41 jili

The Zimbabwe Stock Exchange listed group, has released its voluntary operating update for the period ended 30 September 2024, showcasing resilient top-line growth despite challenging conditions. The company’s sales momentum continued into the third quarter, with double-digit growth in gross flows, supporting the ongoing improvement in net client cash flow. “In South Africa, the formation of the Government of National Unity and the 25-basis point interest rate cut had a positive impact on investor and customer sentiment, though tangible improvements in capital investments and disposable income remain constrained,” the company said. “In our Africa regions, excluding South Africa, the economic climate continued to be affected by elevated inflation and currency depreciation in some markets.” Following the recent elections in South Africa, a historic coalition was established as 10 political parties, representing a broad range of ideologies, united to form the GNU. Although tangible improvements in capital investments and disposable income remain constrained, Old Mutual’s diversified distribution strategy and strong performance in certain segments, such as life assurance and wealth management, helped drive sales. The has also highlighted that Old Mutual’s life assurance sales increased by 6% from the prior period, driven by good risk sales in the Mass and Foundation Cluster across all distribution channels. Personal Finance delivered higher guaranteed annuity sales, better savings, and funeral sales, while Wealth Management reported good sales growth in tax-free savings, wealth life, and investment funds. The company’s gross flows increased by 19% from the prior period, mainly driven by excellent inflows in Wealth Management, which saw a significant uplift across all platforms. Net client cash flow improved materially, benefiting from robust inflows and reduced levels of outflows in Wealth Management. Old Mutual’s regulatory solvency ratio for Old Mutual Life Assurance Company (South Africa) Limited (OMLACSA) marginally reduced to 198% and remains within the target range of 175%-210%. The Group’s discretionary capital balance increased to R1.6 billion from the R1.4 billion reported at 30 June 2024. The implementation of the two-pot retirement regime, effective 1 September, is expected to have an impact on Old Mutual’s operations. However, the company said it remains well-positioned to manage the increase in claims volumes, having paid 93% of the 240,000 claims submitted, amounting to R2.4 billion, as of the end of October 2024. Old Mutual operates in 13 African countries: South Africa, Namibia, Botswana, Zimbabwe, Kenya, Malawi, Tanzania, Nigeria, Ghana, Uganda, Rwanda, South Sudan and eSwatini. The Group has a niche business in China.Pinnacle West Capital Corp. stock underperforms Thursday when compared to competitors despite daily gains41 jili 。

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