March 11, 2019 / 5:23 AM / 2 months ago

South Africa's No.2 insurer Old Mutual FY profit drops 12 pct

JOHANNESBURG, March 11 (Reuters) - Old Mutual, South Africa’s second-largest insurer, said on Monday its profit dropped 12 percent on an adjusted basis in 2018, its first full year as a single Africa-focused entity.

Headline earnings per share (HEPS) came in at 239.1 cents ($0.1663), for the 12 months ended Dec. 31, compared with 271.1 cents a year earlier, when adjusted to account for the break-up of its past conglomerate structure, the insurer said.

HEPS is the main profit measure in South Africa, which strips out certain one-off items.

$1 = 14.4292 rand Reporting by Emma Rumney, Editing by Sherry Jacob-Phillips

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