Annual Financial Report

RNS Number : 9968I

Old Mutual PLC

31 March 2015

 



Old Mutual plc

Ref 244/15

31 March 2015

annual financial report 2014 and annual general meeting 2015

Old Mutual plc (the "Company") has today published its Annual Financial Report for 2014.  Copies of the Annual Financial Report, the Strategic Report for 2014, the shareholder circular containing Notice of the 2015 Annual General Meeting ("AGM") and the Form of Proxy for the AGM have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.hemscott.com/nsm.do.  These documents will also be available later today on the Company's own website at www.oldmutual.com.  Copies of the Annual Financial Report may also be obtained from Investor Relations, Old Mutual plc, 5th Floor, Millennium Bridge House, 2 Lambeth Hill, London EC4V 4GG or Old Mutual Square, Isibaya Building, 2nd Floor, 93 Grayston Drive, Sandton 2196, South Africa.

The AGM will be held in the Presentation Suite, 2nd Floor, Millennium Bridge House, 2 Lambeth Hill, London EC4V 4GG on 14 May 2015 at 11.00 a.m.  As usual, the meeting will be webcast so that shareholders who cannot readily attend it in London can, if they have access to a computer, observe the proceedings.  A link to the webcast will be available on our website on Thursday, 14 May 2015 from 10.45 a.m. (UK time).

In compliance with the Company's obligations under DTR 6.3.5, additional information is set out below which has been extracted in full unedited text from the Annual Financial Report.  Accordingly, page references and section numbers in the text below refer to page numbers and section numbers in the Annual Financial Report.  This extracted information should be read in conjunction with the Company's preliminary results announcement, which was released on 27 February 2015 and is available on our website.

"The Group has remained resilient and the risk management focus is now on execution given a number of recent strategic changes.

Our principal risks have been determined by assessing the possible effects on our reputation, our stakeholders, our earnings, capital and liquidity, and the future sustainability of our business. They are summarised in the table below. These risks are largely strategic in nature. They are closely monitored and overseen by Group management and are reported to the Board on a regular basis.

During the year the Group underwent a number of strategic changes. The pace and scale of these changes mean that strategic execution risk is now our key principal risk. As in previous years, economic conditions in South Africa, the changing location of credit risk across the Group and the level of currency translation risk remain principal risks impacting Old Mutual. The risk of changing customer needs and regulatory change remains important for Old Mutual and its peers.

Our business is also affected by a number of risks inherent to the products we offer, such as exposure to market levels, interest rates and insurance liability risk. These drive a significant proportion of our capital requirements and earnings volatility exposure. Given the nature of our product offering, market risk is material, as we are exposed to the impact of market movements on asset-based fees - which are generated from client-selected investments. More information on our risk and capital management and risk profile is contained in the 'Risk and capital management' section of this Annual Report. Additional risk information is disclosed in the consolidated financial statements, note E, in this Annual Report.

1. Strategic execution risk and pace of change across the Old Mutual Group
How it impacts Old Mutual	2014 and beyond	Risk mitigation and management actions
Currently, and for the foreseeable future, there is a high degree of execution risk associated with the pace and scale of change across the Group. Most notably: ·  Nedbank and Old Mutual Emerging Markets are simultaneously expanding into key African growth markets. At the same time they are increasing collaboration across the South African investment, savings, insurance and banking businesses. In addition, significant investment is planned in updating and enhancing technology within these businesses ·  Old Mutual Wealth is focusing on the integration of recent acquisitions, growing its asset management capability and implementing its outsourcing of technology and administration to IFDS ·  OM Asset Management plans to expand and grow a multi-boutique asset management business through acquisitions of additional affiliates ·  Across the Group we aim to become recognised as the financial services leader in responsible business across our markets. This will require operational, performance and management changes throughout the business.	As part of delivering our growth strategy, we announced and completed various acquisitions and partnerships in 2014. Old Mutual Emerging Markets acquired stakes in a number of businesses across Africa during 2014. Work will continue on integrating these businesses. Acquisitions are planned to continue, with the intended acquisition of the majority holding in UAP expected to complete during 2015. In 2014 Nedbank finalised the acquisition of a 36% shareholding in Banco Único in Mozambique and exercised its option to take a 20% share in Ecobank. Further strategic partnerships and acquisitions will be pursued. The Old Mutual Wealth strategy seeks to transform the business into a simpler, vertically integrated business with updated IT systems. While the level of operational risk in Old Mutual Wealth is within risk appetite, it remains high in the short-term, reflecting the execution of the outsourcing arrangement with IFDS and the acquisitions of Intrinsic and Quilter Cheviot. The partial IPO of the OM Asset Management business was completed in 2014. OM Asset Management set out its growth agenda in the IPO. It will identify and seize opportunities as they arise, in line with the key risks outlined at the time of its listing. The additional litigation and regulatory risks introduced by listing are managed through our ongoing risk management processes.	Strong governance structures exist, combining Group executives, local executive leadership and non-executive directors with the requisite blend of skills and experience to challenge key strategic initiatives effectively. Within the business units, oversight committees exist at both executive and Board levels to oversee strategic IT and outsourcing projects. For key projects across the Group, there is centralised oversight at Group level over and above the business unit oversight. The impact of these changes on the risk profile of the business is managed dynamically through Group risk governance and monitoring processes. We mitigate the increased operational risk by maintaining our focus on the control environment and prompt escalation.

