Asia Pacific Headquarters

Old Mutual PLC 16 January 2008 Old Mutual Ref 12/08 16 January 2008 OLD MUTUAL ESTABLISHES ASIA PACIFIC HEADQUARTERS Old Mutual plc ('Old Mutual') today announces the establishment of its Asia Pacific headquarters, based in Hong Kong. This will form the base from which Old Mutual intends to expand its existing operations throughout the region. Old Mutual is also pleased to announce the appointment of Steffen Gilbert as Regional Head of Asia Pacific. Mr Gilbert, formerly Chief Executive of South Africa's short-term insurer Santam, will lead the team in building the regional business and in particular developing new market entities. Mr Gilbert will report to Jim Sutcliffe, Chief Executive of Old Mutual. Within the region, Old Mutual Asia Pacific currently operates in China, India and Australia. In China, the joint venture between Skandia and Beijing State Asset Management has grown to the seventh largest life assurance company in China by gross premiums, of the 25 foreign-affiliated insurance companies. The Indian joint venture with the Kotak Mahindra Group, in which Old Mutual has a 26% stake, has increased its exposure to the India market rapidly with a direct salesforce of 27,500 and representation in 55 cities. Australian Skandia Limited offers retail mutual and institutional investment funds. Commenting on Old Mutual's development in Asia Pacific, Jim Sutcliffe said: 'Asia Pacific is becoming an increasingly significant part of our business. Strong equity markets and favourable demographics offer a great opportunity for us to expand further and I am delighted to welcome Steffen, whose wealth of experience in building businesses will be invaluable as we develop our presence in the region.' Enquiries Investor Relations Aleida van Herel UK +44 (0)20 7002 7287 Deward Serfontein SA +27 (0)21 509 8709 Media James Crampton UK +44 (0)20 7002 7133 Nad Pillay SA +27 (0)82 553 7980 Notes to Editors Steffen Gilbert Steffen Gilbert was born in 1962. He matriculated at King Edward VII High School in 1980 and is a Fellow of the Institute of Actuaries. Mr Gilbert started his career in the Life/Pensions area of Ned-Equity (which later became Sage Life), after which he moved into reinsurance with the Munich Reinsurance Company of Africa. He held various management positions in Life and Property & Casualty, including the role of Appointed Actuary. In 1999, Mr Gilbert assumed the role of CEO for the company, looking after the group's interests in Sub-Saharan Africa and the Indian Ocean Islands. In 2003, he joined Santam as CEO and also played a leading role in the local insurance industry during that time. Pictures of Mr Gilbert are available at http://www.oldmutual.com/vpage.jsp? page_id=9166 Old Mutual Old Mutual plc is an international savings and wealth management company based in the UK. Originating in South Africa in 1845, the group has a balanced portfolio of businesses offering asset management, life assurance, banking and general insurance services in over 40 countries, primarily South Africa, Europe and the United States. Old Mutual is listed on the London Stock Exchange and the JSE Limited, among others. In the year ended 31 December 2006, the group reported adjusted operating profit of £1.4 billion (on an IFRS basis). Old Mutual had £270 billion of funds under management and 53,000 employees at 30 September 2007. Australia At 30 September 2007, Skandia Group Australia had funds under management of AUD15.0 billion (£6.6 billion) up 6% from AUD14.2 billion (£5.8 billion) at 31 December 2006. This was made up of institutional funds of AUD9.1 billion and retail funds of AUD5.9 billion. China Skandia:BSAM, a 50:50 joint venture with the Beijing State-owned Asset Management Company (BSAM), is now in its fourth year of operation and continues to show strong sales growth. The business sells unit-linked products and has licences to operate in Beijing, Shanghai and Jiangsu Province (Nanjing). Gross premium income for nine months to 30 September 2007 totalled RMB1.6 billion (£103 million), an increase of 329% over the comparative period and almost triple Gross Premium Income for 2006. India Kotak Mahindra Old Mutual Life Insurance Ltd (KMOM), a joint venture with the Kotak Mahindra Group, continues to show steady progress. Gross premiums for the six months to 30 September 2007 (since its 31 March year end) were INR3.6 billion (£44 million) against INR2.3 billion (£28 million) for the comparative period. In September Old Mutual agreed to a capital injection of INR1.5 billion (approximately £19 million) in order to extend its office network to 150 locations and increase its workforce by 35% by its year-end. For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com This information is provided by RNS The company news service from the London Stock Exchange
UK 100

Latest directors dealings