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Old Mutual plc announces sound results although South African business suffers from a provisioning for PFA rulings and a withdrawal of R10bn by the PIC, while the UK benefits from hedge fund returns and the USA shines.
The international operations of the risk services business at Alexander Forbes was one of the main reasons for a poor performance, in terms of headline earnings per share, although the company says that it is ready to move forward.
The Absa numbers are good as headline earnings were up 23.3%; cost to income ratio of 56.8, while dividend per share were up 62.1%, with market capitalization at R52bn.
Highlights * Headline earnings increased to R39m * Gross premium income grew 40% * CAR was confirmed at 231% * Return on shareholders funds increased to 24%