MAF
MAF
MAF - Mutual & Federal - Trading Update
MUTUAL & FEDERAL INSURANCE COMPANY LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1970/006619/06
Share code: MAF & ISIN No: ZAE000010823
("Mutual & Federal" or "the company")
TRADING UPDATE
Shareholders are advised that following the implementation of corrective action
measures in the company, the underwriting results for the second half of 2008
are significantly better that those reported for the first half of the year.
Substantial declines in the value of listed equities have however resulted in
investment income for 2008 reducing by more than 120% when compared to 2007.
Furthermore, the company has incurred retrenchment costs associated with the
recent restructure and certain one-off expenses associated with a strategic
initiative.
As a result of the above, the company expects basic earnings per share and
headline earnings per share for the year ended 31 December 2008 to be 100% to
120% lower than those of the prior corresponding period.
The information in this trading update has not been reviewed or reported on by
the Mutual & Federal auditors.
The results for the year ended 31 December 2008 are expected to be published on
or about 6 February 2009.
Johannesburg
22 January 2009
Nedbank Capital
Date: 22/01/2009 08:00:04 Produced by the JSE SENS Department.
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