Old Mutual delivers strong first-half performance as VFEX listing boosts market activity

Business Reporter

OLD Mutual Limited delivered a strong performance in the first half of 2026, supported by focused execution and growth across its businesses, while its recent secondary listing on the Victoria Falls Stock Exchange (VFEX) has provided a fresh boost to activity on Zimbabwe’s US dollar-denominated bourse.

The group, which resumed trading in Zimbabwe on August 12 following a six-year suspension, has quickly established its VFEX counter among the exchange’s most actively traded stocks.

Within weeks of its listing, Old Mutual recorded US$1.89 million worth of shares changing hands, making it the third-largest contributor to trading value on the exchange.

The move from the Zimbabwe Stock Exchange (ZSE) to the US dollar-based VFEX brought an end to a long-running suspension dating back to 2020, when authorities moved to curb arbitrage opportunities between local and foreign share prices.

The group’s financial performance for the six months ended June 30, 2026, highlighted the resilience of its underlying businesses, with life annual premium equivalent (APE) sales and gross flows both increasing by 21 percent.

The value of new business rose 32 percent to ZAR569 million (approximately US$35,57 million), driven by higher sales volumes and a more profitable business mix across Wealth Management, Old Mutual Corporate and Old Mutual Africa Regions.

Return on group equity value improved significantly to 12.7 percent, reflecting higher operating earnings, while group equity value per share increased by 4 percent to R20.66.

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Results from operations per share rose 11 percent to 126.3 cents, supported by stronger earnings from Old Mutual Life and Savings, as well as solid contributions from Old Mutual Investments and Old Mutual Africa Regions.

The group also maintained a strong balance sheet, with its shareholder solvency ratio standing at 172 percent, within its target range.

Old Mutual Africa Regions delivered a robust performance during the period, with growth supported by strong money market inflows in Malawi and improved unit trust flows in East Africa.

The group said its outlook for the region remained broadly positive, although some markets continued to face economic pressures.

“Across Old Mutual Africa Regions, growth prospects are broadly constructive and inflation trends are moderating in most markets, while Malawi continues to experience inflationary and currency pressures,” the group said in its outlook.