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Trading update and voluntary trading statement for the six months ended 31 December 2025
OUTSURANCE GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2010/005770/06)
ISIN: ZAE000314084
Share code: OUT
("OGL")
TRADING UPDATE AND VOLUNTARY TRADING STATEMENT FOR THE SIX MONTHS ENDED 31
DECEMBER 2025
1. TRADING UPDATE FOR OUTSURANCE HOLDINGS LIMITED (OHL)
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.
Shareholders are advised that normalised earnings for OHL and its major
operating subsidiaries for the current period are expected to fall within
the ranges provided below:
Guidance for the
six months ended
Reported 31 December 2025
Six months ended Expected %
31 December 2024 increase/
R million (decrease)
OHL (Group consolidated) 2 219 10% to 15%
OUTsurance SA (short-term operations) 1 172 66% to 72%
Youi Group 1 198 (40%) to (46%)
OUTsurance Life 142 (2%) to 4%
OUTsurance Ireland (218) (18%) to (24%)
2. VOLUNTARY TRADING STATEMENT FOR OUTSURANCE GROUP LIMITED
RMI Treasury Company's associate income delivered an exceptional performance
in the comparative period which did not recur in the current period. This
outcome resulted in the normalised earnings growth rate differential between
the OHL and OGL Groups.
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:
Guidance for the six months ended
Reported 31 December 2025
Six months ended
31 December 2024 Expected Expected range
(cents) % increase (cents)
NEPS 140.0 4% to 10% 145.6 to 154.0
HEPS 132.9 11% to 17% 147.5 to 155.5
EPS 132.9 11% to 17% 147.5 to 155.5
OGL regards normalised earnings (which excludes non-operational items and
accounting anomalies) as the key indicator of the OGL Group's operational
performance.
The financial information on which this trading update and voluntary trading
statement is based is the responsibility of the OGL directors and has not
been reviewed and reported on by the OGL Group's external auditor.
OGL's financial results for the six months ended 31 December 2025 are expected
to be released on SENS on Wednesday, 11 March 2026.
Centurion
26 February 2026
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 26-02-2026 02:00:00
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