Old Mutual Ltd. reported its first profit decline since 2022, citing risk-off sentiment from Middle East conflicts. Adjusted headline earnings fell 30% to 2.95 billion rand ($184 million) for the six months through June. The Johannesburg-based insurer, Africa's biggest by assets, declared an interim dividend of 40 cents per share.

The profit drop marks a significant shift for the firm as investment returns were curbed by ongoing geopolitical tensions.