Old Mutual Ltd share price down by 1/3 since listing on JSE a mere 9 months ago

Old Mutual Ltd reported a 12% drop in profits for the year ending on 31 December 2018.

The insurer – South Africa’s second largest – will spend R2 billion on buying back stocks to appease shareholders after the share price fell by almost a third since listing on the JSE as a stand-alone Africa-focused entity.

Headline earnings per share dropped to 239.1 cents ($0.1663) from 271.1 cents in 2017.

Operating profit is down 4% to R10 billion.

The Money Show’s Bruce Whitfield interviewed Peter Moyo, CEO at Old Mutual.

Listen to the interview in the audio below (and scroll down for quotes from it).

In some countries, we’re very big on the banking side…

Peter Moyo, CEO - Old Mutual Ltd

We’ve sold everything we were meant to sell… We’ve completed the unbundling of Nedbank…

Peter Moyo, CEO - Old Mutual Ltd

We’ve met all our commitments to the investor community… It was a pity that we went backwards in our results from operations…

Peter Moyo, CEO - Old Mutual Ltd

We want a company that’s growing at GDP plus 2%... We are growing…

Peter Moyo, CEO - Old Mutual Ltd

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
South African youth love Coca-Cola, Ricoffy, Sparletta, Fanta and Oros – survey

South African youth love Coca-Cola, Ricoffy, Sparletta, Fanta and Oros – survey

The most popular non-alcoholic drink among South Africans between ages 18 and 24 is Coca Cola, according to the PAMS 2018 survey.

Meet Fred Roed, founder of 'Heavy Chef' (SA’s most popular monthly tech event)

Meet Fred Roed, founder of 'Heavy Chef' (SA’s most popular monthly tech event)

The Money Show's Bruce Whitfield interviews the author of "The Heavy Chef Guide to Starting a Business in South Africa".

Nedbank is taking customers from other banks

Nedbank is taking customers from other banks

It has 7% more customers than a year ago, growing its market share to 13.1%. Bruce Whitfield talks to Nedbank's CEO, Mike Brown.

Old Mutual Limited 'set free', lists on Johannesburg Stock Exchange

Old Mutual Limited 'set free', lists on Johannesburg Stock Exchange

The company also listed on stock exchanges in London, Malawi, Namibia and Zimbabwe. Bruce Whitfield interviews CEO Peter Moyo.

It’s official! Old Mutual Investment Group is the best managed company in SA

It’s official! Old Mutual Investment Group is the best managed company in SA

Top 500 Awards 2018 named Old Mutual Investment Group “Best Managed Company of the Year”, based on strict performance criteria.

Old Mutual to keep 20% of Nedbank shareholding after it splits

Old Mutual to keep 20% of Nedbank shareholding after it splits

The Money Show’s Bruce Whitfield interviews Old Mutual Emerging Markets head Peter Moyo.

Popular articles
Journalist explores what could go wrong with the new street cameras in Joburg

Journalist explores what could go wrong with the new street cameras in Joburg

Daily Maverick's contributor Heidi Swart says service providers that install surveillance monitors need to be responsible.

Beware pneumonia-causing bacteria lurking in your geyser (and how to kill it)

Beware pneumonia-causing bacteria lurking in your geyser (and how to kill it)

Stellenbosch University's Dr Jo Barnes says Legionella can only survive the water temperature up to 50 degrees.

[WATCH] Mabena's lack of agility has social media in stitches, we are Mabena!

[WATCH] Mabena's lack of agility has social media in stitches, we are Mabena!

Khabazela shares tweets and Facebook posts that have gone viral.

'President Ramaphosa won Reserve Bank fight 6-0'

'President Ramaphosa won Reserve Bank fight 6-0'

Faction fighting will continue, but President Ramaphosa is stronger than he was 18 months ago, says political analyst JP Landman.

SA engineer Neo Hutiri cuts waiting time for medicine from hours to seconds

SA engineer Neo Hutiri cuts waiting time for medicine from hours to seconds

He came up with the idea for "Pelebox" after contracting tuberculosis and having to queue for medicine at a state hospital.

[WATCH] 11-year-old cancer survivor gets AGT judge Simon Cowell's golden buzzer

[WATCH] 11-year-old cancer survivor gets AGT judge Simon Cowell's golden buzzer

Khabazela shares tweets and Facebook posts that have gone viral.

Taxpayers take very, very good care of resigning ministers

Taxpayers take very, very good care of resigning ministers

Are the ex-ministers resigning to keep their fat pensions? Bruce Whitfield interviews Carol Paton of Business Day.

SA’s richest woman opens up about being a refugee and becoming a billionaire

SA’s richest woman opens up about being a refugee and becoming a billionaire

Magda Wierzycka – Sygnia’s renegade CEO – on her attitude toward money (hopes and fears, successes and failures, etc.).