Old Mutual Posts Highest Profit Since 2019 on Premium Growth

Old Mutual Group Ltd. reported its highest profit since 2019, buoyed by rising demand for its short-term insurance and wealth management products at home in South Africa.

The Johannesburg-based company’s adjusted headline earnings rose 14% to to 6.69 billion rand ($370 million). That exceeded the 6.6 billion-rand forecast by six analysts in a Bloomberg survey.

The Old Mutual Ltd. office building in the Sandton business district of Johannesburg.

Photographer: Waldo Swiegers/Bloomberg

Old Mutual and rivals including Sanlam Ltd. are benefiting from a modest revival in South Africa. Improved performance at the state-run power utility and the government’s focus on infrastructure projects is helping continent’s biggest economy and spurring consumer demand.

The company’s headline earnings per ...