Old Mutual Sees 1H Results From Operations ZAR3.88B-ZAR4.32B

By Jaime Llinares Taboada

Old Mutual Ltd. on Thursday forecast that it will report a 65%-85% higher net profit for the first half of 2022.

The pan-African financial-services group expects to report net profit of between 4.92 billion and 5.52 billion rand ($303.5 million-$340.5 million) for the first six months of the year, which would be up from ZAR2.98 billion a year earlier.

Adjusted headline earnings are expected at ZAR2.40 billion-ZAR2.98 billion, compared with ZAR2.90 billion in the first half of 2021. This metric excludes earnings from operations in Zimbabwe, adjustments in respect of equity and debt instruments held in life funds and the impact of restructuring.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

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