Old Mutual Ltd. said “exceptional growth” in new business drove profit at Africa’s biggest insurer by assets as much as 45% higher last year.
Profit after tax likely increased to as much as 7.59 billion rand ($406 million) in the 12 months ended Dec. 31 from 5.23 billion rand a year earlier, the company said in a voluntary trading statement Tuesday. Higher interest rates and a recovery in equity markets buoyed investment returns, it said.