1 768 — 3 420 Change in risk adjustment for non-financial risk for risk expired 594 136 — 730 Contractual service margin (CSM) recognised for services provided 1 857 2 298 — 4 155 Other amounts relating to changes in liabilities for remaining coverage1 (65) (2 270) — (2 335) Recovery of insurance acquisition cash flows 2 830 703 — 3 533 Contracts not measured under the PAA 14 656 2 919 — 17 575 Contracts measured under the PAA 4 714 — 15 082 19 796 Total insurance revenue 19 370 2 919 15 082 37 371 For the six months ended 30 June 2025 Rm Life risk and annuities Life savings Property and casualty Total Contracts not measured under the PAA Amounts relating to changes in liabilities for remaining coverage 11 016 4 884 — 15 900 Expected incurred claims 7 273 279 — 7 552 Expected other insurance service expenses 1 439 1 621 — 3 060 Change in risk adjustment for non-financial risk for risk expired 482 116 — 598 CSM recognised for services provided 1 874 2 041 — 3 915 Other amounts relating to changes in liabilities for remaining coverage (52) 827 — 775 Recovery of insurance acquisition cash flows 2 619 699 — 3 318 Contracts not measured under the PAA 13 635 5 583 — 19 218 Contracts measured under the PAA 4 398 — 14 656 19 054 Total insurance revenue 18 033 5 583 14 656 38 272 1 Other amounts relating to changes in liabilities for remaining coverage includes the reversal of the tax recovered from policyholders in 2025. In 2025, a change in tax legislation in Malawi resulted in a once-off tax charge recoverable from policyholders amounting to R3 060 million. In 2026, this change was reversed and replaced by a 2% withholding tax on share sales OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 119 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 D: Consolidated income statement notes continued D2: Revenue from contracts with customers Revenue from contracts with customers is disaggregated by primary segment and type of revenue. The Group believes it best depicts how the nature, amount, timing and uncertainty of the Group’s revenue and cash flows are affected by economic factors. The Group does not apply significant judgements to determine the costs incurred to obtain or fulfil contracts with customers. Revenue from contracts with customers are assessed if they contain contract assets. For the six months ended 30 June 2026 Rm Old Mutual Life and Savings Old Mutual Investments Old Mutual Banking Old Mutual Insure Old Mutual Africa Regions Other Group activities and intercompany eliminations Consolidated Impact of policyholder investment entities Adjusting items and reclassifica- tions Total Revenue from contracts with customers Fee and commission income 4 418 1 564 219 33 728 (1 371) (404) 748 5 935 Transaction and performance fees 83 4 15 — 44 (3) 9 — 152 Administration fees 5 — — (2) (3) — — — — Fee and commission income, and income from service activities 4 506 1 568 234 31 769 (1 374) (395) 748 6 087 Non-IFRS 15 revenue Banking — — 1 596 — 274 — — 578 2 448 Insurance 22 423 — 302 12 265 1 928 (321) — 774 37 371 Investment return and other 27 638 4 253 137 412 2 779 (859) 9 645 2 140 46 145 Total revenue from other activities 50 061 4 253 2 035 12 677 4 981 (1 180) 9 645 3 492 85 964 Total revenue 54 567 5 821 2 269 12 708 5 750 (2 554) 9 250 4 240 92 051 For the six months ended 30 June 2025 Rm1 Old Mutual Life and Savings Old Mutual Investments Old Mutual Banking Old Mutual Insure Old Mutual Africa Regions Other Group activities and intercompany eliminations Consolidated Impact of policyholder investment entities Adjusting items and reclassifica- tions Total Revenue from contracts with customers Fee and commission income 3 673 1 476 256 — 541 (1 285) (315) 693 5 039 Transaction and performance fees 69 (1) — — 39 — 1 — 108 Administration fees 8 — — — 5 — — — 13 Fee and commission income, and income from service activities 3 750 1 475 256 — 585 (1 285) (314) 693 5 160 Non-IFRS 15 revenue Banking — — 1 537 — 314 — — 515 2 366 Insurance 21 316 — 319 11 602 4 675 (345) — 705 38 272 Investment return and other 54 106 4 761 197 449 9 346 (1 359) 12 558 5 779 85 837 Total revenue from other activities 75 422 4 761 2 053 12 051 14 335 (1 704) 12 558 6 999 126 475 Total revenue 79 172 6 236 2 309 12 051 14 920 (2 989) 12 244 7 692 131 635 1 Refer to note B1.3 for details in relation to the restatement of the revenue of contracts with customers OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 120 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026 121 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 E: Financial assets and liabilities E1: Disclosure of financial assets and liabilities measured at fair value (a) Financial assets and liabilities measured at fair value, classified according to fair value hierarchy The table below presents a summary of the financial assets and liabilities that are measured at fair value in the consolidated statement of financial position according to their IFRS 9 classification. The most material financial asset measured at fair value relates to investments and securities. The Group has exposure to listed and unlisted investments, with a large portion of these investments backing policyholder liabilities. At 30 June 2026 Rm Total Level 1 Level 2 Level 3 Financial assets measured at fair value Investments and securities 1 217 587 681 471 469 200 66 916 Derivative financial instruments – assets 3 811 76 3 735 — Assets held for sale 1 066 — — 1 066 Total financial assets measured at fair value 1 222 464 681 547 472 935 67 982 Financial liabilities measured at fair value Investment contract liabilities 289 782 — 289 782 — Third-party interests in consolidated funds 159 382 — 159 382 — Borrowed funds 9 960 — 9 960 — Other liabilities 14 538 — 14 538 — Derivative financial instruments – liabilities 5 250 8 5 242 — Total financial liabilities measured at fair value 478 912 8 478 904 — At 31 December 2025 Rm Total Level 1 Level 2 Level 3 Financial assets measured at fair value Investments and securities 1 179 174 676 637 436 754 65 783 Derivative financial instruments – assets 6 646 106 6 540 — Assets held for sale 1 048 — — 1 048 Total financial assets measured at fair value 1 186 868 676 743 443 294 66 831 Financial liabilities measured at fair value Investment contract liabilities 281 406 — 281 406 — Third-party interests in consolidated funds 139 553 — 139 553 — Borrowed funds 8 157 — 8 157 — Other liabilities 10 450 — 10 450 — Derivative financial instruments – liabilities 7 681 44 7 637 — Total financial liabilities measured at fair value 447 247 44 447 203 — Level 2 investment and securities Level 2 assets comprise mainly of pooled investments that are not listed on an exchange but are valued using market observable prices. Pooled investments represent the Group’s holdings of shares or units in open-ended investment companies, unit trusts, mutual funds and similar investment vehicles which are not consolidated. Structured notes and other derivatives are generally valued using option pricing models. For structured notes and other derivatives, principal assumptions concern the future volatility of asset values and the future correlation between asset values. For these valuations, estimates are based on available market data and examination of historical levels. Market data includes the use of a proxy method to derive a volatility or correlation from comparable assets for which market data is more readily available. Other assets classified as Level 2 include unlisted corporate debt, floating rate notes, money market instruments, listed debt securities that were not actively traded during the period and cash balances that are treated as short-term funds. The Level 2 instruments are valued based on discounted projected cash flows, relative yields, or cost basis with reference to market-related inputs. Main inputs used for Level 2 valuations include bond curves and interbank swap interest rate curves. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 122 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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(b) Level 3 fair value hierarchy disclosure The table below reconciles the opening balances of Level 3 financial assets to closing balances at the end of the period: For the six months ended 30 June 2026 and year ended 31 December 2025 Rm 2026 2025 Level 3 financial assets – Investments and securities At beginning of the period 65 783 62 881 Total net fair value gains recognised in profit or loss 4 267 5 127 Purchases 3 501 8 922 Sales (7 167) (7 462) Transfers in 219 509 Transfers out (55) (71) Transfer to held for sale — (1 048) Foreign exchange and other 368 (3 075) Total Level 3 investments and securities at end of the period 66 916 65 783 Unrealised fair value gains recognised in profit or loss 2 186 3 381 Transfer between fair value hierarchies The Group deems a transfer to have occurred between Level 1 and Level 2 when an active, traded primary market ceases to exist for that financial instrument. During the period listed debt securities to the value of R12 247 million (31 December 2025: R839 million) were transferred from Level 1 to Level 2 as these securities were not actively traded on their primary exchange during the reporting period. Similarly, the Group deems a transfer to have occurred between Level 2 and Level 1 when an instrument becomes actively