2. Uncertain economic conditions in South Africa
How it impacts Old Mutual	2014 and beyond	Risk mitigation and management actions
A significant portion of our earnings comes from our South African businesses. In our insurance and investment businesses, our earnings are at risk if our customers are unable to keep up premiums, cancel existing policies or withdraw their savings earlier than anticipated. Additionally, our future profits will be at risk if customers do not buy insurance policies from us or invest their savings with us at the levels we anticipate. Low interest rates may also negatively impact endowment income in our banking businesses. All our businesses are exposed to increased expense growth from high levels of inflation. A weak economic environment impacts credit risk in our investment, insurance and banking businesses. (Credit risk is discussed further below.) We have exposure to South African sovereign debt and parastatals, but only within the South African businesses, in line with market and regulatory expectations.	The global economic outlook remains uncertain. The South African economy is integrated in the global economy but is also impacted by domestic factors. During 2014 South Africa's economic growth forecasts were revised downwards after protracted labour disputes and power shortages. These also prompted a sovereign credit downgrade by rating agencies. If sovereign credit was further downgraded, the impact on the Group's business outside South Africa would be limited. Within South Africa the impact would be reflected in consequential changes in underlying economic and market-related factors, such as the level of interest rates, foreign exchange rates and international capital flows. Subdued global demand and persistent infrastructure constraints are expected to limit growth in the South African economy. This will continue to weigh on household disposable income in the medium term. However, a prolonged period of low oil prices, leading to lower transport and food costs, could help support disposable income and spending.	We monitor multiple external economic factors and incorporate them into stress and scenario testing to understand our earnings and capital resilience to severe macro-economic events. We offer solutions to help clients in tougher times, and focus on understanding individual customers' financial positions at the point of sale. For example, the 2-IN-ONE savings product for the mass foundation market launched in 2014. See the case study in the 'Our markets' section on page 27. Our businesses manage premium collections and credit payments, while monitoring for early indicators of financial distress. We manage our cost base judiciously, while investing sustainably for the future. The Group's plan to grow the sources of earnings outside South Africa, in the medium-term, is expected to diversify its exposure to this risk.

3. Credit risk and location of credit risk across the Group (continued overleaf)
How it impacts Old Mutual	2014 and beyond	Risk mitigation and management actions
One of our largest risks to Group earnings is our exposure to banking credit risk from lending and other financing activities through our ownership of Nedbank, and to a lesser extent our exposure within Old Mutual Emerging Markets. Credit risk exposure within Old Mutual Emerging Markets is growing as a proportion of this division's own risk exposure. Despite tight controls and processes, banking profits remain sensitive to relatively small movements in credit loss ratios. Our exposure to Nedbank is primarily risk to earnings, as Nedbank's capital and liquidity requirements are both met from its own available resources.	Credit risk across the Group increased during 2014 due to the acquisition of Faulu and an increase in Old Mutual Emerging Markets' stake in Old Mutual Finance from 50% to 75%. Although Nedbank's 20% ownership of Ecobank is accounted for as an equity share, this indirectly increases our credit risk. Our credit risk remains within appetite. However, the high levels of personal indebtedness and pressure on consumers in South Africa remain a challenge, as do other macro-economic factors outside our control, such as commodity prices. Our lending credit exposure is concentrated in secured lending through Nedbank.	We monitor credit loss ratios on an ongoing basis and they are broadly within target range. In addition, we review the quality of credit portfolios to ensure credit impairment provisions are adequate. For unsecured lending, Nedbank and Old Mutual Finance continue to focus on quality of business through regular adjustment of affordability and credit scorecards and risk-based product metrics (loan term, size and interest rates), based on changing market conditions. Stress testing is carried out at both Nedbank and Old Mutual Emerging Markets to understand exposure to credit events. Our portfolio tilt strategy in our banking loan exposures is designed to provide more robust long term returns with lower volatility for deteriorating credit experience.

