2024-03-27 17:28:08 ET
Old Mutual Limited (ODMUF)
Q4 2023 Earnings Conference Call
March 27, 2024 6:00 AM ET
Company Participants
Langa Manqele - Interim Head, Investor Relations
Iain Williamson - Chief Executive Officer
Casper Troskie - Chief Financial Officer
Nico van der Colff - Chief Actuary
Kerrin Land - Managing Director, Personal Finance and Wealth Management
Clarence Nethengwe - Managing Director, Mass and Foundation Cluster
Clement Chinaka - Managing Director, Old Mutual Africa Regions
Prabashini Moodley - Managing Director of Old Mutual Corporate
Conference Call Participants
Andrew Sinclair - Bank of America
Francois Du Toit - Anchor Capital
Larissa Van Devente - Barclays
Presentation
Langa Manqele
Good day and welcome to Old Mutual 2003 Annual Results. We are coming to you live from our offices in Johannesburg, South Africa. Before I get carried away, I get ahead of myself, let me introduce myself. My name is Langa Manqele. I am the Head of Investor Relations at Old Mutual.
We have already uploaded our reporting sheets on the website. So for those of you who have not seen it, you may already download it from there. When we get to the Q&A stage, I will give you further instructions on the conference call. The operator will be available to assist you with questions and for those who are on the webcast, I will be selecting the questions and reading them to you.
Moving on to the agenda for today, we have our standard items which we are really excited to present to you. First off, is our Group CEO, Iain Williamson who will take the stage and give us a strategic review. He will shortly be followed by Casper Troskie, our Group CFO, who will give you the financial review. After that, Iain, I'll ask Iain to come back to the stage to cover the looking-forward item on the agenda. I will then pick it up from there to cover the Q&A, once we are done with the Q&A, Iain will close the day for us. So, on that note, I would like to call Iain to the stage. Thank you.
Iain Williamson
Thank you, Langa, and welcome everyone to our 2023 results presentation. It's our strongest set of results I think since we listed back in Johannesburg in 2018 and it really is a privilege and a pleasure to stand here and to unpack them a little bit for you.
These results demonstrates a clear link between the strategic choices that we've made, market share gains we’ve seen in key business segments and the improved profitability of our business. We’ve seen good strategic delivery against our Group targets and real progress towards our victory condition with robust underlying operational delivery. We have high conviction in our strategy, which I'll get to shortly.
So, as I said strategic choices across our segments are driving profitable top-line growth. We gained market share in key market segments with Life APE sales, showing continuing strong momentum and growing by 17% to R14.6 billion.
If you strip China out of the numbers, like-for-like Life APE sales were up 25%. On the gross written premium side, we saw an increase of 14% to R25.5 billion, driven by both new sales and good client retention.
From a value perspective, our top-line growth has been profitable in a competitive environment with V&B up 37% to R1.9 billion and we believe that this is a sustainable base to drive forward from. This is driven by higher margin risk sales and obviously with the top-line growth expanding you’ve also seen margins expanding somewhat.
Return on net asset value up 170 basis points to 11.1%, driven by both the increase in RFO, as well as higher shareholder investment returns. This is not yet where we would like it to be, but it is heading in the right direction. ...
Read the full article on Seeking Alpha
For further details see:
Old Mutual Limited (ODMUF) Q4 2023 Earnings Call Transcript