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GROUP ANNUAL RESULTS for the Year Ended 31 December 2020

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GROUP ANNUAL RESULTS for the Year Ended 31 December 2020 OLD MUTUAL LIMITED GROUP ANNUAL RESULTS For the year ended 31 December 2020 DO GREAT THINGS EVERY DAY RESULTS RESULTS SEGMENT SUMMARY FINANCIAL ADDITIONAL PRESENTATION COMMENTARY REVIEWS STATEMENTS DISCLOSURES Enquiries Index Investor Relations: Sizwe Ndlovu T: +27 (11) 217 1163 E: [email protected] Tokelo Mulaudzi T: +27 (11) 217 1042 E: [email protected] Communications: Tabby Tsengiwe T: +27 (11) 217 1953 M: +27 (0)60 547 4947 Results Presentation Summary Consolidated E: [email protected] Financial Statements Cautionary Statement This report may contain certain forward looking statements with respect to certain of Old Mutual Limited’s plans and its current goals and expectations relating to its future financial condition, performance and results and, in particular, estimates of future cash flows and costs. By their nature, all forward looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Old Mutual Limited’s control including amongst other things, domestic conditions across our operations as well as global economic and business conditions, Results Commentary Additional Disclosures market related risks such as fluctuations in equity market levels, interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing and impact of other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other Key Metrics 113 regulations in the jurisdictions in which Old Mutual Limited and its affiliates operate. As a result, Old Mutual Limited’s Segment Key Performance Indicators 120 actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Old Mutual Limited’s forward looking statements. Old Mutual Limited undertakes no obligation to update the Other Disclosures and Reconciliations 133 forward looking statements contained in this report or any other forward looking statements it may make. Nothing in this report shall constitute an offer to sell or the solicitation of an offer to buy securities. Embedded Value 145 Notes to Editors Segment Reviews Glossary 156 A webcast of the presentation of the 2020 Final Results and Q&A will be broadcast live on 23 March 2021 at 11.00 am South African time on the Company’s website www.oldmutual.com. Analysts and investors who wish to participate in the webcast can pre-register using the following link: https://78449.themediaframe.com/dataconf/productusers/oldmutual/mediaframe/43670/indexl.html Analysts and investors who wish to participate in the call may do so using the following link or telephone numbers below: https://services.choruscall.za.com/DiamondPassRegistration/register?confirmationNumber=8903603&linkSecurityString=da8c1ae27 South Africa +27 10 500 4108 UK +44 203 608 8021 Australia +61 73 911 1378 USA +1 412 317 0088 International +27 10 500 4108 Replay Access Code 38691 The replay will be available for five business days. About Old Mutual Limited Old Mutual is a premium African financial services Group that offers a broad spectrum of financial solutions to retail and corporate customers across key market segments in 14 countries. Old Mutual’s primary operations are in South Africa and the Rest of Africa, and we have a niche business in China. With over 175 years of heritage across sub Saharan Africa, we are a crucial part of the communities we serve and broader society on the continent. For further information on Old Mutual Limited, and its underlying businesses, please visit the corporate website at INDEX www.oldmutual.com. OLDMUTUAL Limited Group Annual Results for the year ended 31 December 2020 OLDMUTUAL Limited Group Annual Results for the year ended 31 December 2020 1 RESULTS RESULTS SEGMENT SUMMARY FINANCIAL ADDITIONAL PRESENTATION COMMENTARY REVIEWS STATEMENTS DISCLOSURES Notes: Agenda 1 OVERVIEW Group CEO 01 2 FINANCIAL REVIEW Group CFO 3 CONCLUDING REMARKS Group CEO Q&A RESULTS PRESENTATION 4 2 Notes: DO GREAT THINGS EVERY DAY OLDMUTUAL Limited Group Annual Results for the year ended 31 December 2020 3 RESULTS RESULTS SEGMENT SUMMARY FINANCIAL ADDITIONAL PRESENTATION COMMENTARY REVIEWS STATEMENTS DISCLOSURES Macroeconomic environment Subdued GDP growth outlook in South Africa South Africa - equity market levels (SWIX) 13,000 13.5 11,981 12,206 14 12,037 12,000 11,813 12 11,722 11,084 12,033 10 11,000 8 2019 6 10,000 2020 4 3.3 1.5 1.7 9,175 OVERVIEW 2 0.8 0 -0.2 Jan Feb Mar Apr May Jun Jul Aug SepOct Nov Dec 0 -0.4 -2 Other African exchanges -4 115 Iain -6 110 Williamson -8 105 -10 100 -12 95 -14 90 -16.6 -16 85 -18 80 Q1 Q2 Q3 Q4 FY 2021F FY 2022F 75 Malawi all share index 70 2019 2020 FTSE/JSE Namibia overall index 65 Nairobi