traded on the primary market. During the period, listed bonds to the value of R790 million (31 December 2025: R2 484 million) were transferred from Level 2 to Level 1 as these securities were actively traded on their primary exchange during the reporting period. Pooled investments to the value of R78 million (31 December 2025: R54 million) were also transferred from Level 2 to Level 1 as markets in which these instruments trade, have become active. Pooled investments of R23 million (31 December 2025: R1 024 million) were transferred from Level 1 to Level 2 as markets in which these instruments trade have become less active. A transfer between Level 2 and Level 3 occurs when any significant inputs used to determine fair value of the instrument become unobservable. At 30 June 2026 , Level 3 assets comprised unlisted private company shares, unlisted debt securities and unlisted pooled investments mainly held by policyholder funds for which the majority of the investment risk is borne by policyholders. Unlisted debt securities of Rnil (31 December 2025: R25 million), pooled investments of Rnil (31 December 2025: R174 million) and equity securities R219 million (31 December 2025: R310 million) were transferred from Level 2 to Level 3, reflecting the valuation technique used to value these investments as inputs became unobservable. During the period, equity securities to the value of R55 million (31 December 2025: R71 million) were transferred from Level 3 to 2 reflecting the valuation technique used to value these investments as the inputs became observable . For all reporting periods, the Group did not have any Level 3 financial liabilities. (c) Effect of changes in significant unobservable assumptions to reasonable possible alternatives Favourable and unfavourable changes are determined on the basis of changes in the value of the financial asset or liability as a result of varying the levels of the unobservable parameters using statistical techniques. When parameters are not amenable to statistical analysis, quantification of uncertainty is judgemental. When the fair value of a financial asset or liability is affected by more than one unobservable assumption, the figures shown reflect the most favourable or most unfavourable change from varying the assumptions individually. The valuations of the private equity investments are performed on an asset-by-asset basis using a valuation methodology appropriate to the specific investment and in line with industry guidelines. In determining the valuation of the investment, the principal assumption used is the valuation multiples applied to the main financial indicators (such as adjusted earnings). The source of these multiples may include multiples for comparable listed companies which have been adjusted for discounts for non-tradability and valuation multiples earned on transactions in comparable sectors. The valuations of asset-backed securities are determined by discounted cash flow models that generate the expected value of the asset, incorporating benchmark information on factors such as prepayment patterns, default rates, loss severities and the historical performance of the underlying assets. The outputs from the models used are calibrated with reference to similar securities for which external market information is available. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 123 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 E: Financial assets and liabilities continued E1: Disclosure of financial assets and liabilities measured at fair value continued (c) Effect of changes in significant unobservable assumptions to reasonable possible alternatives continued The following table sets out information on significant unobservable inputs used in measuring financial instruments classified as Level 3. Six months ended 30 June 2026 and year ended 31 December 2025 Range of unobservable inputs Valuation technique Significant unobservable input 2026 2025 Discounted cash flow (DCF) Risk-adjusted discount rate: – Equity risk premium 2.1% – 5.9% 2.1% – 5.9% – Liquidity discount rate 4.2% – 22.7% 3.7% – 22.7% – Nominal risk-free rate 6.5% – 14.5% 6.5% – 14.5% – Credit spreads 0.1% – 13.3% 0.3% – 13.3% – Internal rate of return 13.5% – 16.5% Not applicable – Preference dividend accrual rate 7.4% – 14.0% 7.4% – 14.0% – Marketability discount 6.3% – 30.0% 6.3% – 30.0% Price earnings (PE) model/ multiple/embedded value PE ratio/multiple 1.01 – 7.5 times 1.01 – 8.0 times Sum of parts PE ratio and DCF See PE ratio and DCF See PE ratio and DCF There has been no change to the nature of the key unobservable inputs used in the valuation of Level 3 financial instruments and the inter-relationships between those inputs, from those disclosed in the annual financial statements for the year ended 31 December 2025. For the purposes of the sensitivity analysis, the most significant unobservable input used to value Level 3 investments and securities have been increased/decreased by 10%. Rm At 30 June 2026 At 31 December 2025 At 30 June 2026 At 31 December 2025 Types of financial instruments Fair values Valuation techniques used Significant unobservable input Fair value measurement sensitivity to unobservable inputs Assets Investments and securities 66 916 65 783 DCF; Market comparable companies' approach; Adjusted net asset values Equity risk premium Liquidity discount rate Nominal risk free- rate Credit spreads Preference dividend accrual rate Marketability discount rate PE ratio/multiple Favourable: 5 796 Unfavourable: 5 751 Favourable: 6 232 Unfavourable: 5 895 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 124 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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The table below shows the sensitivity of the fair value of investments and securities per type of instrument at 30 June 2026 and 31 December 2025: Rm At 30 June 2026 At 31 December 2025 At 30 June 2026 At 31 December 2025 Sensitivities Types of financial instruments Fair values Most significant unobservable input Favourable impact Unfavourable impact Favourable impact Unfavourable impact Debt securities, preference shares and debentures 3 451 3 618 Discount rate; Credit spreads 158 145 106 105 Equity securities 18 824 15 818 Discount rate; Price earnings ratio/multiple; Marketability discount rate 1 672 1 645 1 677 1 637 Pooled investments 44 641 46 347 Net asset value of underlying investments 3 966 3 961 4 449 4 153 Total 66 916 65 783 5 796 5 751 6 232 5 895 Fair value gains of R4 267 million (31 December 2025: fair value gains of R5 127 million) were recognised on Level 3 assets during the period. The gain is attributable to the approach followed in performing valuations due to the low levels of volatility with respect to the economic outlook and due to higher comparable multiples. E2: Financial instruments designated as fair value through profit or loss Financial instruments are classified as designated as fair value through profit and loss where the Group has satisfied the criteria as described in the accounting policies. Fair value movements on financial assets designated at fair value through profit or loss is recognised in investment return (non-banking) in the consolidated income statement. Where a portfolio of financial assets qualifies for classification at amortised cost or fair value through other comprehensive Income (FVOCI), the Group elects to designate the portfolio at fair value through profit or loss where this eliminates or reduces a mismatch between the valuation of the financial assets and the valuation of the policyholder liability. The policyholder liability is carried at fair value through profit or loss (investment contracts) or with reference to current yield curves (insurance contracts) and hence the assets backing the policyholder liability should be classified as at fair value through profit or loss. Designation of instruments as fair value through profit or loss is consistent with the Group’s documented risk management strategy and investment mandates. The fair value of the instruments is managed and reviewed on a regular basis by the risk and investment functions of the Group. The risk of the portfolio is measured and monitored on a fair-value basis. Certain borrowed funds that would otherwise be categorised as financial liabilities at amortised cost under IFRS 9, are designated as fair value through profit or loss. This is done to eliminate a mismatch between the valuation of the investment assets and the valuation of the policyholder liability. Information relating to the change in fair value of these items as it relates to credit risk is shown in the table below: Financial liabilities where the change credit risk is recognised in other comprehensive income (OCI) Rm Fair value Current financial period Cumulative Contractual maturity amount Borrowed funds at 30 June 2026 9 960 (17) 460 9 910 Borrowed funds at 31 December 2025 8 157 90 477 8 110 The fair values of other categories of financial liabilities designated as fair value through profit or loss do not change significantly in respect of credit risk. The change in fair value due to credit risk of financial liabilities designated at fair value through profit or loss has been determined as the difference between fair values determined using a liability curve (adjusted for credit risk) and a risk-free liability curve. This difference is cross-checked to market-related data on credit spreads, where available. The basis for not using credit default swaps to determine the change in fair value due to credit risk is the unavailability of reliable market priced instruments. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 125 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 E: Financial assets and liabilities continued E3: Fair value hierarchy for assets and liabilities not measured at fair value Certain financial instruments of the Group are not carried at fair value, principally investments and securities, loans and advances, certain borrowed funds and other financial assets and financial liabilities that are measured at amortised cost. The calculation of the fair value of these financial instruments represents the Group’s best estimate of the value at which these financial assets could be exchanged, or financial liabilities transferred, between market participants at the measurement date. The Group’s estimate of fair value does not necessarily represent the amount it would be able to realise on the sale of the asset or transfer of the financial liability in an involuntary liquidation or distressed sale. The fair value of these assets approximates its carrying value, except for loans and advances for which the fair value is set out below. The table below shows the fair value hierarchy for those assets and liabilities not measured at fair value for which the fair value disclosure is considered relevant. Additional information regarding these and other financial instruments not carried at fair value is provided in the narrative following the table: Carrying value Fair value hierarchy At 30 June 2026 Rm Fair value Level 1 Level 2 Level 3 Financial assets Investments and securities 14 320 13 550 — 13 550 — Financial liabilities Borrowed funds 3 063 3 063 — 3 063 — Fair value hierarchy At 31 December 2025 Rm Carrying value Fair value Level 1 Level 2 Level 3 Financial assets Investments and securities 14 941 14 941 — 14 941 — Financial liabilities Borrowed funds 2 631 2 631 — 2 631 — The following financial instruments are not measured at fair value. However, management has assessed that their carrying amounts are a reasonable approximation of fair value and, accordingly, no separate valuation methodology is required for fair value disclosure purposes: ● Trade and other receivables, other assets, cash and cash equivalents, and trade and other payables and liabilities, due to the short-term nature of these instruments. ● Loans and advances and amounts due to bank depositors, as these instruments predominantly bear variable interest rates that are repriced regularly with reference to market benchmark rates. For those financial instruments not measured at fair value for which a fair value estimate has been determined for disclosure purposes, the Group applies the following valuation techniques: Valuation technique Significant inputs Financial assets Investments and securities Discounted cash flow model Yield curve Loans and advances Discounted cash flow model Yield curve Financial liabilities Investment contract liabilities Discounted cash flow model Yield curve Borrowed funds Discounted cash flow model Yield curve Amounts owed to bank depositors Discounted cash flow model Yield curve OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 126 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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F: Analysis of financial and insurance assets and liabilities F1: Insurance and investment contracts F1.1: Insurance and reinsurance contracts At 30 June 2026 At 31 December 2025 Rm Assets Liabilities Assets Liabilities Insurance contracts Total life and guaranteed savings: 7 422 (756 602) 7 602 (748 662) Life risk and annuities 7 422 (123 565) 7 602 (118 405) Life savings — (633 037) — (630 257) Property and casualty 35 (10 104) 130 (9 997) Total insurance contracts 7 457 (766 706) 7 732 (758 659) Reinsurance contracts Total life and guaranteed savings: 4 213 (877) 4 205 (735) Life risk and annuities 4 213 (877) 4 205 (735) Life savings — — — — Property and casualty 4 113 (1 883) 4 188 (1 646) Total reinsurance contracts 8 326 (2 760) 8 393 (2 381) F1.2: Analysis of insurance and reinsurance contracts The following reconciliations show how the net carrying amounts of insurance and reinsurance in each line of business changed during the year as a result of cash flows and amounts recognised in the income statement. A second reconciliation is presented for contracts not measured under the PAA, which separately analyses changes in the estimates for the present value of future cash flows, the risk adjustment for non-financial risk and the CSM. The estimates of the present value of the future cash flows from insurance and reinsurance assets represents the Group’s maximum exposure to credit risk from these assets. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 127 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 F: Analysis of financial and insurance assets and liabilities continued F1: Insurance and investment contracts continued F1.2: Analysis of insurance and reinsurance contracts continued (i) Insurance contracts: Analysis by remaining coverage and incurred claims Liability for remaining coverage Liabilities for incurred claims Total Excluding loss component Loss component Contracts not under PAA Contracts under the PAA Six months ended 30 June 2026 Rm Estimates of present value of future cash flows Risk- adjustment for non- financial risk Net opening balance (insurance contracts) (712 713) (9 278) (9 502) (18 695) (739) (750 927) Presented by: Opening insurance assets 12 859 (4 217) (891) (18) (1) 7 732 Opening insurance liabilities (725 572) (5 061) (8 611) (18 677) (738) (758 659) Changes in profit or loss Insurance revenue 37 371 — — — — 37 371 Contracts under the modified retrospective approach 3 417 — — — — 3 417 Contracts under the fair value approach 3 430 — — — — 3 430 Other contracts 30 524 — — — — 30 524 Insurance service expenses (6 232) 33 (11 375) (13 413) 60 (30 927) Incurred claims and other insurance service expenses — 601 (11 412) (14 601) (228) (25 640) Amortisation of insurance acquisition cash flows (6 232) — — — — (6 232) Losses and reversal of losses on onerous contracts — (568) — (7) — (575) Adjustments to liabilities for incurred claims — — 37 1 195 288 1 520 Insurance service result 31 139 33 (11 375) (13 413) 60 6 444 Insurance finance (expense)/ income (22 406) (450) (216) (552) (18) (23 642) Total changes in profit or loss 8 733 (417) (11 591) (13 965) 42 (17 198) Investment components 40 582 — (40 582) — — — Cash flows Premiums received (63 584) — — — — (63 584) Insurance acquisition cash flows paid 6 622 — — — — 6 622 Insurance claims paid, including investment components — — 48 532 12 285 — 60 817 Other expenses paid — — 3 590 862 — 4 452 Total cash flows (insurance contracts) (56 962) — 52 122 13 147 — 8 307 Effect of movements in exchange rates and other 522 14 4 27 2 569 Net closing balance (insurance contracts) (719 838) (9 681) (9 549) (19 486) (695) (759 249) Represented by: Closing insurance assets 13 074 (4 622) (961) (31) (3) 7 457 Closing insurance liabilities (732 912) (5 059) (8 588) (19 455) (692) (766 706) Net closing balance (insurance contracts) (719 838) (9 681) (9 549) (19 486) (695) (759 249) OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 128 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Liability for remaining coverage Liabilities for incurred claims Total Excluding loss component Loss component Contracts not under PAA Contracts under the PAA Year ended 31 December 2025 Rm Estimates of present value of future cash flows Risk- adjustment for non- financial risk Net opening balance (insurance contracts) (622 284) (7 846) (8 619) (18 821) (601) (658 171) Presented by: Opening insurance assets 10 384 (3 102) (735) (65) (10) 6 472 Opening insurance liabilities (632 668) (4 744) (7 884) (18 756) (591) (664 643) Changes in profit or loss Insurance revenue 81 572 — — — — 81 572 Contracts under the modified retrospective approach 7 542 — — — — 7 542 Contracts under the fair value approach 13 261 — — — — 13 261 Other contracts 60 769 — — — — 60 769 Insurance service expenses (12 171) (852) (21 984) (25 599) (115) (60 721) Incurred claims and other insurance service expenses — 1 181 (22 120) (27 410) (425) (48 774) Amortisation of insurance acquisition cash flows (12 171) — — — — (12 171) Losses and reversal of losses on onerous contracts — (2 033) — — — (2 033) Adjustments to liabilities for incurred claims — — 136 1 811 310 2 257 Insurance service result 69 401 (852) (21 984) (25 599) (115) 20 851 Insurance finance expense (134 023) (653) (226) (1 403) (35) (136 340) Total changes in profit or loss (64 622) (1 505) (22 210) (27 002) (150) (115 489) Investment components 80 490 — (80 476) (14) — — Cash flows Premiums received (123 922) — — — — (123 922) Insurance acquisition cash flows paid 13 759 — — — — 13 759 Insurance claims paid, including investment components — — 94 974 24 724 — 119 698 Other expenses paid — — 6 804 2 184 — 8 988 Total cash flows (insurance contracts) (110 163) — 101 778 26 908 — 18 523 Effect of movements in exchange rates and other 3 866 73 25 234 12 4 210 Net closing balance (insurance contracts) (712 713) (9 278) (9 502) (18 695) (739) (750 