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Annual Financial Statements OLD MUTUAL LIMITED ANNUAL FINANCIAL STATEMENTS Consolidated and Separate For the year ended 31 December 2020 DO GREAT THINGS EVERY DAY Index to the Annual Financial Statements Directors’ Responsibility Statement 2 Directors’ Responsibility on Financial Controls 3 Certificate by the Company Secretary 4 Directors’ Report 5 Audit Committee Report 8 Independent Auditors’ Report 13 Consolidated income statement 19 Consolidated statement of comprehensive income 20 Consolidated supplementary income statement 21 Consolidated statement of financial position 22 Consolidated statement of cash flows 23 Consolidated statement of changes in equity 24 Notes to the consolidated financial statements 28 A: Significant accounting policies 28 B: Segment information 33 C: Other key performance information 40 D: Other consolidated income statement notes 44 E: Financial assets and liabilities 51 F: Financial Risk and Capital Management 65 G: Analysis of financial assets and liabilities 82 H: Non-financial assets and liabilities 106 I: Interests in subsidiaries, associates and joint arrangements 121 J: Other notes 131 K: Future standards, amendments to standards, and interpretations not early-adopted in the 2020 consolidated financial statements 142 L: Biographical information on the directors 143 M: Directors’ and Prescribed Officers’ emoluments 146 N: Share ownership 173 Company annual financial statements 176 Company statement of comprehensive income 177 Company statement of financial position 178 Company statement of changes in equity 179 Company statement of cash flows 180 Notes to the company financial statements 181 The consolidated and separate financial statements were audited in terms of the Companies Act 71 of 2008. The preparation of the consolidated and separate annual financial statements was supervised by Casper Troskie CA(SA), Group Chief Financial Officer. OLDMUTUAL Annual Financial Statements for the year ended 31 December 2020 1 Directors’ Responsibility Statement Directors’ Responsibility on Financial Controls The directors of Old Mutual Limited (the Company) are required by the South African Companies Act, 71 of 2008, as amended The directors, whose names are stated below, hereby confirm that: (the Companies Act) to maintain adequate accounting records and are responsible for the content and integrity of the consolidated and separate annual financial statements and related financial and non-financial information included in this report. a) the annual financial statements set out on pages 19 to 193, fairly present in all material respects the financial position, financial performance and cash flows of the issuer in terms of IFRS; The directors are responsible for the preparation and fair presentation of the consolidated and separate annual financial statements of Old Mutual Limited, comprising the consolidated and separate statements of financial position at b) no facts have been omitted or untrue statements made that would make the annual financial statements false or misleading; 31 December 2020, the consolidated and separate income statements, the consolidated and separate statements of c) internal financial controls have been put in place to ensure that material information relating to the issuer and its consolidated comprehensive income, the consolidated and separate statements of changes in equity and cash flows for the year then subsidiaries have been provided to effectively prepare the financial statements of the issuer; and the internal financial controls ended, and the consolidated and separate notes thereto, including the consolidated supplementary income statement, are adequate and effective and can be relied upon in compiling the annual financial statements, having fulfilled our role and which include accounting policy elections and other explanatory notes in accordance with International Financial Reporting function within the combined assurance model pursuant to principle 15 of the King Code. Standards (IFRS), as issued by the IASB, including interpretations to IFRS as issued by the IFRS Interpretations Committee (IFRIC), the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the South African Institute of d) internal financial controls are adequate and effective and can be relied upon in compiling the annual financial statements, Chartered Accountants (SAICA) Financial Reporting Guides as issued by the Accounting Practices Committee, the JSE Listings having fulfilled our role and function within the combined assurance model pursuant to principle 15 of the King Code. Requirements, and requirements of the Companies Act, No. 71 of 2008 (Companies Act). In addition, the directors are responsible Where we are not satisfied, we have disclosed to the audit committee and the auditors the deficiencies in design and for the preparation of the directors’ report. operational effectiveness of the internal financial controls and any fraud that involves directors, and have taken the necessary remedial action. The directors are also ultimately responsible for such internal controls as they determine are necessary to enable the preparation of the consolidated and separate financial statements that are free from material misstatement, whether due to fraud or error, and for maintaining adequate accounting records in addition to reducing the risk of loss or error cost-effectively and effective risk management. To the best of their knowledge and belief the directors are satisfied that the system of internal controls provides reasonable assurance that reliance can be placed on financial records used in the preparation of the consolidated and separate I G Williamson C G Troskie financial statements during the financial year ended 31 December 2020. The directors have considered control deficiencies identified by the internal and external auditors and have concluded that these have not resulted in a material misstatement Chief Executive Officer Group Chief Financial Officer of these financial statements. The directors have considered the proposed and completed remedial actions in respect of the identified control deficiencies. The directors have made an assessment of the ability of the Group and Company to continue as a going concern and have no Sandton reason to believe that the business will not be going concerns in the year ahead. 22 March 2021 It is the responsibility of the Group’s independent external auditors to report on the fair presentation of the consolidated and separate financial statements. These financial statements have been audited in terms of Section 29(1) of the Companies Act. Their unmodified report appears on page 13. Approval of consolidated and separate annual financial statements The consolidated and separate annual financial statements of Old Mutual Limited, as identified in the first paragraph, were approved by the Board of Directors on 22 March 2021 and signed on their behalf by: T A Manuel I G Williamson Chairman Chief Executive Officer Sandton 22 March 2021 2 OLDMUTUAL Annual Financial Statements for the year ended 31 December 2020 OLDMUTUAL Annual Financial Statements for the year ended 31 December 2020 3 Certificate by the Company Secretary Directors’ Report In terms of Section 88(2)(e) of the South African Companies Act, 71 of 2008, as amended, I certify that Old Mutual Limited Nature of the business has lodged with the Commissioner, all such returns and notices as required by the Companies Act for the year ended 31 December 2020, and that all such returns and notices appear to be true, correct and up to date. Old Mutual Limited (the Company or the Group) is a premium African financial services Group, listed on the Johannesburg Stock Exchange (JSE), and has a standard listing on the London Stock Exchange, and secondary listings on the Stock Exchanges of Malawi, Namibia and Zimbabwe. The Company is registered and incorporated in South Africa (Registration number: 2017/235138/06). The public officer is Nazrien Kader. The Company, through its subsidiaries, distributes products and services to customers through a multi-channel distribution network spanning tied and independent advisers, branches, bancassurance, direct and digital channels and worksites. Ms E M Kirsten Company Secretary Subsidiary Companies The Company is the ultimate holding company of a number of subsidiaries, the details of which are reflected on page 122 herein. These subsidiaries have various lines of business in the Financial Services Industry, including Life and Savings, Property and 22 March 2021 Casualty, Asset Management and Banking and Lending. Financial Statements Details of the financial results are set out on pages 19 to 174 of the consolidated annual financial statements and on pages 177 to 193 of the separate annual financial statements. The directors have approved the consolidated and separate annual financial statements as reflected on pages 19 to 193, including the certificate by the Company Secretary on page 4 and the Audit Committee report for the 2020 financial year on page 8. Year under review The operating results and financial position of the Group and Company are set out in the annual consolidated and separate income statements, statements of comprehensive income, statements of financial position, statements of changes in equity, statements of cash flows and accompanying notes. The year under review is fully analysed in the Group Annual Results for 2020 which is available on our website at http://www.oldmutual.com/investor-relations/reporting-centre/reports. The Group loss
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