Securities Exchange all share index 60 3 5 Jan-19Apr-19Jul-19 Oct-19 Dec-19 Apr-20 Jul-20 Oct-20 Dec-20 Notes: Notes: 2020 at a glance South African excess mortality rates Global crisis that left no human life untouched Period of extreme crisis for humanity Unprecedented volatility in local and global capital markets 15 885 Wave 3 forecast Reserve for wave 3 experience Lockdowns and travel restrictions impacted economic growth 16 000 has been assumed to occur at similar level to wave 1 14 000 12 000 R1.9 billion of claims experience in Paid mortality claims of R13 billion during 2020 January and February 2021 A certain friend in uncertain times Offered premium relief initiatives to customers 10 000 Supported frontline healthcare workers and communities 8 162 Remaining reserve of c. R2 billion 8 000 for further impact beyond 6 676 February 2021 6 000 Continuity of service to customers through expansion of digital channels Uncertainty around vaccine 4 000 efficacy, duration of immunity Ensured operational continuity Health and safety of our employees and advisers a top priority and possibility of further new Provided targeted support to intermediaries 2 000 variants 35 0 Well capitalised despite some large negative COVID-19 items impacting Jan - Apr 20 Jul-20 Jan-21Feb-21 Jul-21F Sep-21F earnings, cash generation remains solid Demonstrated resilience Good recovery in adviser productivity in Q4 and continues into 2021 SAMRC weekly excess mortality rates Strong balance sheet allowed for final dividend of 35 cents per share 4 6 Notes: Notes: 4 OLDMUTUAL Limited Group Annual Results for the year ended 31 December 2020 OLDMUTUAL Limited Group Annual Results for the year ended 31 December 2020 5 RESULTS RESULTS SEGMENT SUMMARY FINANCIAL ADDITIONAL PRESENTATION COMMENTARY REVIEWS STATEMENTS DISCLOSURES Business demonstrated resilience under stress Green shoots evident in our distribution channels +336% +10% Mass and Foundation Cluster Personal Finance and Wealth Management Good top line performance 187 137 9.6 Change in average number of issued lives per adviser Change in number of issued sales per adviser per month 170 689 per week Strong gross flows drove significant increase in NCCF +3% -9% -79% -53% -10% Encouraging recovery in life sales levels in Q4 2020 -32% -5% with trend continuing in Q1 2021 -15% 2.2 FY 2019 Strong balance sheet after significant stress events Gross Flows NCCF Well capitalised and good liquidity levels (Rm) FY 2019 (Rbn) FY 2020 Business continues to generate free surplus FY 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Earnings negatively impacted by COVID-19 impacts -14% -81% -4% Most significant impacts in Life and Property and 8 972 189 185 Casualty businesses 7 742 Positive customer response to digital channels introduced during lockdown contributed to improved Emerging expectations of third wave given pace of adviser productivity vaccination roll out, reserving reflects this expectation Uncertainty around the speed of economic recovery 1 663 Gradual reopening of worksites and branches supported recovery Encouraging recovery in adviser productivity continues in Q1 2021 RFO RFO Solvency excluding (Rm) (%) direct COVID- 19 impacts (Rm) 7 9 Notes: Notes: Operational review Three phased response to the crisis Mass and Foundation Cluster Old Mutual Investments Old Mutual Insure Stabilisation Transition Re-envision Customer base Improved investment Positive top line growth Q2 2020 H2 2020 2021+ impacted most by performance for listed Underwriting result and COVID-19 equities margin impacted by the Improving CLR High levels of deal flow pandemic Cost optimisation Successful capital raises Offset by Encouraging productivity in Alternatives outperformance in Financial Operational Strategic and sales recovery in Q4 personal lines Strong balance sheet Digital enablement of Adopting a truly mutual through decisive employee and strategy that puts the management actions intermediary journeys customer first Personal Finance and Wealth Old Mutual Corporate Rest of Africa Good progress on capital Uninterrupted service Launch of OM Protect in 2020. Management optimisation yielding strong customer Adding savings and income Strong preference for Ability to generate new Good growth in P&C satisfaction proposition in 2021 single premiums business came under Strong Asset Final dividend declaration of Savings sales under pressure Management flows 35 cents per share Health and safety of Simplified new funeral employees top priority products to expand funeral pressure GLA impacted by Balance sheet service offering Expenses well managed higher mortality substantiation Ended 2020 with good Substantial mortality EA and
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