Five out of six ain’t bad
Old Mutual plc released their results for the year ended 31 December 2003.
Highlights
* Adjusted operating profit £650m (2002: £724m), R8,041m (2002: R11,431m)
* Operating profit: £475m (2002: £473m), R5,884m (2002: R7,453m)
* Adjusted operating earnings per share* 10.0p (2002: 11.3p), 123.8c (2002: 179.0c)
* Basic operating earnings per share: 8.0p (2002: 5.9p), 99.1c (2002: 93.5c)
* Life sales of £529m on an Annual Premium Equivalent basis
* Value of life assurance new business £105m (after tax)
* Net positive fund inflows of over $4.7bn in the USA (including $1.8bn from US life operations)
* Return on equity 13.9%
* Final dividend unchanged at 3.1p
"Good results were achieved in five of our six businesses in 2003, and important steps were taken towards our strategic goals," says Jim Sutcliffe, chief executive of Old mutual plc.
"Our capital position remains strong and our clients showed their approval of our products and skills by giving us significantly more assets to manage. We have announced our plans to lead Nedcor to recovery.
“There were solid profits in our core South African life assurance business, good profit growth in our US and UK businesses and excellent results from some of our smaller units were offset by a collapse in earnings at Nedcor.
“The strong Rand further boosted the Sterling results, but adversely affected the results when expressed in South African currency terms. Return on equity was disappointing at 13.9%. Our embedded value increased by 5% to £4,124 billion at 31 December 2003, equivalent to 107.5p per share.
Note: We will look at the Nedcor results later, following an analysts presentation in Johannesburg this afternoon. In the mean time visit the Old Mutual website for the full report and explanatory notes.
Highlights
* Adjusted operating profit £650m (2002: £724m), R8,041m (2002: R11,431m)
* Operating profit: £475m (2002: £473m), R5,884m (2002: R7,453m)
* Adjusted operating earnings per share* 10.0p (2002: 11.3p), 123.8c (2002: 179.0c)
* Basic operating earnings per share: 8.0p (2002: 5.9p), 99.1c (2002: 93.5c)
* Life sales of £529m on an Annual Premium Equivalent basis
* Value of life assurance new business £105m (after tax)
* Net positive fund inflows of over $4.7bn in the USA (including $1.8bn from US life operations)
* Return on equity 13.9%
* Final dividend unchanged at 3.1p
"Good results were achieved in five of our six businesses in 2003, and important steps were taken towards our strategic goals," says Jim Sutcliffe, chief executive of Old mutual plc.
"Our capital position remains strong and our clients showed their approval of our products and skills by giving us significantly more assets to manage. We have announced our plans to lead Nedcor to recovery.
“There were solid profits in our core South African life assurance business, good profit growth in our US and UK businesses and excellent results from some of our smaller units were offset by a collapse in earnings at Nedcor.
“The strong Rand further boosted the Sterling results, but adversely affected the results when expressed in South African currency terms. Return on equity was disappointing at 13.9%. Our embedded value increased by 5% to £4,124 billion at 31 December 2003, equivalent to 107.5p per share.
Note: We will look at the Nedcor results later, following an analysts presentation in Johannesburg this afternoon. In the mean time visit the Old Mutual website for the full report and explanatory notes.
Highlights
* Adjusted operating profit £650m (2002: £724m), R8,041m (2002: R11,431m)
* Operating profit: £475m (2002: £473m), R5,884m (2002: R7,453m)
* Adjusted operating earnings per share* 10.0p (2002: 11.3p), 123.8c (2002: 179.0c)
* Basic operating earnings per share: 8.0p (2002: 5.9p), 99.1c (2002: 93.5c)
* Life sales of £529m on an Annual Premium Equivalent basis
* Value of life assurance new business £105m (after tax)
* Net positive fund inflows of over $4.7bn in the USA (including $1.8bn from US life operations)
* Return on equity 13.9%
* Final dividend unchanged at 3.1p
"Good results were achieved in five of our six businesses in 2003, and important steps were taken towards our strategic goals," says Jim Sutcliffe, chief executive of Old mutual plc.
"Our capital position remains strong and our clients showed their approval of our products and skills by giving us significantly more assets to manage. We have announced our plans to lead Nedcor to recovery.
“There were solid profits in our core South African life assurance business, good profit growth in our US and UK businesses and excellent results from some of our smaller units were offset by a collapse in earnings at Nedcor.
“The strong Rand further boosted the Sterling results, but adversely affected the results when expressed in South African currency terms. Return on equity was disappointing at 13.9%. Our embedded value increased by 5% to £4,124 billion at 31 December 2003, equivalent to 107.5p per share.
Note: We will look at the Nedcor results later, following an analysts presentation in Johannesburg this afternoon. In the mean time visit the Old Mutual website for the full report and explanatory notes.
