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Old Mutual H1 Profit Climbs; Ups Dividend; Current Trading In Line With Outlook

UK-based insurer Old Mutual plc (ODMTY.PK,OML.L) reported Friday that its first-half IFRS profit before tax climbed 76 percent to 940 million pounds from last year's 534 million pounds.

Basic earnings per share grew 93 percent to 11.0 pence from 5.7 pence a year ago.

The results included profit on disposal of OMAM of 108 million pounds and goodwill impairment of 71 million pounds in respect of UAP-Old Mutual in East Africa.

Pre-tax adjusted operating profit was 969 million pounds, compared to 708 million pounds last year. Adjusted operating profit earnings per share were 10.6 pence, compared to 8.0 pence last year.

Adjusted Net Asset Value or NAV per ordinary share was 220.1p compared to 228.6p at 31 December 2016.

Further, the company announced the first interim dividend for the first half of 2017 of 3.53p and the rand equivalent is 65 cents, up 32% from last year. The dividend will be paid on October 31.

Looking ahead, the company said the businesses continues to perform in line with the outlook provided at the 2017 Annual General Meeting. The company expects to make further significant progress in the managed separation process in the second half of the year.

"Our main markets remain subject to significant political and economic uncertainties but our businesses are well managed and resilient. Our management teams are preparing the businesses for independence including the standalone balance sheets of the currently unlisted businesses, and we anticipate preparation to be concluded so that, subject to regulatory and other approvals, the listing of OMW and OML will take place at the earliest opportunity in 2018 after our 2017 full year results," the company said in its statement.

by RTT Staff Writer

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