Old Mutual Ltd. Expects 1st Half Was Hit Hard by Covid-19, Provisions to Rise
24 August 2020 - 4:59PM
Dow Jones News
By Sabela Ojea
Old Mutual Ltd. said Monday that its business is still being
hurt by the coronavirus pandemic and that it expects its first-half
results were severely hit.
The South Africa-based financial-services company said sales
levels remain below prior levels and that it has raised short-term
provisions in anticipation of worsening mortality, morbidity and
persistency experience in the second half of 2020.
"These reserves have also increased our provisions for expected
credit losses in Old Mutual Finance in recognition of declining GDP
forecasts [in South Africa], and the anticipated impact of this on
future credit losses," the company said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
August 24, 2020 02:44 ET (06:44 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Old Mutual (LSE:OMU)
Historical Stock Chart
From Apr 2024 to May 2024
Old Mutual (LSE:OMU)
Historical Stock Chart
From May 2023 to May 2024
