Old Mutual profit up 1%

The Anglo-South African financial services group also said it appointed former South African finance minister Trevor Manuel as chairman of its emerging markets business, following a review. It said its emerging markets business would cut costs and focus on sub-Saharan Africa. Old Mutual said it would pay a final dividend of 3.39 pence and total dividend of 6.06 pence, down 32 percent from a year ago. Editing by Jane Merriman) ((carolyn.cohn@thomsonreuters.com; 44 207 542 6320; Reuters Messaging: carolyn.cohn.thomsonreuters.com@reuters.net)) Keywords: OLD MUTUAL RESULTS/ (UPDATE 1)This article appears in: Stocks , World Markets , Stocks It has said it plans to dual-list its UK asset management and African emerging markets businesses in London and Johannesburg and cut stakes in its U.S. asset management division and South Africa'sNedbank .


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Old Mutual profit up 1%

Adjusted operating profit rose 1% in constant currency terms to 1.67 billion pounds, helped by a focus on costs in a volatile political and economic environment, compared with 1.61 billion pounds in a company-supplied consensus forecast. Login here or sign up hereLONDON – Old Mutual reported a slightly above-forecast 2016 adjusted operating profit of 1.67 billion pounds ($2.03 billion) on Thursday, up 1% from a year earlier, as it prepares to break itself up into four parts. It said its emerging markets business would cut costs and focus on sub-Saharan Africa. Old Mutual said it would pay a final dividend of 3.39 pence and total dividend of 6.06 pence, down 32% from a year ago. Net client cash flows, excluding asset manager Rogge which Old Mutual sold last year, were 6.4 billion pounds, above a forecast 5.3 billion, and funds under management rose 30% to 395 billion pounds, above a forecast 391 billion.




In March 2016, Old Mutual said it will undertake a managed separation of the company into its four different businesses-- Old Mutual Emerging Markets, Nedbank, Old Mutual Wealth and Old Mutual Asset Management--to maximize shareholder value. The company recorded a 2016 net profit of GBP570 million, down from GBP614 million the previous year. The decline in net profit was largely attributed to impairments and higher policyholder tax charges. LONDON--Old Mutual PLC (OML.LN) Thursday reported a 7% drop in 2016 net profit, cut its total dividend payout for the year and said it is progressing preparations for splitting itself into four separate businesses. The company declared a final dividend of 3.39 pence, giving a total payout of 6.06 pence for 2016, down from 8.90 pence paid in 2015.


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