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Connecting with Customers Old Mutual plc Old Mutual Registered in England and Wales No. 3591559 and as an external company in each of South Africa (No. 1999/004855/10), Malawi (No. 5282), Namibia (No. F/3591559) and Zimbabwe (No. E1/99) Registered Office: plc 5th Floor Old Mutual Place Annual Report and Accounts 2011 CONNECTING 2 Lambeth Hill London EC4V 4GG WITH www.oldmutual.com CUSTOMERS ANNUAL REPORT AND ACCOUNTS 2011 Old Mutual is an international long-term savings, protection and investment group OVERVIEW FINANCIAL STATEMENTS 2 Our business at a glance 4 Delivering on our strategy Group Financial Statements 6 Business model 126 Statement of directors’ responsibilities 8 Key performance indicators 127 Consolidated income statement 10 Chairman’s statement 128 Consolidated statement of comprehensive 12 Group Chief Executive’s statement income 18 Group Chief Executive’s Q&A 129 Reconciliation of adjusted operating profit to 20 Market review profit after tax 130 Consolidated statement of financial position 131 Consolidated statement of cash flows Business review 132 Consolidated statement of changes in equity 134 Notes to the consolidated financial statements 24 Long-Term Savings 34 Banking Financial Statements of the Company 44 Short-Term Insurance 232 Company statement of financial position 48 US Asset Management 233 Company statement of cash flows 54 Non-core and discontinued business 234 Company statement of changes in equity operations 235 Notes to the Company financial statements 58 Group Finance Director’s statement 241 Independent auditor’s report to the members RisK and of Old Mutual plc responsiBilitY MCEV 242 Statement of directors’ responsibilities 72 Risk and capital management 243 Independent auditor’s report 86 Responsible business 244 Adjusted Group MCEV by line of business 245 Adjusted operating Group MCEV statement of earnings Governance 246 Adjusted operating Group MCEV earnings per share 90 Board of directors 247 Group Market Consistent Embedded Value 94 Group Executive Committee statement of earnings 96 Directors’ report on Corporate Governance 248 Notes to the MCEV basis supplementary and other matters information 109 Remuneration report SHareHolder information 286 Shareholder information Forward-looking statements Acknowledgements 290 Glossary This Report contains certain forward-looking statements with Designed and produced by MerchantCantos respect to Old Mutual plc’s and its subsidiaries’ plans and www.merchantcantos.com expectations relating to their financial condition, performance Printed by The Colourhouse and results. By their nature, forward-looking statements involve risk and uncertainty because they relate to future This report is printed on Amadeus 100 Silk and Amadeus events and circumstances that are beyond Old Mutual plc’s 75 Matt, produced from 100% and 75% recycled de-inked control, including, among other things, UK domestic and post-consumer waste respectively. They are ECF meaning no general economic and business conditions, market-related chemical bleaching has been used in their manufacture, and WHat’S online risks such as fluctuations in interest rates and exchange FSC assured so that the fibre is sourced from renewable and rates, policies and actions of regulatory authorities, the responsibly managed forests with a traceable chain of Annual Report impact of competition, inflation, deflation, the timing and custody throughout the process. www.oldmutual.com/ar2011 impact of other uncertainties or of future acquisitions or combinations within relevant industries, as well as the impact This Report is printed by an FSC, ISO 14001, and carbon Corporate website of tax and other legislation and regulations in territories where neutral certified printer using vegetable oil based inks. All www.oldmutual.com Old Mutual plc or its subsidiaries operate. processes in the production of this Report are on one site. Reporting centre www.oldmutual.com/reportingcentre As a result, Old Mutual plc’s or its subsidiaries’ actual future financial condition, performance and results may differ If each shareholder elected to read the Annual Report online, a materially from the plans and expectations set forth in such thousandth of a tonne of paper would have been saved per forward-looking statements. Old Mutual plc undertakes no shareholder. Sign up for electronic communications obligation to update any forward-looking statements at www.oldmutual.com/ecomms contained in this Report or any other forward-looking Cover picture: Tavaziva Madzinga, Managing Director, Old Mutual Kenya. statements that it may make. OVERVIEW WELCOME Business overview Business Our strategy is to build a long-term savings, protection and investment group by leveraging the strength of our people and capabilities in South Africa and