Old Mutual Plc (OML), Africa’s largest insurer, said profit from continuing operations in the first half rose 14 percent on higher emerging-market sales.

This was stated by the London-based insurer who purported on Wednesday that earnings in the period through June were 555 million pounds ($852 million), compared with 487 million pounds a year earlier, while the dividend increased 20 percent to 2.1 pence, adjusted earnings per share rose to 9.1 pence.

Julian Roberts, Chief Executive Officer of OML has revealed that the emerging markets performed well and that their US Asset Management Business had a very strong half, substantially contributing to the positive net client cash flows.

Old Mutual has operations in Europe, the UK, Latin America, Nigeria and South Africa. The UK this year banned fund management and life insurance firms from paying commission to financial advisers in return for sales, undermining demand for some products.

Old Mutual, which set aside 5 billion rand (505 million) for expansion in emerging markets, is focusing on fast-growing countries such as Kenya where it said in July it plans to buy a stake in lender Faulu Kenya DTM Ltd.

“We are working with our retail customers in South Africa to help them through a challenging economic environment,” the company said. “We are seeing improved conditions in the US and the UK, and sub-Saharan Africa continues to grow strongly.”

Old Mutual has risen 13 percent in London this year, less than the average 26 percent gain on the eight-member FTSE 350 Life Insurance Index.

South Africa’s rand has depreciated 15 percent against the dollar and almost 10 percent against the pound this year.

Philip Broadley, the Insurer’s Chief Financial Officer, said that the rand’s weakness took 1 penny off Old Mutual’s first half earnings per share, while the weaker rand makes dividend growth higher for South Africa shareholders, continued weakness may take 2 pence or more off the full-year earnings per share figure.

Marcus Barnard, an analyst at Oriel Securities Ltd said in his note to investor that the trends shows progress in sales and operational effectiveness, but profit and balance sheet measures has been held back by currency movements, adding that future share price moves should reflect the improvements in the underlying operating performance.

“Net income fell to 414 million pounds a year earlier following asset sales last year. The US asset management operations are shoeing more consistent growth, according to Roberts, and an initial public offering of the business may be considered again sometime in the future after plans were delayed,” he said.