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Old Mutual announces 2.4B rand share repurchase plan

Old Mutual Ltd. announced a 2.4 billion South African rand share repurchase program as it reported a 10% rise in first-half earnings.

The stock buyback will commence on Sept. 3. During the first half, the company repurchased 110,783,507 of its issued ordinary shares as part of a 2.5 billion rand share repurchase program.

The insurer's adjusted headline earnings increased to 5.21 billion rand in the first half from 4.75 billion rand a year earlier. The rise was attributed to higher investment returns in South Africa, as well as profit growth in personal finance and the rest of Africa.

Adjusted headline EPS rose year over year to 109.1 cents from 98.9 cents.

As of Aug. 30, US$1 was equivalent to 15.21 South African rand.