927) Represented by: Closing insurance assets 12 859 (4 217) (891) (18) (1) 7 732 Closing insurance liabilities (725 572) (5 061) (8 611) (18 677) (738) (758 659) Net closing balance (insurance contracts) (712 713) (9 278) (9 502) (18 695) (739) (750 927) OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 129 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 F: Analysis of financial and insurance assets and liabilities continued F1: Insurance and investment contracts continued F1.2: Analysis of insurance and reinsurance contracts continued (ii) Insurance contracts: Analysis by measurement component – contracts not measured under the PAA Estimates of present value of future cash flows Risk adjustment for non- financial risk Contractual service margin Total Six months ended 30 June 2026 Rm Contracts under modified retrospective approach Contracts under fair value approach Other contracts Net opening balance (insurance contracts) (656 306) (7 180) (19 174) (22 665) (23 452) (728 777) Represented by: Estimates of present value of future cash flows Risk adjustment for non- financial risk Contractual service margin Total Opening insurance assets 11 523 (1 576) — — (2 353) 7 594 Opening insurance liabilities (667 829) (5 604) — — (62 938) (736 371) Changes in profit or loss Changes that relate to current services (1 739) 761 1 418 1 265 1 472 3 177 CSM recognised for services provided — — 1 418 1 265 1 472 4 155 Release of risk adjustment for the risk expired — 730 — — — 730 Tax recovered from policyholders (2 355) — — — — (2 355) Experience adjustments 616 31 — — — 647 Changes that relate to future services 3 607 (678) (349) (1 518) (1 575) (513) Contracts initially recognised in the year 1 482 (527) — — (1 706) (751) Changes in estimates that adjust the CSM 1 893 (148) (349) (1 518) 122 — Changes in estimates that result in losses and reversal of losses on onerous contracts 232 (3) — — 9 238 Changes that relate to past services Adjustment to liabilities for incurred claims 38 (1) — — — 37 Insurance service result 1 906 82 1 069 (253) (103) 2 701 Insurance finance expense (21 199) (296) (330) (329) (894) (23 048) Total changes in profit or loss (19 293) (214) 739 (582) (997) (20 347) Cash flows Premiums received (43 601) — — — — (43 601) Insurance acquisition cash flows paid 3 863 — — — — 3 863 Insurance claims paid, including investment components 48 532 — — — — 48 532 Other expenses paid 3 590 — — — — 3 590 Total cash flows (insurance contracts) 12 384 — — — — 12 384 Effect of movements in exchange rates and other 446 8 — 41 22 517 Net closing balance (insurance contracts) (662 769) (7 386) (18 435) (23 206) (24 427) (736 223) Represented by: Estimates of present value of future cash flows Risk adjustment for non- financial risk Contractual service margin Total Closing insurance assets 11 192 (1 648) (2 129) 7 415 Closing insurance liabilities (673 961) (5 738) (63 939) (743 638) Net closing balance (insurance contracts) (662 769) (7 386) (66 068) (736 223) OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 130 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Estimates of present value of future cash flows Risk adjustment for non- financial risk Contractual service margin Total Year ended 31 December 2025 Rm Contracts under modified retrospective approach Contracts under fair value approach Other contracts Net opening balance (insurance contracts) (568 513) (5 895) (19 003) (20 283) (22 588) (636 282) Represented by: Estimates of present value of future cash flows Risk adjustment for non- financial risk Contractual service margin Total Opening insurance assets 9 856 (1 202) (2 307) 6 347 Opening insurance liabilities (578 369) (4 693) (59 567) (642 629) Changes in profit or loss Changes that relate to current services 5 591 1 293 2 892 2 399 2 805 14 980 CSM recognised for services provided — — 2 892 2 399 2 805 8 096 Release of risk adjustment for the risk expired — 1 232 — — — 1 232 Tax recovered from policyholders 4 788 — — — — 4 788 Experience adjustments 803 61 — — — 864 Changes that relate to future services 7 683 (1 667) (2 368) (3 650) (1 788) (1 790) Contracts initially recognised in the year 3 558 (1 059) — — (3 638) (1 139) Changes in estimates that adjust the CSM 4 714 (546) (2 368) (3 650) 1 850 — Changes in estimates that result in losses and reversal of losses on onerous contracts (589) (62) — — — (651) Changes that relate to past services Adjustment to liabilities for incurred claims 141 (5) — — — 136 Insurance service result 13 415 (379) 524 (1 251) 1 017 13 326 Insurance finance expense (130 047) (926) (695) (1 312) (1 904) (134 884) Total changes in profit or loss (116 632) (1 305) (171) (2 563) (887) (121 558) Cash flows Premiums received (84 729) — — — — (84 729) Insurance acquisition cash flows paid 8 208 — — — — 8 208 Insurance claims paid, including investment components 94 974 — — — — 94 974 Other expenses paid 6 804 — — — — 6 804 Total cash flows (insurance contracts) 25 257 — — — — 25 257 Effect of movements in exchange rates and other 3 582 20 — 181 23 3 806 Net closing balance (insurance contracts) (656 306) (7 180) (19 174) (22 665) (23 452) (728 777) Represented by: Estimates of present value of future cash flows Risk adjustment for non- financial risk Contractual service margin Total Closing insurance assets 11 523 (1 576) (2 353) 7 594 Closing insurance liabilities (667 829) (5 604) (62 938) (736 371) Net closing balance (insurance contracts) (656 306) (7 180) (65 291) (728 777) OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 131 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 F: Analysis of financial and insurance assets and liabilities continued F1: Insurance and investment contracts continued F1.2: Analysis of insurance and reinsurance contracts continued (iii) Reinsurance contracts: Analysis by remaining coverage and incurred claims Remaining coverage component Incurred claims component Total Excluding loss recovery component Loss recovery component Contracts not under the PAA Contracts under the PAA Six months ended 30 June 2026 Rm Estimates of present value of future cash flows Risk- adjustment for non- financial risk Net opening balance (reinsurance contracts) (1 241) 1 065 1 455 4 541 192 6 012 Represented by: Opening reinsurance assets 22 1 061 1 499 5 610 201 8 393 Opening reinsurance liabilities (1 263) 4 (44) (1 069) (9) (2 381) Changes in profit or loss Allocation of reinsurance premiums paid (4 501) — — — — (4 501) Amounts recoverable from reinsurers — (88) 1 295 1 004 (69) 2 142 Recoveries of incurred claims and other insurance service expenses — — 1 287 1 181 22 2 490 Recoveries and reversals of recoveries of losses on onerous underlying contracts — (88) — — — (88) Adjustments to assets for incurred claims — — 8 (177) (91) (260) Net expenses from reinsurance contracts (4 501) (88) 1 295 1 004 (69) (2 359) Net finance income from reinsurance contracts (13) 111 — 7 30 135 Total changes in profit or loss (4 514) 23 1 295 1 011 (39) (2 224) Investment components (156) — — 156 — — Cash flows Premiums paid net of ceding commission and other attributable expenses 4 152 — — — — 4 152 Amounts received — — (1 066) (1 294) — (2 360) Total cash flows (reinsurance contracts) 4 152 — (1 066) (1 294) — 1 792 Effect of movements in exchange rates and other (15) 16 1 (18) 2 (14) Net closing balance (reinsurance contracts) (1 774) 1 104 1 685 4 396 155 5 566 Represented by: Closing reinsurance assets 26 886 1 582 5 652 180 8 326 Closing reinsurance liabilities (1 800) 218 103 (1 256) (25) (2 760) Net closing balance (reinsurance contracts) (1 774) 1 104 1 685 4 396 155 5 566 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 132 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Remaining coverage component Incurred claims component Total Excluding loss recovery component Loss recovery component Contracts not under the PAA Contracts under the PAA Year ended 31 December 2025 Rm Estimates of present value of future cash flows Risk- adjustment for non- financial risk Net opening balance (reinsurance contracts) (1 615) 658 1 554 5 054 474 6 125 Represented by: Opening reinsurance assets (645) 663 1 557 6 516 472 8 563 Opening reinsurance liabilities (970) (5) (3) (1 462) 2 (2 438) Changes in profit or loss Allocation of reinsurance premiums paid (8 410) — — — — (8 410) Amounts recoverable from reinsurers — 328 2 239 2 183 (275) 4 475 Recoveries of incurred claims and other insurance service expenses — — 2 247 3 013 (159) 5 101 Recoveries and reversals of recoveries of losses on onerous underlying contracts — 328 — — — 328 Adjustments to assets for incurred claims — — (8) (830) (116) (954) Net expenses from reinsurance contracts (8 410) 328 2 239 2 183 (275) (3 935) Net finance income/ (expenses) from reinsurance contracts (221) 80 — 81 23 (37) Effect of changes in non- performance risk of reinsurers (1) — — — — (1) Total changes in profit or loss (8 632) 408 2 239 2 264 (252) (3 973) Investment components (323) — — 323 — — Cash flows Premiums paid net of ceding commission and other attributable expenses 9 376 — — — — 9 376 Amounts received — — (2 337) (3 027) — (5 364) Total cash flows (reinsurance contracts) 9 376 — (2 337) (3 027) — 4 012 Effect of movements in exchange rates and other (47) (1) (1) (73) (30) (152) Net closing balance (reinsurance contracts) (1 241) 1 065 1 455 4 541 192 6 012 