OLD Mutual said “exceptional growth” in new business drove profit at Africa’s biggest insurer by assets as much as 45 percent higher last year.
Profit after tax likely increased to as much as 7,59 billion rand ($406 million) in the 12 months ended December 31, 2023 from 5,23 billion rand a year earlier, the company said in a voluntary trading statement Tuesday.
Higher interest rates and a recovery in equity markets buoyed investment returns, it said.
The group said the main contributor to the higher level of growth in headline earnings relative to adjusted headline earnings is higher shareholder portfolio profits in the Zimbabwean business. – Bloomberg