OLD Mutual Group reported its highest profit since 2019, buoyed by rising demand for its short-term insurance and wealth management products at home in South Africa.
The Johannesburg-based company’s adjusted headline earnings rose 14% to R6.69 billion (US$370 million). That exceeded the R6.6 billion-forecast by six analysts in a Bloomberg survey.
Old Mutual and rivals including Sanlam are benefiting from a modest revival in South Africa. Improved performance at the state-run power utility and the government’s focus on infrastructure projects is helping continent’s biggest economy and spurring consumer demand. – moneyweb.co.za