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OUTsure - trading update and statement
Trading update
The OHL Group delivered a satisfactory operational and financial performance for the six months ended 31 December 2025 (current period). The normalised earnings of the OHL Group (92.8%-held by OGL) were influenced by:
• Strong gross written premium and annualised new business growth across the Group's core direct short-term insurance operations;
• A strong claims and expense efficiency performance delivered by the South African short-term insurance operations, despite marginally higher natural perils exposure;
• The large reduction in the share-based payments expense which bolstered the results of the South African operations. This outcome is in line with expectation due to the replacement of the Employee Share Option Scheme (ESOP) with the Conditional Share Plan (CSP). The CSP is significantly less geared to share price movements;
• Youi's retained natural perils exposure more than doubled compared to the six months ended 31 December 2024 (comparative period) following catastrophe events in Australia and higher storm frequency. Notwithstanding the high retained natural peril losses, Youi delivered a strong performance in terms of its working (non-natural perils) claims ratio and cost-to-income ratio and remained on track in respect of its long-term organic growth strategy;
• OUTsurance Life delivered a pleasing operational performance marked by good new business growth and improved cost efficiency. From a financial perspective, the strong performance was offset by the impact of the extraordinary reduction in the South African yield curve following positive macro-economic developments in South Africa;
• OUTsurance Ireland continued with its incremental scale-up strategy over the current period. The monthly loss profile is expected to reduce over the second half of the current financial year in line with the forecast break-even profile; and
• Despite a lower interest rate environment, the strong performance of the South African equity market continued to support earnings.
Trading statement
The following guidance is provided to OGL shareholders regarding the OGL Group's expected normalised earnings per share (NEPS), headline earnings per share (HEPS) and earnings per share (EPS) for the current period:
NEPS is expected to increase by between 4% and 10% to between 145.6c per share and 154.0c per share (2024: 140c per share);
HEPS is expected to increase by between 11% and 17% to between 147.5c per share to 155.5c per share (2024: 132.9c per share); and
EPS is expected to increase by between 11% and 17% to between 147.5c per share to 155.5c per share (2024: 132.9c per share).
OGL's financial results for the six months ended 31 December 2025 are expected to be released on SENS on Wednesday, 11 March 2026.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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