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Quilter listing boosts profit at Old Mutual

The listing of Quilter contributed to a 42 per cent increase in post-tax profit at Old Mutual in the six months ended 30 June.

Quilter, formerly Old Mutual Wealth, listed on the London Stock Exchange valued at £2.76bn on 25 June.

In half-year results released this morning, South African business Old Mutual, which is still listed on the London Stock Exchange, says the distribution and sale of Quilter shares generated a profit of R2.85bn (£149.4m).

Earlier this month Quilter reported a 16 per cent increase in adjusted profit before tax in its half-year update; the first figures it published since listing as a standalone business from Old Mutual.

The future of Old Mutual: Will a breakup be hard to bear?

Old Mutual chief executive Peter Moyo says: ‘With our debut results as Old Mutual Limited, I am pleased to report that we are on track to deliver on the commitments we have made to investors.”

He says: “There is renewed momentum and excitement in the group following our listing and this is captured in our new, vibrant branding launched recently. Whilst we continue to see economic headwinds in the near term, our group is resilient and we are on track with our financial targets.”

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