Old Mutual Ltd share price down by 1/3 since listing on JSE a mere 9 months ago

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.

The Money Show’s Bruce Whitfield interviewed Peter Moyo, CEO at Old Mutual.

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

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


This article first appeared on 702 : Old Mutual Ltd share price down by 1/3 since listing on JSE a mere 9 months ago


Recommended

by NEWSROOM AI
Read More
Need a loan to grow your small business? There’s a pot of money waiting

Need a loan to grow your small business? There’s a pot of money waiting

Spartan SME Finance provides finance for small businesses. Bruce Whitfield interviews its CEO, Kumaran Padayachee.

How to buy a new car even if you don’t really have enough money for it

How to buy a new car even if you don’t really have enough money for it

South Africans are increasingly buying cars they can’t afford using balloon payments, says consumer journalist Wendy Knowler.

Nedbank is taking customers from other banks

Nedbank is taking customers from other banks

It has 7% more customers than a year ago, growing its market share to 13.1%. Bruce Whitfield talks to Nedbank's CEO, Mike Brown.

Old Mutual Limited 'set free', lists on Johannesburg Stock Exchange

Old Mutual Limited 'set free', lists on Johannesburg Stock Exchange

The company also listed on stock exchanges in London, Malawi, Namibia and Zimbabwe. Bruce Whitfield interviews CEO Peter Moyo.

It’s official! Old Mutual Investment Group is the best managed company in SA

It’s official! Old Mutual Investment Group is the best managed company in SA

Top 500 Awards 2018 named Old Mutual Investment Group “Best Managed Company of the Year”, based on strict performance criteria.

Old Mutual to keep 20% of Nedbank shareholding after it splits

Old Mutual to keep 20% of Nedbank shareholding after it splits

The Money Show’s Bruce Whitfield interviews Old Mutual Emerging Markets head Peter Moyo.

Popular articles
How to buy a new car even if you don’t really have enough money for it

How to buy a new car even if you don’t really have enough money for it

South Africans are increasingly buying cars they can’t afford using balloon payments, says consumer journalist Wendy Knowler.

Beware 'dodgy' Nadal vs Federer ticket offers

Beware 'dodgy' Nadal vs Federer ticket offers

The Roger Federer Foundation says no ticket platforms are yet in possession of, nor have guaranteed allocation of tickets.

[WATCH] Mzansi's Ndlovu Youth Choir headed for AGT's live shows!

[WATCH] Mzansi's Ndlovu Youth Choir headed for AGT's live shows!

The choir that is stealing America's hearts is headed to the next round of America's Got Talent.

[LISTEN] Voice of the underworld - a 'retired' Cape Flats gangster speaks out

[LISTEN] Voice of the underworld - a 'retired' Cape Flats gangster speaks out

Jason is a 50-year-old former member of The Americans, the largest street gang operating in Cape Town.

Shark attack: 'I saw a cloud of blood in the water'

Shark attack: 'I saw a cloud of blood in the water'

Joao Felizardo helped rescue his surfer buddy Dusty Phelan after a shark bit him across both his legs in Port Alfred.

How Christo Wiese became the richest in SA, and how it all came crashing down

How Christo Wiese became the richest in SA, and how it all came crashing down

The Money Show’s Bruce Whitfield interviews TJ Strydom, author of “Christo Wiese - Risk And Riches”.

'I should have told the Sunday Times the pot smoking was irrelevant'

'I should have told the Sunday Times the pot smoking was irrelevant'

Investigative journalist Jacques Pauw says he's sorry for any harm caused in his article on Mkhwebane and her principal witness.

[WATCH] Over 50 artists record special version of Johnny Clegg’s  “The Crossing”

[WATCH] Over 50 artists record special version of Johnny Clegg’s “The Crossing”

For this week's #GoodNewsThursdays, we find out the inspiration behind the production.