• Net client cash outflow fell from R10.13bn to R3.13bn.
• Money entering Old Mutual’s funds increased 21% during the half year.
• The update follows results from its Zimbabwe operation and the group’s return to the VFEX.
• Management cited stronger inflows and fewer low-margin withdrawals.

Harare - Old Mutual reduced the amount of client money leaving the group by R7.00 billion during the half year ended 30 June 2026, cutting its net client cash outflow from R10.13 billion to R3.13 billion.

The results come after Old Mutual’s Zimbabwe operation released its own financial update and weeks after the group returned to Zimbabwe’s local capital market through the Victoria Falls Stock Exchange (VFEX). Old Mutual resumed trading under the OMU ticker on the VFEX on 12 August, giving local US dollar investors a direct interest in the group’s operating performance.

Old Mutual is one of Africa’s oldest financial-services groups. It operates across several African markets, providing insurance, savings, investment, wealth-management and banking-related services to individuals, businesses and institutional clients. Its scale gives the group access to a broad customer base, although the latest figures show that retaining and growing client money remains a central challenge.

The improvement came as money flowing into Old Mutual’s funds and investment products increased 21% to R128.91 billion. Management cited stronger inflows in its wealth-management and investment businesses, together with the absence of low-margin withdrawals that affected the comparable half year.

Net client cash flow is the balance after money entering the group is offset by client withdrawals and exits. Old Mutual remained in negative territory during the half year, although the size of that deficit fell by 69%.

The move from R10.13 billion to R3.13 billion is the strongest operating development in the update. It reduces the pace at which client money is leaving the group and gives Old Mutual a firmer base from which to grow the funds it manages for customers.

Sales activity supported that improvement. Life sales increased 21% to R7.86 billion during the half year. Management attributed part of the growth to large corporate insurance deals secured during the period. Sales excluding those deals increased 12%.

The distinction matters for the second half. Large corporate deals can lift sales quickly, although they do not repeat at the same pace every period. The R7.00 billion improvement in client cash outflow gives a clearer reading of the group’s progress because it captures the money that remained after clients had made their withdrawals.

Old Mutual’s investment and wealth businesses generated much of the stronger inflow. The group also recorded greater activity from third-party clients using its investment products. These are the businesses that turn customer savings into funds under management and recurring income for the group.

The Zimbabwe connection adds a local dimension to the group’s performance. Results from the Zimbabwe operation provide investors with a closer view of conditions in one of Old Mutual’s established markets, while the VFEX listing gives local investors a route to participate in the wider group’s performance in US dollars.

OMU’s return to the VFEX also places greater focus on whether Old Mutual can move from a smaller outflow to positive net client cash flow. Trading activity and a higher share price do not create that outcome. It comes from attracting client money and retaining it.

The half-year update also carried a weaker earnings outlook. Old Mutual forecast a 25% to 35% fall in its primary earnings measure after lower investment returns from its shareholder portfolio. The client-cash-flow improvement therefore takes on added weight. A growing pool of client money gives the operating businesses a stronger income base when financial markets provide less support.

Old Mutual’s next task is straightforward. The group needs to convert the R7.00 billion reduction in outflows into positive net client cash flow. Its interim results due on 8 September should establish whether the improvement continued after June and whether client money has begun to grow on a net basis.

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