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Annual Report & Accounts 2015

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Annual Report & Accounts 2015 Annual Report & Accounts 2015 CONTENTS Our four strong business units 04 22 32 Chairman’s Old Mutual message Emerging Markets 06 42 Nedbank Chief Executive’s review 52 60 Old Mutual Institutional Asset Wealth Management Financial review Find out more about Old Mutual Corporate website www.oldmutual.com Annual Report www.oldmutual.com/reportingcentre Positive Futures Plan www.oldmutual.com/reportingcentre OLD MUTUAL PLC ANNUAL REPORT AND ACCOUNTS 2015 WELCOME TO OUR 01 ANNUAL REPORT 2015 Strategic report Strategic OUR STORY Governance Strategic report Old Mutual began in Cape Town in 01 Welcome 1845 as South Africa’s first mutual life 02 At a glance 04 insurance company, offering financial Chairman’s message Financials 06 Chief Executive’s review security in uncertain times. Today, 08 Strategy 171 years on, the Group is made up 13 Stakeholder relationships 18 Non-financial KPIs of four strong businesses operating 20 Financial KPIs successfully in their respective markets 22 Old Mutual Emerging Markets 32 Nedbank and enabling positive futures for 42 Old Mutual Wealth their stakeholders. 52 Institutional Asset Management 60 Financial review We are changing Our strategic priorities 82 Risks Our strategy Working with our businesses in To execute a managed separation delivering enhanced performance Governance of the Group into four strong relative to their peer groups. 100 Board of Directors standalone entities. Stewardship of the managed 103 Corporate Governance separation process, balancing A managed separation of the Group value, cost, time and risk. 124 Directors’ Remuneration Report will free the constituent parts into four independent businesses, each having Fulfilling the Group’s ongoing Financials regulatory obligations; and 154 Group Financial Statements a capital structure and dividend policy suitable for its own strategy managing the Group’s debt 298 Financial statements of the Company that will allow it to access its natural obligations, central cost reductions 306 Shareholder information shareholder base. and distributions to shareholders. Following the managed separation, Our values the lead regulator for each We are committed to being a business will then be the same responsible business with a view to as the local regulator. the long-term and will focus on areas where our businesses can make a We will manage the separation of material impact and create meaningful the Group in a manner that aims change. Our businesses will continue to enhance value to shareholders to be guided by our strong values: over time. respect, integrity, accountability and pushing beyond boundaries. OLD MUTUAL PLC ANNUAL REPORT AND ACCOUNTS 2015 02 Strategic report Strategic GROUP AT A GLANCE Our Group operates in over 30 countries GROUP ADJUSTED OPERATING PROFIT (AOP) BY GEOGRAPHY (Post-tax and NCI) South Africa Rest of Africa AOP £662m (+5%1) AOP £49m (+2%1) Share of Group 62% Share of Group 5% Old Mutual Emerging Markets and Old Mutual Emerging Markets Nedbank’s South African market and Nedbank’s markets in Africa (excluding South Africa) UK & Rest United Asia & of the World States Latin America AOP £258m (+32%1) AOP £87m (-7%1) AOP £14m (-33%1) Share of Group 24% Share of Group 8% Share of Group 1% Old Mutual Wealth UK-based businesses Institutional Asset Management Old Mutual Emerging Markets, other US-based businesses markets including: China, India, Colombia, Mexico, Uruguay AOP (pre-tax and NCI) of £1.7 billion up 11% in constant currency, up 4% in reported currency NCCF of £6.6 billion (excluding Rogge) Group ROE 14.2% Solvency II ratio 135% OLD MUTUAL PLC ANNUAL REPORT AND ACCOUNTS 2015 03 Old Mutual Nedbank Old Mutual Institutional Emerging We provide Wealth Asset report Strategic Markets A wide range of wholesale We provide Management and retail banking services Advice-driven wealth solutions We provide and a growing insurance, We provide Financial solutions to retail and to customers in the UK and a A diverse range of investment asset management and number of cross-border markets. corporate customers across a wealth offering to individuals strategies and products, number of market segments and businesses. Highlights and position delivered via a multi-boutique and geographies. 