Old Mutual announced on Wednesday that Casper Troskie had agreed to remain as CFO until April 2027.
The decision was made in the interest of continuity and to assist with the execution of various key strategic projects under way, the group said in a statement on Wednesday.
In November 2023, Old Mutual advised shareholders that Troskie would reach the company’s normal retirement age in April.
At the time it agreed with Troskie to extend his employment contract for one year to the end of April 2025. This would allow for at least one supplementary financial reporting cycle under the new insurance accounting standard, IFRS 17, it said. The process to appoint a suitable candidate as a successor had commenced, it said at the time.
In September Business Day reported that Old Mutual, led by Iain Williamson, reported a solid performance at the halfway stage of its financial year, increasing life sales by 6% and gross written premiums by 9%.
Adjusted headline earnings for the six months to end-June, an important metric for distributable earnings, rose 3% to R3.27bn, supported by a 14% increase in shareholder investment returns due to an improved performance by SA equities.
Adjusted headline earnings per share increased by 7% to 73.5c, bolstered by the R1.5bn share buyback executed in 2023, Old Mutual said in a statement on Thursday. A further R1bn share buyback was proposed for 2024, subject to regulatory approval.
Headline earnings, which include the results of Zimbabwe, were up 34% at R5.825bn. An interim dividend of 34c per share was declared.
The group said the resilience and scale of the various business segments underscored the importance of a diversified earnings base.
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