Represented by: Closing reinsurance assets 22 1 061 1 499 5 610 201 8 393 Closing reinsurance liabilities (1 263) 4 (44) (1 069) (9) (2 381) Net closing balance (reinsurance contracts) (1 241) 1 065 1 455 4 541 192 6 012 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 133 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 F: Analysis of financial and insurance assets and liabilities continued F1: Insurance and investment contracts continued F1.2: Analysis of insurance and reinsurance contracts continued (iv) Reinsurance contracts: Analysis by measurement component – contracts not measured under the PAA Estimates of present value of future cash flows Risk adjustment for non- financial risk Contractual service margin Total Six months ended 30 June 2026 Rm Contracts under modified retrospective approach Contracts under fair value approach Other contracts Net opening balance (reinsurance contracts) 364 787 (851) 1 154 (323) 1 131 Represented by: Estimates of present value of future cash flows Risk adjustment for non- financial risk Contractual service margin Total Opening reinsurance assets 1 229 734 (213) 1 750 Opening reinsurance liabilities (865) 53 193 (619) Changes in profit or loss Changes that relate to current services (126) (42) 45 (77) (17) (217) CSM recognised for services received — — 45 (77) (17) (49) Release of risk adjustment for the risk expired — (42) — — — (42) Experience adjustments (126) — — — — (126) Changes that relate to future services 1 27 (12) (37) 120 99 Contracts initially recognised in the year 25 16 — — 14 55 Changes in recoveries of losses on onerous underlying contracts that adjust the CSM — — — 1 43 44 Changes in estimates that adjust the CSM (24) 11 (12) (38) 63 — Changes that relate to past services Adjustment to liabilities for incurred claims 7 1 — — — 8 Net income or expenses from reinsurance contracts (118) (14) 33 (114) 103 (110) Net finance (expenses)/income from reinsurance contracts 39 71 (45) 58 (14) 109 Total changes in profit or loss (79) 57 (12) (56) 89 (1) Cash flows Premiums paid net of ceding commission and other attributable expenses 1 199 — — — — 1 199 Amounts received (1 066) — — — — (1 066) Total cash flows (reinsurance contracts) 133 — — — — 133 Effect of movements in exchange rates and other — — (1) (1) (1) (3) Net closing balance (reinsurance contracts) 418 844 (864) 1 097 (235) 1 260 Represented by: Estimates of present value of future cash flows Risk adjustment for non- financial risk Contractual service margin Total Closing reinsurance assets 1 261 788 (233) 1 816 Closing reinsurance liabilities (843) 56 231 (556) Net closing balance (reinsurance contracts) 418 844 (2) 1 260 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 134 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Estimates of present value of future cash flows Risk adjustment for non- financial risk Contractual service margin Total Year ended 31 December 2025 Rm Contracts under modified retrospective approach Contracts under fair value approach Other contracts Net opening balance (reinsurance contracts) 169 512 (349) 1 120 (458) 994 Represented by: Estimates of present value of future cash flows Risk adjustment for non- financial risk Contractual service margin Total Opening reinsurance assets 644 496 — — 199 1 339 Opening reinsurance liabilities (475) 16 114 (345) Changes in profit or loss Changes that relate to current services (292) (27) 88 (219) 91 (359) CSM recognised for services received — — 88 (219) 91 (40) Release of risk adjustment for the risk expired — (27) — — — (27) Experience adjustments (292) — — — — (292) Changes that relate to future services 344 212 (555) 139 74 214 Contracts initially recognised in the year 85 24 — — (5) 104 Changes in recoveries of losses on onerous underlying contracts that adjust the CSM (2) — — — 112 110 Changes in estimates that adjust the CSM 261 188 (555) 139 (33) — Changes in estimates that result in losses and reversal of losses on onerous contracts — — — — — — Changes that relate to past services Adjustment to liabilities for incurred claims (9) 1 — — — (8) Net income or expenses from reinsurance contracts 43 186 (467) (80) 165 (153) Net finance income/(expenses) from reinsurance contracts (265) 100 (35) 107 (29) (122) Effect of changes in non- performance risk of reinsurers (7) (10) — 8 — (9) Total changes in profit or loss (229) 276 (502) 35 136 (284) Cash flows Premiums paid net of ceding commission and other attributable expenses 2 762 — — — — 2 762 Amounts received (2 337) — — — — (2 337) Total cash flows (reinsurance contracts) 425 — — — — 425 Effect of movements in exchange rates and other (1) (1) — (1) (1) (4) Net closing balance (reinsurance contracts) 364 787 (851) 1 154 (323) 1 131 Represented by: Estimates of present value of future cash flows Risk adjustment for non- financial risk Contractual service margin Total Closing reinsurance assets 1 229 734 (213) 1 750 Closing reinsurance liabilities (865) 53 193 (619) Net closing balance (reinsurance contracts) 364 787 (20) 1 131 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 135 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 F: Analysis of financial and insurance assets and liabilities continued F1: Insurance and investment contracts continued F1.3: Effect of contracts initially recognised in the year The following table summarises the effect on the measurement components of insurance and reinsurance contracts arising from the initial recognition of contracts not measured under the PAA that were initially recognised during the year: Profitable contracts issued Onerous contracts issued Total insurance contracts issued Six months ended 30 June 2026 Rm Insurance contracts Insurance acquisition cash flows (1 782) (1 589) (3 371) Claims and other insurance service expenses payable (15 635) (8 300) (23 935) Estimate of present value of cash outflows (17 417) (9 889) (27 306) Estimate of present value of cash inflows 19 442 9 346 28 788 Risk adjustment for non-financial risk (319) (208) (527) Contractual service margin (1 706) — (1 706) Losses recognised on initial recognition — (751) (751) Contracts initiated without loss- recovery component Contracts initiated with loss- recovery component Total reinsurance contacts issued Six months ended 30 June 2026 Rm Reinsurance contracts Estimate of present value of cash outflows (129) (348) (477) Estimate of present value of cash inflows 111 391 502 Risk adjustment for non-financial risk 10 6 16 Contractual service margin 14 — 14 Income recognised on initial recognition 6 49 55 Contracts acquired during the period There were no acquisitions of insurance or reinsurance contracts held during the six months ended 30 June 2026 (31 December 2025: none). OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 136 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Profitable contracts issued Onerous contracts issued Total insurance contracts issued Year ended 31 December 2025 Rm Insurance contracts Insurance acquisition cash flows (4 145) (2 977) (7 122) Claims and other insurance service expenses payable (29 318) (14 000) (43 318) Estimate of present value of cash outflows (33 463) (16 977) (50 440) Estimate of present value of cash inflows 37 824 16 174 53 998 Risk adjustment for non-financial risk (723) (336) (1 059) Contractual service margin (3 638) — (3 638) Losses recognised on initial recognition — (1 139) (1 139) Contracts initiated without loss- recovery component Contracts initiated with loss- recovery component Total reinsurance contacts issued Year ended 31 December 2025 Rm Reinsurance contracts Estimate of present value of cash outflows (196) (704) (900) Estimate of present value of cash inflows 175 810 985 Risk adjustment for non-financial risk 11 13 24 Contractual service margin 26 (31) (5) Income recognised on initial recognition 16 88 104 OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 137 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 F: Analysis of financial and insurance assets and liabilities continued F1: Insurance and investment contracts continued The following table illustrates when the Group expects to realise the remaining CSM as revenue for contracts not measured under the PAA: Six months ended 30 June 2026 Rm Less than one year One to five years1 Six to 10 years More than 10 years Total Insurance contracts Total life (3 958) (22 834) (17 999) (21 277) (66 068) Life risk and annuities (1 826) (10 449) (7 985) (12 286) (32 546) Life savings (2 132) (12 385) (10 014) (8 991) (33 522) Total insurance contracts (3 958) (22 834) (17 999) (21 277) (66 068) Reinsurance contracts Total life 39 102 (1) (142) (2) Life risk and annuities 39 102 (1) (142) (2) Life savings — — — — — Total reinsurance contracts 39 102 (1) (142) (2) Year ended 31 December 2025 Rm Less than one year One to five years1 Six to 10 years More than 10 years Total Insurance contracts Total life (7 412) (21 219) (16 777) (19 883) (65 291) Life risk and annuities (3 350) (9 585) (7 462) (11 619) (32 016) Life savings (4 062) (11 634) (9 315) (8 264) (33 275) Total insurance contracts (7 412) (21 219) (16 777) (19 883) (65 291) Reinsurance contracts Total life 48 77 (6) (139) (20) Life risk and annuities 48 77 (6) (139) (20) Life savings — — — — — Total reinsurance contracts 48 77 (6) (139) (20) 1 Greater than one year to five years have been combined as there are no material differences between each year’s CSM maturities CSM maturities are projected to the end of each financial year. Consequently, the ‘less than 1 year’ maturity category includes CSM expected to be realised by 31 December 2026. Similarly, each subsequent maturity category includes CSM expected to be realised by 31 December of the relevant year. