Old Mutual posts 614% increase in profit after tax for half year

Old Mutual Zimbabwe has recorded a 614 percent increase in profit after tax for the half year ending June 30, 2017. The company posted a profit after tax of $89.4 after good investments in equities. In the corresponding period last year, Old Mutual posted a profit after tax of $12,5 million. Board Chairperson Johannes Gawaxab said:

This was driven by a good operating performance, as already reported, as well as the strong performance of the stock market currently being experienced in 2017, which has led to a significant increase in unrealised investment gains compared to the same period in 2016.

Adjusted operating profit, which highlights the performance of the core business operations, was $36,8 million, which is a growth of 11% on 2016, buoyed by life assurance and asset management profits. Life profits were driven significantly by improved risk profits as a result of an improved claims ratio.

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