Within Old Mutual Emerging Markets, banking credit risk is expected to increase due to planned growth. Banking credit risk arises in: ·  Our unsecured lending business, Old Mutual Finance ·  Faulu, a Kenyan consumer finance business acquired in 2014 ·  A building society in Zimbabwe known as CABS. Investment credit risk arises in: ·  Old Mutual Specialised Finance ·  The South African life business, predominantly through the management of assets backing annuity products. There is also credit risk exposure within Mutual & Federal through holdings in the credit guarantee insurer, CGIC. Credit risk outside Nedbank and Old Mutual Emerging Markets is relatively limited.

Unsecured lending exposure is small in comparison to the total lending book. Within Old Mutual Finance we have experienced controlled growth in unsecured lending from a low base, applying stringent affordability requirements and strict credit criteria. Within Nedbank, unsecured lending growth is expected to remain slow. We are planning to further grow our lending businesses in Faulu, CABS, Old Mutual Finance and Old Mutual Specialised Finance, and this will be underpinned by strong credit risk management together with risk oversight and governance.

Large concentrations are monitored at Group level. These relate primarily to investment credit, as there is little concentration or aggregation of individual credit exposures outside Nedbank and Old Mutual Emerging Markets.

4. Currency translation risk and location of capital
How it impacts Old Mutual	2014 and beyond	Risk mitigation and management actions
At Group level our earnings, dividend and regulatory surplus capital are expressed in sterling but the majority of the Group's earnings and its surplus capital are denominated in South African rand. The translation of our rand earnings will be affected by movements in exchange rates. From a capital perspective, our capital is held where our risks are located and the risk would only be realised if we were to require a transfer of surplus capital between regions during periods of stress. Our philosophy is to maintain strongly capitalised subsidiaries reflecting local regulatory capital requirements. Our principal balance sheet businesses in South Africa (including their own subsidiaries) are appropriately capitalised for the international standards of Basel III and expected Solvency II equivalent regimes.	In 2014, the rand depreciated from R17.43 to R18.00 against the pound, following a 27% depreciation during 2013. This reflects the relative weakness of South Africa's economic outlook and also, in part, a reduction in US appetite for emerging market currencies. We see macro-economic factors that point to possible further rand weakness in the medium term. These include the current account deficit and the possibility of capital outflows from South Africa as some external investors may sell their holdings of South African government bonds should global interest rates rise. We are preparing to comply with Solvency II and SAM regulatory requirements, which will be effective from January 2016. The rules have yet to be finalised. We expect greater clarity to emerge during 2015.	We hold our capital resources (including the Group's issued debt) to meet capital requirements in matched currencies and service interest on debt with matching earnings. The balance of cash flows earned in rand and other currencies is closely monitored and the dividend policy, through its link to earnings, in part addresses this risk. We use forward currency contracts to hedge expected rand cash flows needed to make dividend payments in sterling. Regular stress and scenario testing supports understanding and monitoring of the resilience of the Group's capital and capacity to pay dividends in the event of significant currency movements or restrictions (however remote) on the flow of funds from South Africa. The Group's plan to broaden the source of earnings in currencies other than the rand is expected to provide more diversified earnings by currency, although this is a longer-term mitigant.