Highlights
* Adjusted operating profit £650m (2002: £724m), R8,041m (2002: R11,431m)
* Operating profit: £475m (2002: £473m), R5,884m (2002: R7,453m)
* Adjusted operating earnings per share* 10.0p (2002: 11.3p), 123.8c (2002: 179.0c)
* Basic operating earnings per share: 8.0p (2002: 5.9p), 99.1c (2002: 93.5c)
* Life sales of £529m on an Annual Premium Equivalent basis
* Value of life assurance new business £105m (after tax)
* Net positive fund inflows of over $4.7bn in the USA (including $1.8bn from US life operations)
* Return on equity 13.9%
* Final dividend unchanged at 3.1p
"Good results were achieved in five of our six businesses in 2003, and important steps were taken towards our strategic goals," says Jim Sutcliffe, chief executive of Old mutual plc.
"Our capital position remains strong and our clients showed their approval of our products and skills by giving us significantly more assets to manage. We have announced our plans to lead Nedcor to recovery.
“There were solid profits in our core South African life assurance business, good profit growth in our US and UK businesses and excellent results from some of our smaller units were offset by a collapse in earnings at Nedcor.
“The strong Rand further boosted the Sterling results, but adversely affected the results when expressed in South African currency terms. Return on equity was disappointing at 13.9%. Our embedded value increased by 5% to £4,124 billion at 31 December 2003, equivalent to 107.5p per share.
Note: We will look at the Nedcor results later, following an analysts presentation in Johannesburg this afternoon. In the mean time visit the Old Mutual website for the full report and explanatory notes.
Highlights
* Adjusted operating profit £650m (2002: £724m), R8,041m (2002: R11,431m)
* Operating profit: £475m (2002: £473m), R5,884m (2002: R7,453m)
* Adjusted operating earnings per share* 10.0p (2002: 11.3p), 123.8c (2002: 179.0c)
* Basic operating earnings per share: 8.0p (2002: 5.9p), 99.1c (2002: 93.5c)
* Life sales of £529m on an Annual Premium Equivalent basis
* Value of life assurance new business £105m (after tax)
* Net positive fund inflows of over $4.7bn in the USA (including $1.8bn from US life operations)
* Return on equity 13.9%
* Final dividend unchanged at 3.1p
"Good results were achieved in five of our six businesses in 2003, and important steps were taken towards our strategic goals," says Jim Sutcliffe, chief executive of Old mutual plc.
"Our capital position remains strong and our clients showed their approval of our products and skills by giving us significantly more assets to manage. We have announced our plans to lead Nedcor to recovery.
“There were solid profits in our core South African life assurance business, good profit growth in our US and UK businesses and excellent results from some of our smaller units were offset by a collapse in earnings at Nedcor.
“The strong Rand further boosted the Sterling results, but adversely affected the results when expressed in South African currency terms. Return on equity was disappointing at 13.9%. Our embedded value increased by 5% to £4,124 billion at 31 December 2003, equivalent to 107.5p per share.
Note: We will look at the Nedcor results later, following an analysts presentation in Johannesburg this afternoon. In the mean time visit the Old Mutual website for the full report and explanatory notes.
Highlights
* Adjusted operating profit £650m (2002: £724m), R8,041m (2002: R11,431m)
* Operating profit: £475m (2002: £473m), R5,884m (2002: R7,453m)
* Adjusted operating earnings per share* 10.0p (2002: 11.3p), 123.8c (2002: 179.0c)
* Basic operating earnings per share: 8.0p (2002: 5.9p), 99.1c (2002: 93.5c)
* Life sales of £529m on an Annual Premium Equivalent basis
* Value of life assurance new business £105m (after tax)
* Net positive fund inflows of over $4.7bn in the USA (including $1.8bn from US life operations)
* Return on equity 13.9%
* Final dividend unchanged at 3.1p
"Good results were achieved in five of our six businesses in 2003, and important steps were taken towards our strategic goals," says Jim Sutcliffe, chief executive of Old mutual plc.
"Our capital position remains strong and our clients showed their approval of our products and skills by giving us significantly more assets to manage. We have announced our plans to lead Nedcor to recovery.
“There were solid profits in our core South African life assurance business, good profit growth in our US and UK businesses and excellent results from some of our smaller units were offset by a collapse in earnings at Nedcor.
“The strong Rand further boosted the Sterling results, but adversely affected the results when expressed in South African currency terms. Return on equity was disappointing at 13.9%. Our embedded value increased by 5% to £4,124 billion at 31 December 2003, equivalent to 107.5p per share.
Note: We will look at the Nedcor results later, following an analysts presentation in Johannesburg this afternoon. In the mean time visit the Old Mutual website for the full report and explanatory notes.
