(Alliance News) – Old Mutual Ltd on Wednesday said Covid-19 related mortality claims have been higher than expected over the first half, with the financial services firm battening down the hatches for further waves of the pandemic.
Old Mutual is a Top 40-listed investment, savings, insurance and banking group.
For the six months to June 30, headline earnings per share are expected to come in between 66.9 and 76.5 rand cents, a 21% to 31% fall from last year’s 96.3 cents.
“Headline earnings is lower than the prior year as adjusted headline earnings excludes adjustments in respect of equity and debt instruments held in life funds, the impact of restructuring as well as the results related to Residual PLC which were all lower than the first half of 2020,” Old Mutual said.
Basic EPS are expected to range between 61.4 and 74.3 cents, swinging from a loss per share of 128.5 cents.
Old Mutual said that “productivity levels” in the South African retail segments, Mass & Foundation Cluster and Personal Finance have improved in the first half.
However, Covid-19 mortality claims…