5. Changing shape of the industry due to changing customer needs and regulations, particularly consumer-focused regulations
How it impacts Old Mutual	2014 and beyond	Risk mitigation and management actions
Attracting new and retaining existing customers is key to the delivery of our strategy. New and evolving consumer-focused regulation, non-traditional distribution methods, new technologies, changing demographics and changing customer needs and preferences are altering the distribution and competitive landscape across our geographies. This may place business plans and our growth strategy at risk if our business model is not flexible enough to let us adapt quickly and effectively to the changing landscape. Within Old Mutual Wealth our acquisition of Intrinsic increases the risks associated with providing advice to customers, such as litigation and regulatory intervention. Specific consumer-focused regulation impacting Old Mutual includes: ·  In the UK, the ongoing impacts of the Retail Distribution Review (RDR) and new pension withdrawal rules effective from April 2015 ·  In South Africa, Treating Customers Fairly, Retirement Fund Reform and a review of adviser remuneration models similar to the UK's RDR. In addition, the planned move to Twin Peaks regulation. Furthermore, increasing regulatory requirements impact the cost and complexity of doing business. Consumers' use and preference for digital technology is increasing. Maintaining adequate cyber security, with appropriate protection for client assets and data, is also a key risk for Old Mutual's retail businesses given the external threat environment and increasing reliance on technology.	Our customers' needs are evolving. Consumers want to be more in control of their finances. As digital technology advances, they increasingly rely on and prefer technological tools for a variety of tasks. Despite this, the need for individual attention remains. Consumers seek quality as well as original offerings that meet their personal needs, and it is important that service remains convenient in terms of both time and effort. Regulators in many jurisdictions continue to focus on the fair treatment of customers and both principles and appropriate regulation in this area are evolving. In particular, there is increased focus on product design, advice, and the product life cycle after the sales process. Products and practices which might in the past have been considered normal might no longer be acceptable. There will be a need to adapt and evolve new products and operations - while remaining mindful that the long-term nature of the business means legacy products will take time to run off.	Strategic initiatives across the Group are streamlining our business so we can adapt more easily to changing customer needs and regulations. They include implementation of IT solutions that allow us to deploy new products and system changes more quickly, making use of outsourcing partners where IT is not our core competitive proposition. In addition, our brand promise and commitment to operating as a responsible business, with a strong customer focus and culture, position us well to respond to consumer-focused regulation. Where similar regulatory themes are developing, we transfer knowledge from different geographies across the Group to anticipate and implement new regulations. We proactively prepare for anticipated regulatory changes and engage with regulators to avoid or mitigate unexpected adverse impacts. A group-wide Information Security Steering Committee considers cyber security, with particular focus on education, awareness, monitoring and understanding of the threat environment. Our ACT NOW! Leadership Behaviours, which are formally measured as part of our performance management system, include a metric for 'putting the customer first'. We measure our culture around treatment of customers annually through our group-wide culture survey.

Group's risk profile

We assess the Group's risk profile through several different lenses, in line with our risk appetite. We seek to optimise capital efficiency, avoiding excessive risk concentrations and diversifying risk where possible. In this context, we view risk concentration and diversification within each business unit. Each of the Group's business units (and regulated companies within business units) is sufficiently capitalised in its own right. The distribution and allocation of capital to our businesses largely reflects the different risk profiles within their regions and the prevailing regulatory requirements. Even when applying significant economic stresses to our current capital, the Group remains adequately capitalised. We have also identified management actions that could be taken to remedy the Group's capital or liquidity position in an extreme shock event (where capital or liquidity levels could significantly breach our risk appetite limits for a sustained period).

As our capital is largely located where our risks lie, any balance sheet impact would be seen as an unrealised accounting translation risk. This applies primarily to the translation of rand earnings to sterling. Factors affecting the level of the rand include changes in the level of foreign investment in South Africa. The risk of rand weakness remains high given the current and capital account deficits South Africa is running and the potential for external investors to sell their holdings of South African government bonds if global interest rates rise. A substantial capital outflow could potentially trigger a decline in the rand, and this would also reduce our earnings as reported in sterling. We have modelled scenarios involving a severe rand drop and are comfortable that the Group has sufficient capital and liquidity resilience in such events, if they happened.

During 2014 we continued to execute our growth strategy, acquiring stakes in a number of businesses in Africa and the UK. These businesses are small compared with our large in-force insurance and banking businesses and do not yet have a significant impact on our risk profile with reference to capital (although they do impact the returns earned on the capital deployed). As a result, earnings volatility and other business metrics such as operational risk now play an increasing role in the determination of our risk and business strategy.

