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Voluntary trading update for OHL and trading statement for Outsurance Group for the six month ended 31 December 2024
OUTSURANCE GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2010/005770/06)
ISIN: ZAE000314084
Share code: OUT
("OGL" or "the Group")
VOLUNTARY TRADING UPDATE FOR OUTSURANCE HOLDINGS LIMITED AND TRADING
STATEMENT FOR OUTSURANCE GROUP LIMITED FOR THE SIX MONTHS ENDED 31 DECEMBER
2024
1. VOLUNTARY TRADING UPDATE FOR OUTSURANCE HOLDINGS LIMITED (OHL) FOR THE
SIX MONTHS ENDED 31 DECEMBER 2024
The normalised earnings of the OHL Group (92.7%-held by OGL) for the six
months ended 31 December 2024 (current period) were impacted by:
• the significantly lower natural perils claims incurred compared to the
six months ended 31 December 2023 (comparative period) by particularly
Youi and also OUTsurance SA;
• the strong premium growth of the operating segments driven by inflation
and satisfactory organic growth, however the consolidated premium growth
rate for the OHL Group was slightly curtailed by the stronger Rand against
the Australian Dollar;
• higher investment income;
• the good operational performance and the favourable impact of yield
movements at OUTsurance Life;
• a material increase in the cost of the South African Employee Share Option
Scheme (ESOP), following the 43.3% increase in the OGL share price over
the current period. The final tranche of the ESOP vests in September 2025
after which all vintages of long-term incentives will be transitioned to
the new Conditional Share Plan, which is significantly less geared
compared to the ESOP and which will result in a more stable expense base
going forward; and
• the launch of OUTsurance Ireland in May 2024, which resulted in
significantly higher start-up losses being incurred during the current
period compared the comparative period and which is in line with
expectations.
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
Six months
Six months ended
ended 31 December
31 December 2024
2023 % increase/
R million (decrease)
OHL (group consolidated) 1 546 41% to 47%
OUTsurance SA (short-term operations) 923 24% to 30%
Youi Group 556 112% to 118%
OUTsurance Life 70 100% to 106%
OUTsurance Ireland (59) (267%) to (273%)
2. TRADING STATEMENT FOR OUTSURANCE GROUP LIMITED FOR THE SIX MONTHS ENDED
31 DECEMBER 2024
Paragraph 3.4(b) of the JSE Limited Listings Requirements requires companies
to publish a trading statement as soon as they become reasonably certain
that their financial results for the period to be reported on next will
differ by at least 20% from those of the previous corresponding period.
In addition to the positive performance of OHL as outlined above, RMI Treasury
Company's associate income delivered a significantly stronger performance.
The following guidance is provided to OGL shareholders regarding the Group's
expected normalised earnings per share (NEPS), headline earnings per share
(HEPS) and earnings per share (EPS) for the six months ended 31 December
2024:
Guidance for the six months
Six months ended
ended 31 December 2024
31 December
2023 Expected Expected range
(cents) % increase (cents)
NEPS 92.1 49% to 55% 137.2 to 142.8
HEPS 91.6 42% to 48% 130.1 to 135.6
EPS 123.6 4% to 10% 128.5 to 136.0
Included in earnings attributable to ordinary shareholders for the
comparative period is an amount of R486 million relating to the profit on
sale and dilution of associates, which was excluded from headline and
normalised earnings and which did not recur in the current period. This
explains the significantly lower expected increase in EPS compared to HEPS
and NEPS.
OGL regards normalised earnings (which excludes non-operational items and
accounting anomalies) as the key indicator of the Group's operational
performance.
The financial information on which this voluntary trading update and trading
statement is based is the responsibility of the OGL directors and has not
been reviewed and reported on by the Group's external auditor.
OGL's financial results for the six months ended 31 December 2024 are expected
to be released on SENS on Friday, 14 March 2025.
Centurion
27 February 2025
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 27-02-2025 02:33:00
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