Issue of Debt

Old Mutual
                  

6 September 2004

                            Old Mutual plc

   Issue of USD100,000,000 Floating Rate Notes due 9 September 2014
                       under the £2,500,000,000
                  Global Medium Term Note Programme


This document constitutes the Pricing Supplement relating to the issue
of Notes described herein.

Terms used herein shall be deemed to be defined as such for the
purposes of the Conditions set forth in the Offering Circular dated
31st March 2004.  This Pricing Supplement contains the final terms of
the Notes and must be read in conjunction with such Offering Circular.


1.  Issuer:                             Old Mutual plc

2.  (i)  Series Number:                 13

    (ii) Tranche Number:                1

3.  Specified Currency or Currencies:   United States Dollars ('USD')

4.  Aggregate Nominal Amount:

    (i)  Tranche:                       USD100,000,000

    (ii) Series:                        USD100,000,000

5.  (i)  Issue Price:                   100.00 per cent of the Aggregate Nominal Amount

    (ii) Net proceeds:                  USD99,010,000

6.  Specified Denominations:            USD100,000

7.  (i) Issue Date and Interest         9 September 2004
        Commencement Date:

    (ii) Interest commnecement Date     Not Applicable
         (if differend from the Issue 
         Date):  

8.  Maturity Date:                      Interest Payment Date falling on or nearest to 
                                        9 September 2014                                   

9.  Interest Basis:                     3 month USD LIBOR +0.63 per cent (further 
                                        particulars specified below)

10. Redemption/Payment Basis:           Redemption at par

11. Change of Interest Basis or         Not Applicable
    Redemption/Payment Basis:

12. Put/Call Options:                   Not Applicable

13. Status of the Notes:                Senior

14. Listing:                            London

15. Method of distribution:             Non-syndicated

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

16. Fixed Rate Note Provisions          Not Applicable

17. Floating Rate Note Provisions       Applicable

    (i) Specified Period(s)/Specified   Interest is payable quarterly in arrear on 9
        Interest Payment Dates:         March, 9 June, 9 September and 9 December
                                        in each year from and including 9 December 
                                        2004 to and including the Maturity Date

    (ii) Business Day Convention:       Modified Following Business Day Convention

    (iii) Additional Business           London and New York
          Centre(s):

    (iv) Manner in which the Rate of    Screen Rate Determination
         Interest and Interest Amount 
         is to be determined:

    (v) Party responsible for           Not Applicable
        calculating the Rate of 
        Interest and Amount (if not 
        the Agent):

    (vi) Screen Rate Determination:     Applicable

         - Reference Rate:              3 month USD LIBOR

         - Interest Determination       Two London Business Days prior
           Date(s):                     to the first day of each 
                                        Specified Period

         - Relevant Screen Page:        Moneyline Telerate page 3750
                                        at 11:00 a.m. London time

    (vii) ISDA Determination:           Not Applicable

         - Floating Rate Option:

         - Designated Maturity:

         - Reset Date:

    (viii) Margin(s):                   +0.63 per cent per annum

    (ix) Minimum Rate of Interest:      Not Applicable                   

    (x) Maximum Rate of Interest:       Not Applicable

    (xi) Day Count Fraction:            Actual/360(adjusted)

    (xii) Fall back provisions,         Not Applicable
          provisions and any other terms
          relating to the method of
          calculating interest on 
          Floating Rate Notes, if 
          different from those set out 
          in the Conditions:

18. Zero Coupon Note Provisions         Not Applicable

19. Index Linked Interest Note          Not Applicable
    Provisions

20. Dual Currency Interest Note         Not Applicable      
    Provisions

PROVISIONS RELATING TO REDEMPTION

21. Issuer Call                         Not Applicable
    
22. Investor Put                        Not Applicable

23. Final Redemption Amount of each     USD100,000 per Note of USD100,000 Specified 
    Note                                Denomination 

24. Early Redemption Amount of each     As per Condition 7(e)
    Note payable on redemption for 
    taxation reasons or on event of
    default and/or the method of 
    calculating the same (if required or
    if different from that set out in 
    Condition 7(e)):

GENERAL PROVISIONS APPLICABLE TO THE NOTES

25. Form of Notes:                      Bearer Notes:
                                        Temporary Global Note exchangable for a 
                                        Permanent Global Note which is exchangeable 
                                        for definitive Bearer Notes only upon an 
                                        Exchange Event.

26. Additional Financial Centre(s) or   London and New York
    other special provisions to Payment 
    Dates:

27. Talons for future Coupons or        No
    Receipts to be attached to 
    Definitive Regulation S Bearer 
    Notes (and dates on which such 
    Talons mature):

28. Details relating to Partly Paid     Not Applicable
    Notes: amount of each payment
    comprising the Issue Price and date 
    on which each payment is to be made 
    and consequences of failure to pay, 
    including any right of the Issuer to 
    forfeit the Notes and interest due
    on late payment:

29. Details relating to Instalment      Not Applicable   
    Notes:     

30. Redenomination applicable:          Redenomination not applicable

31. US Taxation:                        Not Applicable

32. Other terms or special conditions:  Fees: 0.99% of the Aggregate Nominal Amount

DISTRIBUTION

33. (i)  If syndicated, names of        Not Applicable
         Managers:

    (ii) Stabilising Manager (if any):  Not Applicable

34. If non-syndicated, name of          Citigroup Global Markets
    relevant Dealer:                    Limited

35. Whether TEFRA D or TEFRA C rules    TEFRA D
    applicable or TEFRS rules not
    applicable:

36. Additional selling restricions:     Not Applicable

OPERATIONAL INFORMATION

37. Any clearing system(s) other than   Not Applicable
    Euroclear and Clearstream,
    Luxembourg and DTC and the 
    relevant identification number(s):

38. Delivery:                           Delivery against payment

39. Additional Paying Agent(s)(if any): Not applicable

40. In the case of Registered Notes,    Not applicable
    specify the location of the
    Registrar if other than New York:

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    ISIN:                               XS0200786696
    Common Code:                        020078669      

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LISTING APPLICATION

This Pricing Supplement comprises the final terms required to list the
issue of Notes described herein pursuant to the £2,500,000,000
Global Medium Term Note Programme of Old Mutual plc.

RESPONSIBILITY

The Issuer accepts responsibility for the information contained in the
Pricing Supplement.

Signed on behlaf of the Issuer:

By: 


    Duly Authorised