Across the Group, most risks have increased in line with business growth. Within Old Mutual Emerging Markets, credit risk has grown due to the increased stake in Old Mutual Finance and the acquisition of Faulu: we have reassessed risk appetite accordingly. Credit risk has a greater proportional impact on earnings at risk than it does on capital at risk.

We recognise that there could be a short-term increase in operational risk in the next few years while we execute and integrate the various strategic change initiatives. We have accepted this increase to reduce our longer-term strategic risk, and continue to monitor and manage it closely.

Business risk and market risk remain our two most material risks. While they have remained relatively stable over the year, they are influenced by the economies in the key regions where we operate - and by the impact on consumers in those countries, notably South Africa, where we currently have our largest retail earnings base. As well as monitoring economic factors to understand our earnings and capital resilience to severe macro-economic events, we have maintained a strong focus on customers, considering how we can help them in tougher times and monitoring for early indicators of financial distress.

Liability risk diversifies well against our other risks and we continue to seek to increase the proportion of this risk where appropriate. Our liability risk exposure remains small outside the South African businesses. Our business plans include a number of actions to increase this exposure, but only where it meets our risk and return requirements.

In line with our peers, there is significant regulatory change impacting the financial services sector in the territories we operate. Clarity on outstanding regulatory capital uncertainties in relation to Solvency II and SAM is expected to emerge during 2015. There is also substantial change in the conduct agenda in terms of the way business is sold or the nature of the products which meet our customers' needs. Our focus on responsible business, core values and culture gives us confidence to embrace these changes, and we continue to monitor the position carefully.

Risk		Risk description
Market risk		This is the risk of a financial impact arising from changes in the value of financial assets or financial liabilities from changes in equity, bond and property prices, interest rates and foreign exchange rates. We separately consider currency translation risk, which relates to the translation of earnings and capital to our reporting currency.
Business risk		The risk that business performance will be below projections as a result of negative variances in new business volumes and margins, and lapse, rebate and expense experience.
Liability risk		We assume liability risk, sometimes referred to as insurance risk, by issuing insurance contracts under which we agree to compensate the policyholder or beneficiary if a specified uncertain future event affecting the policyholder occurs. This risk includes mortality and morbidity risk, as well as non-life risk from events such as fire or accident.
Credit and counterparty risk		This relates to the risk of credit defaults. It includes lending risk, where a borrower becomes unable to repay outstanding balances (for instance banking credit risk), as well as counterparty risk where an asset is not repaid in accordance with the terms of the contract. The risk of credit spreads changing is included under market risk.
Operational risk		The risk arising from operational activities, for example a failure of a major system, or losses incurred as a consequence of people and/or process failures, including external events.
Liquidity risk		The risk that liquid assets may not be available to pay obligations at a reasonable cost, when due.
Compliance and regulatory risk		The risk that laws and regulations will be breached. This includes risk of regulatory intervention resulting in sanctions being imposed or a temporary restriction on the business' ability to operate and/or an additional regulatory capital charge. It also includes failure to adapt to regulatory change and business conduct risk.
Strategic risk		The risk of failing to implement the business strategy and the management of associated changes to the business."

"H3: Related parties

The Group provides certain pension fund, insurance, banking and financial services to related parties. These are conducted on an arm's length basis and are not material to the Group's results.

(a) Transactions with key management personnel, remuneration and other compensation

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any director (whether executive or otherwise) of the Group. Details of the compensation paid to the Board of directors as well as their shareholdings in the Company are disclosed in the Remuneration Report on pages 94 to 117.

