Old Mutual 1Q Funds Under Management Fell; Warns of Earnings Pressure for 1st Half Amid Coronavirus
May 28 2020 - 3:01AM
Dow Jones News
By Sabela Ojea
Old Mutual Ltd. said Thursday that funds under management fell
in the first quarter of the year, and that it expects to report
negatively hit profits and value of new business for the first half
of 2020 after experiencing low sales levels in April and May amid
the coronavirus.
The financial-services company said that funds under management
fell in the first quarter to 979.7 million South African rand
($56.2 million) compared with ZAR1.05 billion for the same period a
year earlier.
Gross written premiums rose 7% to ZAR4.97 billion, while life
annual premium equivalent sales declined 15% to ZAR2.46
billion.
The London-listed company added that it expects to go through
earnings pressure in the short term due to the pandemic, as well as
for the rest of the year, despite saying that it has experienced
"minimal disruption to its business."
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
May 28, 2020 02:46 ET (06:46 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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