review Business around the world. We will focus, drive and optimise our businesses to enhance value for shareholders and customers. Our vision is to be our customers’ most responsibility and Risk trusted partner – passionate about helping them achieve their lifetime financial goals. Governance Governance OUR VALUES: INTEGRITY RESPECT ACCOUNTABILITY PUSHING BEYOND BOUNDARIES statements Financial 4 Shareholder information Shareholder Shareholder information Shareholder For more information on how we are embedding our values across the business please go to page 86 Old Mutual plc 1 Annual Report and Accounts 2011 OVERVIEW OUR BUSINESS AT A GLANCE Below is a high-level summary of the Group and our four principal business units. GROUP Old Mutual is an international Adjusted operating profit Primary locations (AOP) 2011 ■ LTS – Southern Africa, Europe, Colombia, long-term savings, protection Mexico, India and China and investment Group. ■ US Asset Management – US £1,515m ■ Banking – Southern Africa 2010: £1,371m ■ Short-term insurance – Southern Africa Funds under management Operational highlights (FUM) 2011 ■ AOP per share up 10% to 15.7p ■ Full dividend for the year increased 25% 4 £267.2bn to 5.0p ■ Financial Groups Directive (FGD) surplus 2010: £295.2bn of £2.0 billion Number employed1 2011 ■ Well on track to deliver 2012 financial targets 57,430 2010: 55,730 LONG-TERM SAVINGS (LTS) We provide innovative life Adjusted operating profit (AOP) 2011 Operational highlights ■ Net client cash inflows of £3.2 billion, despite assurance-based solutions worsening European sentiment in H2 which address both protection £793m ■ Non-covered sales, up 14% on a constant and retirement savings needs. 2010: £787m currency basis, to £12,836 million Funds under management ■ Life sales (annual premium equivalent (APE) Our brands basis) decreased by 6% to £1,207 million, with (FUM) 2011 reduced Legacy sales in Wealth Management ■ APE margins increased to 15%, with improved margins in Wealth Management4 £108.5bn and Emerging Markets 2010: £117.9bn 1 Includes Group Head Office, Bermuda, Contribution to Group Nordic and US Life. Number employed 2011 2 3 2 % of total operating business unit’s AOP after AOP FUM tax and non-controlling interests. 3 % of FUM in Group core operations. 22,851 60% 40.6% 4 Excluding operating results from affiliates held 2010: 21,729 for sale or disposed of at 31 December 2011 and adding back $12 million of restructuring costs. 2 Old Mutual plc Annual Report and Accounts 2011 BANKING overview Business We have a majority Adjusted operating profit (AOP) 2011 Operational highlights ■ Strong headline earnings growth of 26% shareholding in Nedbank, on a constant currency basis one of South Africa’s leading £755m ■ Non-interest revenues up 17% and net interest banks, which also has 2010: £601m income up 9%, on a constant currency basis ■ Credit loss ratio improved to 1.14% from banking interests in other Core tier 1 ratio 1.36% in 2010 countries in southern Africa. ■ Core tier 1 ratio 11.0%, up from 10.1% in 2010 4 review Business responsibility and Risk Governance Our brand 11.0% Contribution to Group 2010: 10.1% AOP2 FUM3 Number employed 2011 28,494 28% 3.6% 2010: 27,525 SHORT-TERM INSURANCE We provide short-term Adjusted operating profit (AOP) 2011 Operational highlights ■ Underwriting result reduced to £30 million, insurance solutions in reflecting softening rates and the expected southern Africa through £89m normalisation in claims patterns Mutual & Federal. 2010: £103m ■ Gross premiums increased by 5% ■ iWyze progressed well and continued to meet Underwriting margin Our brands premium growth targets ■ Mutual & Federal4 remains well capitalised, with 5.0% a 66% international solvency margin 2010: 7.6% Contribution to Group 2 3 Number employed 2011 AOP FUM 2,390 6% 0.1% 2010: 2,222 Financial statements Financial information Shareholder US ASSET MANAGEMENT We aim to grow our customers’ Adjusted operating profit (AOP) 2011 Operational highlights savings and wealth, whether ■ Investment performance continued to improve ■ The new USAM management team are through active and direct asset £67m in the process of divesting several affiliate management or the selection of 2010: £72m firms to improve USAM’s longer term funds and managers for financial performance Funds under management ■ AOP was up 16% (constant currency) to customers to invest in. (FUM) 2011 £82 million in USAM’s continuing operations4 ■ Net client cash outflows in USAM’s continuing Some of our brands* 4operations4 reduced to £4.2 billion from £148.8bn £7.9 billion (on a constant currency basis) 2010: £166.4m Contribution to Group Number employed 2011 AOP2 FUM3 1,564 6% 55.7% 2010: 1,537 (* See full list of affiliates on page 50) Old Mutual plc 3 Annual Report and Accounts
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