(b) Key management personnel remuneration and other compensation

		Year ended 31 December 2014		Year ended 31 December 2013
		Number of personnel	Value £'000	Number of personnel	Value £'000
Directors' fees		11	1,366	12	1,313
Remuneration			22,593		25,301
Cash remuneration		12	4,931	13	4,944
Short-term employee benefits		12	7,879	13	9,700
Long-term employee benefits		12	343	13	373
Share-based payments		11	9,440	11	10,284
			23,959		26,614

	Year ended 31 December 2014		Year ended 31 December 2013
Share options	Number of personnel	Number of options/shares '000s	Number of personnel	Number of options/shares '000s
Outstanding at beginning of the year	5	1,103	6	1,770
Leavers	-	-	2	(178)
New appointments	1	7	1	9
Granted during the year		22		-
Exercised during the year		(1,084)		(498)
Outstanding at end of the year	5	48	5	1,103

		Year ended 31 December 2014		Year ended 31 December 2013
Restricted shares	Notes	Number of personnel	Number of options/shares '000s	Number of personnel	Number of options/shares '000s
Outstanding at beginning of the year		10	20,495	14	22,557
Leavers		1	(4,230)	5	(2,121)
New appointments		1	112	1	576
Granted during the year			6,041		5,439
Exercised during the year			(421)		(1,505)
Vested during the year			(4,942)		(4,451)
Effect of share exchange in connection with the OM Asset Management plc IPO	H2(c)		(3,283)	-	-
Outstanding at end of the year		10	13,772	10	20,495

(c) Key management personnel transactions

Key management personnel and members of their close family have undertaken transactions with Old Mutual plc and its subsidiaries, joint ventures and associated undertakings in the normal course of business, details of which are given below. For current accounts positive values indicate assets of the individual whilst for credit cards and mortgages positive values indicate liabilities of the individual.

	Year ended 31 December 2014		Year ended 31 December 2013
	Number of personnel	Value £000s	Number of personnel	Value  £000s
Current accounts
Balance at beginning of the year	4	2,535	4	1,204
Net movement during the year		(100)		1,331
Balance at end of the year	5	2,435	4	2,535
Credit cards
Balance at beginning of the year	2	24	4	18
Net movement during the year		5		6
Balance at end of the year	4	29	2	24
Mortgages
Balance at beginning of the year	1	143	2	219
Net movement during the year		322		(76)
Balance at end of the year	5	465	1	143
Property & casualty contracts
Total premium paid during the year	4	15	3	13
Claims paid during the year	2	7	-	-
Life insurance products
Total sum assured/value of investment at end of the year	10	25,739	11	24,498
Pensions, termination benefits paid
Termination benefits paid	-	-	1	608
Value of pension plans as at end of the year	10	4,889	10	4,838

Various members of key management personnel hold or have at various times during the year held, investments managed by asset management businesses of the Group. These include unit trusts, mutual funds and hedge funds. None of the amounts concerned are material in the context of the funds managed by the Group business concerned, and all of the investments have been made by the individuals concerned either on terms which are the same as those available to external clients generally or, where that is not the case, on the same preferential terms as were available to employees of the business generally."

"Related parties

Old Mutual plc enters into transactions with its subsidiaries in the normal course of business. These are principally related to funding of the Group's businesses and head office functions. Details of loans, including balances due from/to the Company accounts are set out below. Disclosures in respect of the key management personnel of the Company are included in the Group accounts related parties disclosures in note G3.

There are no transactions entered into by the Company with associated undertakings.

		£m
	At 31  December 2014	At 31  December 2013
Balances due from subsidiaries	4,161	4,242
Balances due to subsidiaries	(4,367)	(4,264)
Balances due from other related parties - Fairbairn Trust Company Limited	2	2

Income statement information

At 31 December 2014								£m
	Year ended 31 December 2014					Year ended 31 December 2013
	Interest paid	Ordinary dividends received		Other amounts paid		Interest paid	Ordinary dividends received	Other amounts paid
Subsidiaries	23	632		(31)		(31)	147	(99)"

"Responsibility statement of the directors in respect of the annual financial report

We confirm that to the best of our knowledge:

·      The financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole, and

·      The Strategic Report includes a fair review of the development and performance of the business and the position of Old Mutual plc and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.

We consider the Annual Report and Accounts, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Group's position and performance, business model and strategy.

Julian Roberts                         Ingrid Johnson

Group Chief Executive                Group Finance Director

27 February 2015"

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                           UK        [phone]

Sizwe Ndlovu                             SA        [phone]

Media

William Baldwin-Charles                         [phone]

                                                            [phone]

Notes to Editors

Old Mutual provides investment, savings, insurance and banking services to more than 17 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2014, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £319 billion of funds under management from core operations.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

 

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