41% of FUM now model to institutional investors. Highlights and position managed internally. Highlights and position Headline earnings up 9.6% Highlights and position Completed the acquisition to R10,831 million. Best Investment Fund – Achieve solid margins relative of a 60.7% stake in UAP. Old Mutual Global Investors to peers and a strong level 2015 South African and African of revenue growth from net 2015 Presidential Game 2015 Moneyfacts Investment, Bank of the Year. new money flows across Changer Award for driving Life & Pension Awards. core affiliates. transformation in financial Adjusted operating profit Adjusted operating profit services in South Africa. Leading institutional 2 £754m (+7% ) 1 asset manager. Adjusted operating profit £307m (+35% ) Funds under management Funds under management Adjusted operating profit 2 £615m (+9% ) 2 £11.9bn (+20% ) 1 2 Funds under management £104.4bn(+27% ) £149m (+6% ) www.nedbank.co.za www.oldmutual Funds under management £43.4bn (+9%2) p32 wealth.com p42 (-9%2) www.oldmutual.co.za £168.2bn p22 www.omam.com p52 GROUP CUSTOMERS GROUP ADJUSTED OPERATING GROUP EMPLOYEES BY PROFIT BY BUSINESS UNIT BUSINESS UNIT (Pre-tax and NCI) 3 1 4 1 4 5 1 3 18.9m 31,663m 64,043 2 2 2 1. Old Mutual Emerging Markets 57% 1. Old Mutual Emerging Markets 37% 1. Old Mutual Emerging Markets 43% 2. Nedbank 39% 2. Nedbank 45% 2. Nedbank 49% 3. Old Mutual Wealth 4% 3. Old Mutual Wealth 18% 3. Old Mutual Wealth 5% 4. Institutional Asset Management 3 4. Institutional Asset Management 9% 4. Institutional Asset Management 2% 5. Central activities (9%) 5. Other 1% 1 Reported currency movement against prior year 2 Local currency movement against prior year 3 Institutional clients 18.9 m Customers in over 30 countries OLD MUTUAL PLC ANNUAL REPORT AND ACCOUNTS 2015 04 Strategic report Strategic CHAIRMAN’S MESSAGE TO SHAREHOLDERS 2015 was a year of change and momentum for the Group. We delivered a strong result in spite of a number of headwinds Patrick O’Sullivan Chairman HIGHLIGHTS OF THE YEAR Adjusted operating earnings per share of 19.3p, up 15% in constant currency Bruce Hemphill joined the Company as our new Group Chief Executive Our new strategy offers an appropriate way of preserving and creating value for the future OLD MUTUAL PLC ANNUAL REPORT AND ACCOUNTS 2015 Alongside this year’s results, we have considerable debt to the loyal employees 05 announced the Group’s capital position whose efforts have shaped the evolution under the Solvency II regime, which of the Group. I am sure that they, customers came into effect from 1 January 2016. and shareholders alike will recognise the report Strategic Our Solvency II ratio at the end of 2015, at logic behind our decision and can look 135%, while satisfactory, does not include forward to the opportunity to create £0.8 billion of surplus at Old Mutual long-term shareholder value in the next Emerging Markets and Nedbank. The phase in the evolution of Old Mutual. solvency capital position of each of our More details about this new strategic underlying businesses remains robust. direction are included in the later sections of this Report. Board developments Towards the end of 2015, we welcomed As part of our transition through the Bruce Hemphill as our new Group Chief implementation phase for this new strategy, Executive. He assumed his position at the we anticipate that the Group’s Operating beginning of November. Model will evolve from its current strategic controller model to an active portfolio We were also pleased to welcome Trevor manager model. We will also be OLD MUTUAL IS PROUD Manuel, the former South African Finance addressing during the months ahead the OF ITS ROOTS IN Minister, who joined the Board as a implications of this new strategy for the SOUTH AFRICA non-executive director from January 2016. respective roles of the holding company After 15 years on the Board, firstly as and subsidiary boards. Group Finance Director and from 2007 Conclusion as Group Chief Executive, Julian Roberts The volatile market conditions experienced transitioned out of his position during the since the start of this year, together with The Group has evolved year. My colleagues and I wish to thank reduced international flows into emerging to reach a point today Julian sincerely for his successful turnaround markets, have clouded the outlook for 2016. where we have four of the Group during one of the most Given the challenges ahead, we believe leading businesses difficult financial market environments our new strategy offers an appropriate of recent decades. We wish him every way of preserving and creating value success in the years ahead. for the future. I look forward to keeping Paul Hanratty, our Chief Operating Officer, shareholders and other stakeholders will step down from the Board on 12 March informed as we make progress with the 2016, but he will remain available to the implementation of our plans. Group, providing advice to the Group Finally, I would like to express, on behalf of Chief Executive and, until a successor is the Board, our heartfelt appreciation for appointed, as Chairman of Old Mutual the contribution of the Group’s employees Overview of the year Emerging Markets. 2015 was a year of change and momentum during a continuing period of change. for the Group. We delivered a strong result Strategic review Without their efforts, we would not now in spite of a number of headwinds, in Old Mutual is an iconic South African have the opportunities we believe are vital particular volatility in the equity markets institution with a heritage of which it to the future of our four businesses.
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