Old Mutual posts 11% growth in operating results and launches a ZAR 1 billion buyback, signaling strong capital returns and progress in its banking expansion strategy.
Old Mutual's H1 2026 performance demonstrates strong operational execution, with ROGEV rising to 12.7% and results from operations per share increasing by 11%. The company is successfully balancing capital returns, evidenced by an 8% dividend increase and a new ZAR 1 billion buyback, while simultaneously progressing on its ZAR 2.5 billion cost-reduction target and aggressive banking expansion goals.
The group achieved ZAR 338 million in savings in H1 2026, bringing cumulative savings to ZAR 936 million toward a ZAR 2.5 billion target by 2027.
As of June 2026, the bank had 750,000 customers and ZAR 1.4 billion in deposits, with a long-term target of up to 2.8 million customers by 2028.
Old Mutual reported a strong first half for 2026, with results from operations per share rising 11% and ROGEV improving to 12.7%. The group announced an additional ZAR 1 billion share buyback, reflecting management's confidence in its strategic execution and capital efficiency. While catastrophe losses impacted the insurance segment, growth in banking and investment operations helped drive overall performance.
The 25% decline was primarily driven by severe flooding in the Eastern and Western Cape, which resulted in ZAR 376 million in catastrophe losses.
The company maintains a disciplined framework, utilizing discretionary capital for growth initiatives like OM Bank and returning value to shareholders through dividends and share repurchases.