Highlights
* Adjusted operating profit £650m (2002: £724m), R8,041m (2002: R11,431m)
* Operating profit: £475m (2002: £473m), R5,884m (2002: R7,453m)
* Adjusted operating earnings per share* 10.0p (2002: 11.3p), 123.8c (2002: 179.0c)
* Basic operating earnings per share: 8.0p (2002: 5.9p), 99.1c (2002: 93.5c)
* Life sales of £529m on an Annual Premium Equivalent basis
* Value of life assurance new business £105m (after tax)
* Net positive fund inflows of over $4.7bn in the USA (including $1.8bn from US life operations)
* Return on equity 13.9%
* Final dividend unchanged at 3.1p
"Good results were achieved in five of our six businesses in 2003, and important steps were taken towards our strategic goals," says Jim Sutcliffe, chief executive of Old mutual plc.
"Our capital position remains strong and our clients showed their approval of our products and skills by giving us significantly more assets to manage. We have announced our plans to lead Nedcor to recovery.
“There were solid profits in our core South African life assurance business, good profit growth in our US and UK businesses and excellent results from some of our smaller units were offset by a collapse in earnings at Nedcor.
“The strong Rand further boosted the Sterling results, but adversely affected the results when expressed in South African currency terms. Return on equity was disappointing at 13.9%. Our embedded value increased by 5% to £4,124 billion at 31 December 2003, equivalent to 107.5p per share.
Note: We will look at the Nedcor results later, following an analysts presentation in Johannesburg this afternoon. In the mean time visit the Old Mutual website for the full report and explanatory notes.
Highlights
* Adjusted operating profit £650m (2002: £724m), R8,041m (2002: R11,431m)
* Operating profit: £475m (2002: £473m), R5,884m (2002: R7,453m)
* Adjusted operating earnings per share* 10.0p (2002: 11.3p), 123.8c (2002: 179.0c)
* Basic operating earnings per share: 8.0p (2002: 5.9p), 99.1c (2002: 93.5c)
* Life sales of £529m on an Annual Premium Equivalent basis
* Value of life assurance new business £105m (after tax)
* Net positive fund inflows of over $4.7bn in the USA (including $1.8bn from US life operations)
* Return on equity 13.9%
* Final dividend unchanged at 3.1p
"Good results were achieved in five of our six businesses in 2003, and important steps were taken towards our strategic goals," says Jim Sutcliffe, chief executive of Old mutual plc.
"Our capital position remains strong and our clients showed their approval of our products and skills by giving us significantly more assets to manage. We have announced our plans to lead Nedcor to recovery.
“There were solid profits in our core South African life assurance business, good profit growth in our US and UK businesses and excellent results from some of our smaller units were offset by a collapse in earnings at Nedcor.
“The strong Rand further boosted the Sterling results, but adversely affected the results when expressed in South African currency terms. Return on equity was disappointing at 13.9%. Our embedded value increased by 5% to £4,124 billion at 31 December 2003, equivalent to 107.5p per share.
Note: We will look at the Nedcor results later, following an analysts presentation in Johannesburg this afternoon. In the mean time visit the Old Mutual website for the full report and explanatory notes.
Highlights
* Adjusted operating profit £650m (2002: £724m), R8,041m (2002: R11,431m)
* Operating profit: £475m (2002: £473m), R5,884m (2002: R7,453m)
* Adjusted operating earnings per share* 10.0p (2002: 11.3p), 123.8c (2002: 179.0c)
* Basic operating earnings per share: 8.0p (2002: 5.9p), 99.1c (2002: 93.5c)
* Life sales of £529m on an Annual Premium Equivalent basis
* Value of life assurance new business £105m (after tax)
* Net positive fund inflows of over $4.7bn in the USA (including $1.8bn from US life operations)
* Return on equity 13.9%
* Final dividend unchanged at 3.1p
"Good results were achieved in five of our six businesses in 2003, and important steps were taken towards our strategic goals," says Jim Sutcliffe, chief executive of Old mutual plc.
"Our capital position remains strong and our clients showed their approval of our products and skills by giving us significantly more assets to manage. We have announced our plans to lead Nedcor to recovery.
“There were solid profits in our core South African life assurance business, good profit growth in our US and UK businesses and excellent results from some of our smaller units were offset by a collapse in earnings at Nedcor.
“The strong Rand further boosted the Sterling results, but adversely affected the results when expressed in South African currency terms. Return on equity was disappointing at 13.9%. Our embedded value increased by 5% to £4,124 billion at 31 December 2003, equivalent to 107.5p per share.
Note: We will look at the Nedcor results later, following an analysts presentation in Johannesburg this afternoon. In the mean time visit the Old Mutual website for the full report and explanatory notes.
