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.
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
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