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S.Africa's Old Mutual reports 10% rise in half-year profit

Credit: REUTERS/Mike Hutchings

Old Mutual, South Africa's second-largest insurer, posted a 10% rise in half-year profit on Monday and said it would buy back 2.4 billion rand ($157.51 million) worth of shares.

JOHANNESBURG, Sept 2 (Reuters) - Old Mutual OMUJ.J, South Africa's second-largest insurer, posted a 10% rise in half-year profit on Monday and said it would buy back 2.4 billion rand ($157.51 million) worth of shares.

Adjusted headline earnings per share (HEPS) stood at 109.1 cents in the six months to June 30, compared with 98.9 cents a year earlier.

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

($1 = 15.2369 rand)

(Reporting by Emma Rumney; Editing by Subhranshu Sahu)

((Emma.Rumney@thomsonreuters.com; +27115952832;))

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