Old Mutual sets Namibia dividend at 40 cents per share

CHAMWE KAIRA

Old Mutual Limited will pay shareholders on its Namibian register an interim dividend of 40 Namibian cents per share, the company said in a finalisation announcement this week.

The dividend follows Old Mutual’s interim results announcement of 8 September 2026, in which the company declared an interim dividend of 40 cents per ordinary share.

Old Mutual said shareholders on its London, Malawian and Namibian registers will receive the dividend in their respective local currencies.

For Namibia, the local currency equivalent was set at 40 cents per share, based on an exchange rate of N$1.00 per Rand.

The dividend will be payable on Monday, 5 October 2026 to shareholders, except those on the London Stock Exchange, whose payment date is 6 November 2026.

Old Mutual said the dividend would be subject to 20% dividend withholding tax for shareholders who are not exempt or do not qualify for a reduced rate under applicable tax rules.

For shareholders subject to the 20% withholding tax, the net dividend amounts to 32 cents per share.

The company had 4.498 billion ordinary shares in issue at the date the dividend was declared.

Old Mutual is listed on the JSE, London Stock Exchange, Namibian Stock Exchange, Malawi Stock Exchange.

Old Mutual reported strong new business growth in the six months ended 30 June 2026, although market volatility and lower shareholder investment returns weighed on some profit measures.

Life annual premium equivalent (APE) sales increased 21% to R7.857 billion from R6.470 billion in the prior period.

The growth was mainly driven by group risk and annuity sales in Old Mutual Corporate, alongside higher living annuity and endowment sales in Wealth Management.

Excluding Old Mutual Corporate risk sales secured during the period, which the group said are not expected to recur at the same level in the second half of the year, Life APE sales increased 12%.

Gross flows rose 21% to R128.911 billion from R106.759 billion, supported mainly by strong Wealth Management inflows, including local platform business and the inclusion of 10X Investments. Old Mutual Investments also recorded higher inflows, reflecting improved third-party client activity.

Net client cash flow improved to a positive R3.128 billion from an outflow of R10.125 billion in the prior period.

Gross written premiums increased 3% to R14.934 billion, supported by growth in Old Mutual Insure, although this was partly offset by currency movements and lower renewals in Old Mutual Africa Regions.

The value of new business increased 32% to R569 million, while the value of new business margin rose to 1.4% from 1.3%.