Strong financial performance
IFRS AOP up 18% to £1,614 million, driven by strong performance in Emerging Markets and Nedbank
Positive Group NCCF at £5.0 billion, FUM at £262.2 billion
Proposed final dividend of 5.25p; total dividend of 7.00p; up 2.00p or 23% in cash terms
Targeting dividend cover of 2.25x IFRS AOP earnings in future
A reshaped business
2010 targets achieved: £1.52 billion of debt repaid; £133 million of cost reductions; LTS ROE of 20%
Strong capital position; a significantly de-risked business
Focused on growth
Broad exposure to fast growing South African emerging middle-class
Good progress on growing our African footprint; R5 billion set aside to support this growth
Targeting £300 million AOP from Old Mutual Wealth by 2015 (2012 AOP: £195 million)
Julian Roberts, Group Chief Executive, commented:
"This has been a very good year for Old Mutual. We have produced strong results, with our Emerging Markets business and Nedbank performing particularly well.
"Over the past three years, we have significantly de-risked the business, more than met our operational targets and made substantial returns of capital to both equity and debt holders. We can now move forward from a position of strength.
"Old Mutual has four strategic priorities: expanding in Africa; developing our business in the fast growing South African markets; building our Wealth business; and growing US Asset Management. We will achieve these priorities while maintaining a strong balance sheet; putting customers at the centre of everything we do; and promoting a responsible corporate culture.
"While the economic environment remains uncertain, we are focused on the markets which fit our criteria and where we see long-term, structural growth. We are clear on our priorities and confident that we will continue to deliver sustainable value to our shareholders and customers."