The company said its operations was weighed down by a stuttering South African economy
Insurance firm, Old Mutual registered a 5% drop in earnings in 2019.
The company said its operations was weighed down by a stuttering South African economy.
South Africa’s economy expanded at the slowest pace in a decade in 2019 as business and consumer confidence plunged amid a shortage of electricity and shrinking disposable incomes.
Old Mutual is also having to contend with hyperinflation and the worst economic crisis in Zimbabwe in a decade.
Adjusted earnings per share before one-time items will probably increase 4%-9% for the 12 months through December 2019, buoyed by higher returns on investments, Old Mutual said in a statement.
Old Mutual operates a subsidiary in Ghana.
