OLD MUTUAL AT A GLANCE

31 DECEMBER 2020

WHO WE ARE ON 17 MAY 2021 Old Mutual was established in in 1845 as South Africa’s first mutual life OLD MUTUAL TURNED 176. company, offering financial security in uncertain times. This is an incredible milestone Today, the Group has grown into a premier pan-African group that that we can be really offers a broad spectrum of financial solutions to retail and corporate customers proud of. It means we have across key market segments in 14 countries, with listings on five stock exchanges. succeeded in staying relevant We now employ about 30 000 people in our primary operations in South Africa and to our customers the Rest of Africa, and a niche business in China. and responsive to their • Africa (Botswana, eSwatini, Ghana, Kenya, Malawi, Namibia, Nigeria, Rwanda, changing needs, year after South Africa, South Sudan, Tanzania, Uganda, Zimbabwe) year for 176 years. •  Asia (China)

RFO RESULTS EXCLUDING OUR 2020 RESULTS AT A GLANCE: FROM DIRECT OPERATIONS COVID-19 (RFO) IMPACTS • Results from Operations (RFO) were resilient on a pre-Covid basis at R7.7 billion, 14% down on the prior year

8, 972 1, 663 8, 972 7, 742 81% 14% • Direct Covid-19 impacts for the full year amounted FY 2019 FY 2020 FY 2019 FY 2020 to R6.1 billion due to an increase in pandemic reserves, business interruption and rescue claims and negative mark-to-market losses in the Group’s

ADJUSTED HEADLINE credit and private equity portfolios HEADLINE EARNINGS EARNINGS (HE)* • Adjusted Headline Earnings of R2.5 billion were down 75% on the prior year, impacted further by lower shareholder investment returns and earnings 9, 856 2, 484 10, 641 5, 088 75% 52% FY 2019 FY 2020 FY 2019 FY 2020 • The Group’s solvency position ended the year

AHE Headline Earnings strongly, with the benefits of key regulatory per share (cents)* 209.3 54.3 74% per share (cents)* 236.1 116.1 51% *These metrics include the results of Zimbabwe. All other key approvals and other capital management actions performance indicators excludes Zimbabwe. offsetting lower earnings and additional provisions raised for Covid-19 Also reflecting the strength of the business in these GROUP DIVIDEND •  SOLVENCY PER SHARE trying times, return on embedded value remained RATIO (CENTS) positive despite absorbing large negative impacts relating to the pandemic • Old Mutual declared a dividend of 35 cents per share, in line with the dividend policy 185% 35 53% 400 bps 189% 75 FY 2019 FY 2020 FY 2019 FY 2020

Results are in ZAR

DO GREAT THINGS EVERY DAY OLD MUTUAL AT A GLANCE 31 December 2020

TOP LEADERSHIP

TREVOR MANUEL IAIN WILLIAMSON CASPER TROSKIE CHAIRMAN CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER

Trevor is the Chairperson of the Iain is the Chief Executive Officer of Casper was appointed Chief Financial Board. He currently serves as a non- the Company. He joined the Group in Officer in March 2018. He was formerly executive Deputy Chairperson and a 1993 and fulfilled various roles across the Financial Director of Liberty member of the International Advisory employee benefits and personal Board of the Rothschild Group. He Group Limited and the Chief Financial finance before relocating to London is also a Non-Executive Director Officer of Standard Bank Group. He and a Corporate Development role on the Board of Swiss has also served as Director on the Company Limited. He served in at Old Mutual plc. In 2003, Iain the South African Government for returned to South Africa, gaining Board of Stanlib Limited and was a more than 20 years, including as more experience in roles across member of the Standard Bank Global Minister of Finance and as Minister distribution, technology and finance Finance Executive Committee and in the Presidency, responsible for the before being promoted to CFO Retail the Standard Bank Group Executive National Planning Commission. He Affluent and then Managing Director has held ex-officio positions at the Committee. He started his career at of the Retail Affluent segment. United Nations Commission for Trade Deloitte and later returned as partner He was appointed as Old Mutual and Development, the World Bank, and was promoted to Group Leader: the International Monetary Fund, the Emerging Markets Finance Director G20, the African Development Bank in 2015, as Chief Operating Officer in Assurance and Business Unit leader of Group and SADC. 2017 and CEO in July 2020. the Deloitte Financial Services team.

OUR BUSINESSES

From financial planning to managing financial portfolios, Old Mutual provides a broad range of customers with the advice and solutions they need to strengthen their financial wellbeing.

Mass and Foundation Cluster offers a wide range of simple financial services products to customers in the low income and lower middle income markets. These products are divided into four categories: risk, including funeral cover, savings, lending and transactional products.

Personal Finance and Wealth Management offers a wide range of holistic financial advice and long term risk, savings, income and investment solutions, and targets the middle to high income market and high net worth individuals.

Old Mutual Investments targets clients in both the listed and unlisted market, providing solutions and funds across a broad investment spectrum.

Old Mutual Corporate provides group risk, investments, annuities and consulting services to employee-sponsored retirement and benefit funds.

Old Mutual Insure, our Property & Casualty business, provides short-term insurance services to personal, commercial and corporate customers.

Rest of Africa offers life and savings, property and casualty (including health insurance), asset management and banking services to retail and corporate customers. We have a leading market share in the Southern African Development Community (SADC) markets. In East and West Africa we are expanding our operations through strategic alliances and leveraging product capabilities into our key markets. Our UAP and Faulu acquisitions have given us a leading position in Kenya.