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 138 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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F2: Borrowed funds At 30 June 2026 Rm Old Mutual Africa Regions Other Group Activities Total Term loans 2 336 — 2 336 Revolving credit facilities 727 — 727 Subordinated debt securities — 9 960 9 960 Total borrowed funds 3 063 9 960 13 023 At 31 December 2025 Rm Old Mutual Africa Regions Other Group Activities Total Term loans 1 891 — 1 891 Revolving credit facilities 740 — 740 Subordinated debt securities — 8 157 8 157 Total borrowed funds 2 631 8 157 10 788 On 23 April 2026, Old Mutual Life Assurance Company (South Africa) Limited (OMLAC(SA)) issued R626 million and R1 174 million floating rate subordinated debt instruments under the R25 billion Multi-Issuer Note Programme. The subordinated notes are guaranteed by Old Mutual Limited and have a coupon rate of 3-month Johannesburg Interbank Average Rate (JIBAR) plus 98 bps and 112 bps, respectively, payable quarterly in arrears. The maturity date of these instruments are 23 April 2031 and 23 April 2033, respectively. No instruments have been redeemed in the current period. In the prior period, on 20 June 2025 and 26 September 2025, OMLAC(SA) issued R1 160 million and R840 million floating rate subordinated debt instruments under the R25 billion Multi-Issuer Note Programme. The subordinated notes are guaranteed by Old Mutual Limited and have a coupon rate of 3-month Johannesburg Interbank Average Rate (JIBAR) plus 124 bps and 120 bps, respectively, payable quarterly in arrears. The maturity date of these instruments are 20 June 2030 and 26 September 2030, respectively. R1 150 million, R623 million and R2 billion subordinated debt was redeemed on 19 March 2025, 14 September 2025 and 12 November 2025 respectively. Interest rate benchmark reform Certain of the Group's subordinated debt instruments reference 3-month JIBAR. The South African Reserve Bank (SARB) has announced 31 December 2026 as the final cessation date for JIBAR and continues to facilitate the transition to the South African Rand Overnight Index Average (ZARONIA). The Group remains aligned with the transition timelines and guidance issued by the Market Practitioners Group (MPG) and continues to progress operational, contractual and system readiness activities. Instruments maturing beyond the JIBAR cessation date are expected to transition to alternative reference rates in accordance with market conventions and regulatory guidance. Other issuances and redemptions in borrowed funds were as follows: R1 225 million (31 December 2025: R1 814 million) of term loans and revolving credit facilities were issued and R767 million (31 December 2025: R1 815 million) were redeemed. Breaches of covenants As at 30 June 2026, one of the Group’s existing loans was in breach of its financial covenants. The funding was raised to support lending operations in the Old Mutual Africa Regions segment. The loan in breach totalled R107 million (US$6.5 million). The lender had previously granted covenant waivers until March 2026. The entity is awaiting confirmation of a waiver extension following engagements with the lender. Under the terms of the facility agreement, the lender has the right to demand repayment of the outstanding balance upon the occurrence of a covenant breach. At 30 June 2026, the loan had not been called by the lender and all contractual debt service obligations continued to be met. In addition, the Group has approved capital support, subject to the receipt of the required regulatory approvals, to strengthen the entity's capital position and address the underlying regulatory capital constraints that contributed to the relevant covenant breaches. The covenant breach does not impact the Group's ability to obtain additional funding. As at 31 December 2025, there were no loans in breach of financial covenants. G: Non-financial assets and liabilities G1: Fair value of the Group’s property The fair value of the Group’s properties is categorised into Level 3 of the fair value hierarchy. Overall, there has been an increase in the property assets balance. This was largely attributable to additions and fair value gains in the current financial year. The South Africa property portfolio accounts for 59% (31 December 2025: 58%) of total property assets and is predominantly exposed to the retail property sector. Unobservable inputs are inputs for which there is no market data available. They are developed using the best information available about the assumptions that market participants would use when pricing the asset or liability. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 139 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 G: Non-financial assets and liabilities continued G1: Fair value of the Group’s property continued The information in the table below discloses the significant unobservable inputs used at year end in measuring investment and owner-occupied properties categorised at Level 3: Type of property Valuation approach Key unobservable inputs Range of estimates for unobservable inputs Income- generating assets – office/ retail/ industrial properties and owner- occupied properties Valued using the internationally and locally recognised Discounted Cash Flow (DCF) method. A minimum of five years (if required for specific leases, a longer period is used) of net income is discounted at a market- related rate, together with the present value of the capitalised net income in year six. Net income is determined by considering gross income, vacancies and lease obligations from which all normalised operating expenditure is deducted. The discount rate is determined with reference to the current market conditions and is constantly monitored by reference to comparable market transactions. Valuation capitalisation and discount rates are based on industry guidelines predominantly from South African Property Owners Association (SAPOA) and Investment Property Databank (IPD) as well as comparison to listed property funds in South Africa. For properties in Bulgaria and Romania, valuation yields and discount rates are based on industry guidelines from the Bulgarian National Statistics Institute and Association of Authorised Romanian Valuers (ANEVAR) respectively. Where market rentals are used, these are based on the valuers’ assumptions and information they have based on similar valuations they have done or sourced from external brokers. Vacancy rates are based on property specific data. South African properties: Retail Capitalisation rates: 6.75% to 9.50% (2025: 6.75% to 11.00%) Discount rates: 12.25% to 15.00% (2025: 12.25% to 16.50%) Market rentals:R112.00 to R564.00 per m² (2025: R112.00 to R542.62 per m²) Vacancy rates: 0.00% to 15.10% (2025: 0.00% to 16.50%) Industrial Capitalisation rates: 8.00% to 9.25% (2025: 8.00% to 14.00%) Discount rates: 13.00% to 13.50% (2025: 13.00% to 18.50%) Market rentals: R70.06 to R99.50 per m² (2025: R72.00 to R100.00 per m²) Vacancy rates 0.00% to 6.80% (2025: 9.10% to 49.69%) Bulgarian properties: Office Capitalisation rates: 7.50% to 7.75% (2025: 7.30% to 7.50%) Discount rates: 9.90% to 10.43% (2025: 9.55% to 9.75%) Market rentals: EUR12.50 to EUR16.00 per m² (2025: EUR13.00 to EUR17.50 per m²) Vacancy rates: 5.00% (2025: 4.50% to 6.50%) Industrial Capitalisation rates: 7.50% (2025: 7.00% to 7.40%) Discount rates: 8.96% to 9.50% (2025: 9.25% to 9.65%) Market rentals: EUR3.80 to EUR7.00 per m2 (2025: EUR3.75 to EUR6.00 per m2) Vacancy rates: 5.00% (2025: 1.50% to 3.50%) Romanian properties: Office Capitalisation rate: 7.50% (2025:7.08%) Discount rates: 9.60% (2025: 9.08%) Market rentals: EUR11.50 to EUR 20.00 per m² (2025: EUR16.58 to EUR16.69 per m²) Vacancy rates: 1.00% (2025: 5.00%) East Africa: Office Capitalisation rates: 8.60% to 12.30% (2025: 8.60% to 12.30%) Discount rates: 13.30% to 13.50% (2025: 13.30% to 13.50%) Market rentals: US$9.28 to US$13.00 per m² (2025: US$9.28 to US$13.00 per m²) Vacancy rates: 2.00% to 7.50% Zimbabwe properties: Capitalisation rates: 7.50% to 10.00% (2025: 7.50% to 12.00%) Market rentals: US$3.00 to US$11.00 per m² (2025: US$3.00 to US$11.00 per m²) Vacancy rates: 0.00% to 19.19% (2025: 0.00% to 21.51%) OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 140 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Type of property Valuation approach Key unobservable inputs Range of estimates for unobservable inputs Land (South Africa) Valued according to the existing zoning and town planning scheme at the date of valuation. However, there are cases where exceptional circumstances need to be considered. The land per m² and bulk per m² are based on comparable sales and zoning conditions. Discount rates are based on industry guidelines predominantly from SAPOA and IPD as well as comparison to listed property funds in South Africa. Land per m²: R100.00 to R355.00 (2025: R100.00 to R355.00) Near vacant properties Land value less the estimated cost of demolition. Recent sales of land in