Old Mutual FY operational and financial performance recovers in 2021

Old Mutual stated the relaxation of lockdown restrictions during the current period had supported considerable growth in productivity levels across the group despite a "challenging operating environment" in all of its markets.

The London-listed firm said its South African retail segments continued to deliver improved productivity, with issued sales in its personal finance unit above 2019 levels due to strong single premium activity, while sales activity in its corporate division remained subdued.

Old Mutual also said it had reserved for expected future Covid claims based on experience including the impacts of the Omicron variant.

As of 0830 GMT, Old Mutual shares were up 0.54% at 64.85p.