In China, we provide and investment solutions to retail customers through a joint venture with the China Energy Investment Corporation. OLD MUTUAL AT A GLANCE 31 December 2020

INTRODUCING OUR TRULY MUTUAL STRATEGY

In 2020 our board approved a refreshed strategy for Old Mutual. This was a transition from a tactical plan which we referred to as the eight battlegrounds into our Truly Mutual strategy, supported by our five pillars. Truly Mutual is about connecting with our customers’ needs, their journeys and lives and showing that Old Mutual CARES.

OUTCOME Responsibly build the MOST VALUABLE BUSINESS in our industry

Despite the challenges we faced in 2020, we stayed true to our purpose of championing mutually positive futures every day for all of our stakeholders, giving life to this Truly Mutual strategy:

• We fast-tracked the payment of mortality claims worth R13 billion to support customers and their families

• The expansion of our integrated digital platforms enabled us to continue servicing customers throughout the lockdown periods. This includes reimagined public websites, mobile applications, WhatsApp and USSD channels across the continent

• We committed R400 million towards customer relief initiatives with R290 million disbursed in 2020

• We provided interest-free loans and commercial settlements worth approximately R70 million to qualifying SMEs via Old Mutual Insure

• Committe d approximately R70 million to Covid-19 community initiatives across education, health, nutrition and food security

The safety of our employees, customers and all stakeholders who interact with us remains our top priority. We have strict protocols in place to protect employees providing essential services at our various on-site locations, as well as the customers visiting these premises. We also encourage our customers to use our digital channels instead of visiting our branches. OLD MUTUAL AT A GLANCE 31 December 2020

A RESPONSIBLE BUSINESS Responsible Business is at the heart of our purpose to champion mutually positive futures every day. Caring deeply for our customers, communities and employees is in our DNA and is what sets us apart. It is also what guides our strategy which is made up of five interconnected pillars that spell CARES.

OUR FOCUS AREAS Our stakeholder focused approach ensures that we have a common understanding of the areas through which we can make a measurable impact. We are guided by the contribution our initiatives make to the SDGs*, the National Development Plan (NDP) of South Africa and the development frameworks of all the countries in Africa in which we operate.

RESPONSIBLE ENTREPRENEURSHIP DIVERSITY AND ENVIRONMENTAL FINANCIAL EDUCATION SKILLS INVESTING Create sustainable INCLUSION IMPACT WELLBEING Improve literacy DEVELOPMENT To deliver jobs by supporting Drive diversity, Focused targeted Encourage saving and numeracy Upskill employees appropriate risk- SMMEs through equity and investments that and investing, at Foundation for future roles adjusted returns preferential inclusion and support ESG* improve credit phase, focus on and skills training to policyholders procurement, supply employee principles and behaviour, financial early childhood for communities, while supporting chain management wellbeing management wellbeing and development focusing on long-term ESG* targeting black of impact on retirement readiness and improve unemployed principles businesses and environment leadership skills at youth, women female-led businesses school and district and people with level disabilities

R33.4 billion The Masisizane Fund: Level 1 B-BBEE Mutualpark: Invested R20.8 million R89 million invested in R77.8 million contributor in 27% decrease R31.4 million in towards remote invested in clean energy, SMME funding South Africa. in electricity financial education learning support, training our R1.1 billion approved in 2020. 85% of our consumption, and our initiatives curriculum employees and in education, Initiated the employees in 34% decrease reached over 20 recovery and developing our R5.6 billion in disbursement South Africa in municipal million people psycho-social intermediaries. affordable of R500 million are black, 56% water usage through various support to Over R21 million housing and committed to of employees and awarded a social media matriculants. allocated to R1.2 billion the Enterprise across the 6-star Green platforms Re-committed to bursaries or in sustainable and Supplier countries where rating the Old Mutual workplace agriculture Development we operate are by GBCSA* Education experience for Fund to support women Flagship 345 students job creation programme and trainees

Glossary

ESG Environmental, Social and Governance SDGs Sustainable Development Goals GBCSA Green Building Council South Africa OLD MUTUAL RECOGNISED FOR DOING GREAT THINGS EVERY DAY

• We have 406 000 active digital customers, representing 50% growth

• 826 000 rewards programme members. 584 000 are customers

• 1.6 billion Rewards points have been earned since inception, driving improved customer persistency

• Forbes ranked 750 of the best companies to work for in the world and Old Mutual was among only five South African companies included

• Old Mutual Limited and Old Mutual Insure retained Level 1 B-BBEE accreditation for the 2020 verification period

• Old Mutual named the Most Empowered Business in South Africa at the 2020 TOPCO Empowerment Awards

• Old Mutual was ranked Africa’s most valuable insurer and a Top Five leading brand in the inaugural Brand Finance 150TM report

• Awarded BCX Corporate Innovation Award for Robotics and Cognitive Automation in 2019 and in 2020 OM Wealth won second runner-up in the Corporate Category

• Old Mutual is the top ranked company in the latest South African Customer Satisfaction Index (SAcsi) for Life Insurance • Old Mutual Insure placed first in the Intermediated Insurance category in the 2020 SAcsi and joint second overall across financial services

• Old Mutual ranked 73rd in the 2020 Top 100 Global Insurance Brands and was the only African brand in the Top 100

COMPANY INFORMATION Old Mutual Limited Head Office Registered Address No. 1 Mutual Place, 107 Rivonia Road, Sandton 2146 Mutualpark, Jan Smuts Drive, Pinelands 7405 South Africa South Africa

MEDIA ENQUIRIES Tabby Tsengiwe: GM: Public Affairs and Communications I +27 11 217 1953 I +27 60 547 4947 I [email protected] oldmutual.com

OMBDS 06.2021 C3346 Old Mutual Life Assurance Company (SA) Limited is a licensed FSP and Life Insurer.