Highlights
* Adjusted operating profit £650m (2002: £724m), R8,041m (2002: R11,431m)
* Operating profit: £475m (2002: £473m), R5,884m (2002: R7,453m)
* Adjusted operating earnings per share* 10.0p (2002: 11.3p), 123.8c (2002: 179.0c)
* Basic operating earnings per share: 8.0p (2002: 5.9p), 99.1c (2002: 93.5c)
* Life sales of £529m on an Annual Premium Equivalent basis
* Value of life assurance new business £105m (after tax)
* Net positive fund inflows of over $4.7bn in the USA (including $1.8bn from US life operations)
* Return on equity 13.9%
* Final dividend unchanged at 3.1p
"Good results were achieved in five of our six businesses in 2003, and important steps were taken towards our strategic goals," says Jim Sutcliffe, chief executive of Old mutual plc.
"Our capital position remains strong and our clients showed their approval of our products and skills by giving us significantly more assets to manage. We have announced our plans to lead Nedcor to recovery.
“There were solid profits in our core South African life assurance business, good profit growth in our US and UK businesses and excellent results from some of our smaller units were offset by a collapse in earnings at Nedcor.
“The strong Rand further boosted the Sterling results, but adversely affected the results when expressed in South African currency terms. Return on equity was disappointing at 13.9%. Our embedded value increased by 5% to £4,124 billion at 31 December 2003, equivalent to 107.5p per share.
Note: We will look at the Nedcor results later, following an analysts presentation in Johannesburg this afternoon. In the mean time visit the Old Mutual website for the full report and explanatory notes.
Highlights
* Adjusted operating profit £650m (2002: £724m), R8,041m (2002: R11,431m)
* Operating profit: £475m (2002: £473m), R5,884m (2002: R7,453m)
* Adjusted operating earnings per share* 10.0p (2002: 11.3p), 123.8c (2002: 179.0c)
* Basic operating earnings per share: 8.0p (2002: 5.9p), 99.1c (2002: 93.5c)
* Life sales of £529m on an Annual Premium Equivalent basis
* Value of life assurance new business £105m (after tax)
* Net positive fund inflows of over $4.7bn in the USA (including $1.8bn from US life operations)
* Return on equity 13.9%
* Final dividend unchanged at 3.1p
"Good results were achieved in five of our six businesses in 2003, and important steps were taken towards our strategic goals," says Jim Sutcliffe, chief executive of Old mutual plc.
"Our capital position remains strong and our clients showed their approval of our products and skills by giving us significantly more assets to manage. We have announced our plans to lead Nedcor to recovery.
“There were solid profits in our core South African life assurance business, good profit growth in our US and UK businesses and excellent results from some of our smaller units were offset by a collapse in earnings at Nedcor.
“The strong Rand further boosted the Sterling results, but adversely affected the results when expressed in South African currency terms. Return on equity was disappointing at 13.9%. Our embedded value increased by 5% to £4,124 billion at 31 December 2003, equivalent to 107.5p per share.
Note: We will look at the Nedcor results later, following an analysts presentation in Johannesburg this afternoon. In the mean time visit the Old Mutual website for the full report and explanatory notes.
Highlights
* Adjusted operating profit £650m (2002: £724m), R8,041m (2002: R11,431m)
* Operating profit: £475m (2002: £473m), R5,884m (2002: R7,453m)
* Adjusted operating earnings per share* 10.0p (2002: 11.3p), 123.8c (2002: 179.0c)
* Basic operating earnings per share: 8.0p (2002: 5.9p), 99.1c (2002: 93.5c)
* Life sales of £529m on an Annual Premium Equivalent basis
* Value of life assurance new business £105m (after tax)
* Net positive fund inflows of over $4.7bn in the USA (including $1.8bn from US life operations)
* Return on equity 13.9%
* Final dividend unchanged at 3.1p
"Good results were achieved in five of our six businesses in 2003, and important steps were taken towards our strategic goals," says Jim Sutcliffe, chief executive of Old mutual plc.
"Our capital position remains strong and our clients showed their approval of our products and skills by giving us significantly more assets to manage. We have announced our plans to lead Nedcor to recovery.
“There were solid profits in our core South African life assurance business, good profit growth in our US and UK businesses and excellent results from some of our smaller units were offset by a collapse in earnings at Nedcor.
“The strong Rand further boosted the Sterling results, but adversely affected the results when expressed in South African currency terms. Return on equity was disappointing at 13.9%. Our embedded value increased by 5% to £4,124 billion at 31 December 2003, equivalent to 107.5p per share.
Note: We will look at the Nedcor results later, following an analysts presentation in Johannesburg this afternoon. In the mean time visit the Old Mutual website for the full report and explanatory notes.
