Old Mutual reports mixed Q1 amid economic uncertainty

Old Mutual Limited reported a mixed first-quarter performance, influenced by global economic uncertainties and regional market dynamics. Life APE sales were marginally down 2%, primarily from lower guaranteed annuity sales in Personal Finance, offset by strong corporate sales in Old Mutual Africa Regions. Gross flows increased by 6% to ZAR53,208 million, driven by strong inflows in Wealth Management, although net client cash flow saw outflows of ZAR4,834 million due to significant outflows in Old Mutual Investments and Corporate. Gross written premiums grew by 7% to ZAR7,448 million, fueled by fee increases in Old Mutual Insure. The regulatory solvency ratio for Old Mutual Life Assurance Company remains strong.