the area and local government valuation rolls adjusted for estimated cost of demolition. Land value per m²: R359.00 to R1501.00 (2025: R100.00 to R355.00) Sensitivity analysis The table below indicates the sensitivity of the aggregate property market values for a movement in discount and capitalisation rates and market rentals: Six months ended 30 June 2026 and year ended 31 December 2025 Rm 2026 2025 An increase of 1% in discount rates would decrease the fair value by: (1 264) (1 282) A decrease of 1% in discount rates would increase the fair value by: 1 400 1 371 An increase of 1% in capitalisation rates would decrease the fair value by: (2 738) (2 738) A decrease of 1% in capitalisation rates would increase the fair value by: 3 376 3 370 An increase of 10% in market rentals per m2 would increase the fair value by: 3 426 2 946 A decrease of 10% in market rentals per m2 would decrease the fair value by: (3 411) (2 943) An increase of 1% in vacancy rates would decrease the fair value by: (265) (269) A decrease of 1% in vacancy rates would increase the fair value by: 266 264 H: Other notes H1: Related parties On 17 March 2026, Old Mutual Limited announced the appointment of Roger Jardine as Chairman Designate. Following the conclusion of the Annual General Meeting held on 5 June 2026, Roger Jardine succeeded Trevor Manuel as Chairman of Old Mutual Limited. Roger Jardine had served as an Independent Non-executive Director on the Old Mutual Limited Board since September 2025. Trevor Manuel retired as Chairman and as a director of Old Mutual Limited on 5 June 2026, having reached the retirement age stipulated in the Board Charter. The nature of the related party transactions of the Group has not changed from those described in the consolidated financial statements for the year ended 31 December 2025. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 141 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 H: Other notes continued H2: Contingent liabilities The Group has provided certain guarantees for specific client obligations, in return for which the Group has received a fee. The Group has evaluated the extent of the possibility of the guarantees being called on and has provided appropriately. Contingent liabilities – legal proceedings The Group operates in a legal and regulatory environment that exposes it to litigation risks. As a result, the Group is involved in disputes and legal proceedings that arise in the ordinary course of business. Legal expenses incurred in respect of these disputes and legal proceedings are expensed as incurred. Claims, if any, cannot be reasonably estimated at this time but the Group does not expect the ultimate resolution of any of the proceedings to which it is party to have a significant adverse effect on the financial position of the Group. Tax The Group is committed to conducting its tax affairs in accordance with the tax legislation of the jurisdictions in which the Group operates. All interpretations by management, are made with reference to the specific facts and circumstances of the transaction and in the context of relevant legislation, practice and directives. All positions taken are vigorously tested and are defensible. Business and tax law complexity may result in the Group entering into transactions that expose the Group to tax, legal and business risks. Judgement is involved in determining whether there are uncertain tax positions. The revenue authorities in various jurisdictions in which the Group operates routinely review historic transactions undertaken and tax law interpretations made by the Group. There are occasions where the Group’s interpretation of tax law may be challenged by the revenue authorities. The financial statements include provisions that reflect the Group’s assessment of liabilities which might reasonably be expected to materialise as part of their review. The Board is satisfied that adequate provisions have been made to cater for the resolution of uncertain tax matters and that the resources required to fund such potential settlements, where necessary, are sufficient. Due to the level of estimation required in determining tax provisions amounts eventually payable may differ from the provision recognised. Consumer protection The Group is committed to treating customers fairly and supporting its customers in meeting their lifetime goals is central to how our businesses operate. We routinely engage with customers and regulators to ensure that we meet this commitment, but there is the risk of regulatory intervention across various jurisdictions, giving rise to the potential for customer redress which can result in retrospective changes to policyholder benefits, penalties or fines. The Group monitors the exposure to these actions and makes provision for the related costs as appropriate. Outcome of Zimbabwean Commission Inquiry A commission of inquiry established by the Zimbabwean government concluded its investigation into the loss in value for certain policyholders and beneficiaries upon the conversion of pension and insurance benefits after the dollarisation of the economy in 2009. On 9 March 2018, the results of the Zimbabwean government’s inquiry were made public. On 12 July 2022, the cabinet disclosed the Compensation Framework for value lost when insurance and pension values were converted from Zimbabwean dollars to United States dollars in 2009. On 1 October 2023, the Insurance and Pensions Commission (IPEC) issued Statutory Instrument 162 of 2023. The Statutory Instrument is aimed at determining and providing compensation for loss of value of pre-2009 pension benefits. The Statutory Instrument prescribed a method to be followed in calculating the compensation of pension fund members. Old Mutual Zimbabwe submitted a compensation scheme to the IPEC on 29 December 2023, as required by the Statutory Instrument, and are currently awaiting the approval on the compensation scheme, which also demonstrated the separation of assets between shareholders and policyholders. The Group is therefore not able to determine if there will be any financial impact or the extent of any possible impact until feedback is provided by the IPEC. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 142 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Old Mutual Limited’s intragroup guarantee of Travelers indemnification In September 2001, Old Mutual Residual UK Limited (formerly Old Mutual plc), a wholly owned subsidiary of Old Mutual Limited, entered into an indemnity agreement with Fidelity and Guaranty Life Insurance Company (F&G), United States Fidelity and Guaranty Company, St. Paul Fire and Marine Insurance Company and Travelers Companies Inc. (the Indemnity Agreement). In terms of this Indemnity Agreement, Old Mutual Residual UK Limited agreed to indemnify Travelers Companies Inc. and certain of its Group companies (the Travelers Guarantors) against any and all claims that may be brought against the Travelers Guarantors under the historic guarantees given by the Travelers Guarantors for various obligations under certain life insurance policies and annuities issued by F&G, which obligations include a guarantee issued by the Travelers Guarantors. The liability in respect of this arrangement was limited to $480 million. F&G has since signed a release agreement to agree they will not call on the guarantee in respect of these insurance policies and annuities. In March 2018, Old Mutual Limited agreed to provide an intragroup guarantee to Old Mutual Residual UK Limited in the circumstances where Old Mutual Residual UK Limited is unable to satisfy its obligations in respect of the Indemnity Agreement. The likelihood of any material obligations arising under the Indemnity Agreement is considered to be remote given the release agreement entered into between Old Mutual Residual UK Limited and F&G, as well as the current financial strength and regulatory capital position of F&G, a licensed US life insurer. H3: Commitments The Group’s management is confident that future net revenues and existing funding arrangements will be sufficient to cover these commitments. Six months ended 30 June 2026 and year ended 31 December 2025 Rm 2026 2025 Investment property 157 160 Intangible assets 261 291 Future potential commitments Commitments under derivative instruments The Group enters into option contracts, financial features contracts, forward rate and interest rate swap agreements, and other financial agreements in the normal course of business. The Group has options to acquire further stakes in businesses dependent on various circumstances which are regarded by the Group as collectively and individually immaterial. Other commitments OMLAC(SA) has entered into agreements where it has committed to provide capital to funds and partnerships that it has invested in. The total undrawn commitment is R15 649 million at 30 June 2026 (31 December 2025: R17 272 million). OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 143 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Notes to the unaudited condensed consolidated interim financial statements For the six months ended 30 June 2026 H: Other notes continued H4: Acquisitions and disposals of businesses and other similar transactions Acquisitions of businesses during the current reporting period On 12 March 2026, the Group, through its wholly owned subsidiary Old Mutual Wealth (Proprietary) Limited, acquired 87.97% of the share capital of 10X Investments (Proprietary) Limited (10X), an asset management company specialising in index tracking investments. The Group obtained control of 10X through the acquisition of the issued ordinary shares of 10X, carrying the majority of voting rights and the ability to direct the relevant activities of 10X from the effective date. The transaction constitutes a business combination within the scope of IFRS 3 and forms part of the Group's strategy to expand its rules based passive investment solutions, digital investment platform offerings and grow its customer base. The fair values of the identifiable assets acquired and liabilities assumed were determined as at the effective valuation date of 1 April 2026, from which date the results of 10X Investments have been consolidated into the Group's results. Goodwill of R1 589 million represents the excess of the consideration transferred over the Group's share of the fair value of the identifiable net assets acquired. It is attributable to the assembled workforce of 10X, which does not qualify for separate recognition as an intangible asset and expected synergies from expanded capabilities of 10X and the Group. Non-controlling interest has been measured at the non-controlling shareholders' proportionate share of the recognised amounts of the identifiable net assets of 10X Investments. Goodwill recognised is not deductible for income tax purposes. In conjunction with the acquisition, the Group entered into a forward purchase contract with the 10X management shareholders in respect of their remaining 12.03% shareholding, comprising 406 177 shares. The contract provides for the acquisition of these shares in three equal tranches on 31 May 2029, 31 May 2030 and 31 May 2031, at a revenue- based formula which is expected to approximate fair value and subject to minimum price protection. The arrangement is not subject to a service condition. The Group has recognised a financial liability for its obligation to acquire the non-controlling interest, measured at the present value of the amounts expected to be paid on settlement. At 1 April 2026, the liability was recognised at R390 million, with the offsetting debit recognised directly in equity. At 30 June 2026, the liability amounts to R398 million, and the remeasurement of R8 million for the three months ended 30 June 2026 has been recognised in profit or loss and attributed to the owners of the parent. Details of the consideration paid, assets acquired and liabilities assumed, at fair value, are as follows: Rm Fair value recognised on acquisition date Consideration at date of acquisition Cash and cash equivalents 2 048 Total consideration 2 048 Recognised amounts of identifiable assets acquired and liabilities assumed Intangible assets 481 Property, plant and equipment 10 Investments and securities 33 Trade, other receivables, and other assets 74 Deferred tax asset 36 Cash and cash equivalents 90 Trade, other payables and other liabilities (87) Deferred tax liabilities (115) Total identifiable net assets 522 Total non-controlling interest (63) Goodwill 1 589 Total 2 048 Acquisition related costs of R17 million were incurred on the acquisition of 10X Investments. Of this, R8 million was expensed in other operating expenses in the prior financial year. The remaining R9 million related to insurance expenses recognised as a prepayment on inception and is being amortised to other operating and administrative expenses on a straight-line basis over the seven-year period of insurance cover. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 144 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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A summary of the total net cash outflow and cash and cash equivalents related to acquisition is included below: Six months ended 30 June 2026 Summary of net cash outflows due to acquisitions 1 958 Note: The above fair values are provisional. The purchase price allocation is expected to be finalised within the measurement period. Acquisitions of businesses during the prior reporting period The Group did not complete any significant business combinations during the comparative period. Disposals of businesses and other similar transactions during the current reporting period During the reporting period, the Group disposed of its 38% shareholding in Preference Capital Holdings (Pty) Ltd. A loss of R24 million arose on the disposal. Disposals of businesses and other similar transactions during the prior reporting period During the prior reporting period, the Group disposed of a share of its holding in Community Property Holdings. Please refer to H5 for further information. The Group disposed of its investment in its joint venture, Curo Fund Services (Pty) Ltd on 12 November 2025. The Group incurred a total profit on disposal of R70 million. The remaining profit of R8 million relate to immaterial disposals. H5: Assets held for sale Significant movements in non-current assets and non-current liabilities held for sale during the current reporting period: The Group reclassified investment and securities to the value of R18 million into assets held for sale. The Group disposed of investment in property to the value of R278 million that was classified as asset held for sale. The following movements in non-current assets and non-current liabilities held for sale were effected during the previous period end: During the prior reporting period, the Group disposed of investment property of R225 million previously classified as held for sale. Assets held for sale relating to Community Property Holdings increased by R235 million, primarily due to investment property. During 2025, the Group reclassified investment property of R458 million and investment and securities of R1 048 million into assets held for sale. In addition, the Group disposed of its assets and liabilities previously classified as held for sale in relation to Community Property Holdings following the disposal of its controlling interest. The assets disposed of comprised of property, plant and equipment (R5 million), investment property (R9 055 million), investments in associated undertakings and joint ventures (R166 million), trade, other receivables and other assets (R99 million), and cash and cash equivalents (R269 million). Associated liabilities disposed of as part of the transaction comprised deferred tax liabilities (R406 million), current tax payable (R2 million) and trade, other payables and other liabilities (R1 266 million). Following the transaction, the Group retained a meaningful interest in Community Property Holdings, which is accounted for as an associate and measured at fair value in accordance with the Group’s accounting policies. Assets held for sale per segment have been included in note B3. H6: Events after the reporting date The Board has approved a share buyback of up to R1 billion subject to prevailing market conditions. The buyback will proceed while the share price reflects a level that is considered accretive to shareholder value. Other than the item noted above, the directors are not aware of any material events (as defined per IAS 10 Events after the Reporting Period) after the reporting date of 30 June 2026 until the date of authorisation of these unaudited condensed consolidated interim financial statements. OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 145 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026
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Administration Registered name: Old Mutual Limited Country of incorporation: South Africa Registration number: 2017/235138/06 Income tax reference number: 9267358233 Equity share code (JSE, LSE, MSE and VFEX): OMU Equity share code (NSX): OMM Debt share code (JSE): OMLI ISIN: ZAE000255360 LEI: 213800MON84ZWWPQCN47 Registered office Postal address Mutualpark PO Box 66 Jan Smuts Drive Cape Town Pinelands 8000 Cape Town South Africa 7405 South Africa Sponsors JSE equity sponsor: Tamela Holdings Proprietary Limited JSE debt sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank Limited NSX: PSG Wealth Management (Namibia) Proprietary Limited VFEX: Imara Capital Zimbabwe plc MSE: Stockbrokers Malawi Limited Transfer secretaries Postal address JSE Investor Services Proprietary Limited PO Box 10462 Registration Number: 2000/007239/07 Johannesburg One Exchange Square 2146 2 Gwen Lane Telephone: Local: 086 140 0110 Sandown International: +27 (0)11 713 0800 2196 South Africa Directors Independent Non-executive Executive Roger Jardine (Chairman (appointed 5 June 2026)) Jurie Strydom (Chief Executive Officer) Trevor Manuel (Chairman (retired 5 June 2026)) Casper Troskie (Chief Financial Officer) Prof Brian Armstrong Jan-Hendrik Erasmus Group Company Secretary Funke Ighodaro Elsabé Kirsten Itumeleng Kgaboesele Jaco Langner Public Officer John Lister Yacoob Jaffar Dr Sizeka Magwentshu-Rensburg (Lead Independent) James Mwangi Debt Officer Busisiwe Silwanyana Martin van der Walt Stewart van Graan Dr Phumla Mnganga (appointed 1 June 2026) Dr Claudia Manning (appointed 1 June 2026) OVERVIEW OF OUR BUSINESS RESULTS PRESENTATION OVERVIEW OF RESULTS RESULTS COMMENTARY CLUSTER REVIEWS ADDITIONAL DISCLOSURES UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 146 OLD MUTUAL Group Interim Results for the six months ended 30 June 2026