Interim Results - Part 3
Old Mutual PLC
4 September 2001
PART 3
Notes to the financial statements continued
for the six months ended 30 June 2001
5 Segmental £m Rm
analysis
South Rest of South Rest of
5(a) Life assurance Africa world Total Africa world Total
(i) Gross
premiums
written
6 months to
30 June 2001
Single 661 66 727 7,549 754 8,303
Recurring 550 66 616 6,282 754 7,036
1,211 132 1,343 13,831 1,508 15,339
6 months to
30 June 2000
Single 702 101 803 7,255 1,044 8,299
Recurring 619 78 697 6,398 807 7,205
1,321 179 1,500 13,653 1,851 15,504
Year to 31
December 2000
Single 1,393 219 1,612 14,656 2,304 16,960
Recurring 1,187 166 1,353 12,489 1,747 14,236
2,580 385 2,965 27,145 4,051 31,196
(ii) New business
premiums
6 months to
30 June 2001
New business
premiums on a
statutory
basis
Single 661 66 727 7,549 754 8,303
Recurring 82 8 90 937 91 1,028
743 74 817 8,486 845 9,331
Annual 148 15 163 1,692 166 1,858
premium
equivalent
6 months to
30 June 2000
New business
premiums on a
statutory
basis
Single 702 101 803 7,255 1,044 8,299
Recurring 109 11 120 1,125 113 1,238
811 112 923 8,380 1,157 9,537
Annual 180 21 201 1,852 218 2,070
premium
equivalent
Year to 31
December 2000
New business
premiums on a
statutory
basis
Single 1,393 219 1,612 14,656 2,304 16,960
Recurring 227 21 248 2,388 221 2,609
1,620 240 1,860 17,044 2,525 19,569
Annual 366 43 409 3,854 451 4,305
premium
equivalent
Annual premium equivalent is defined as one tenth of single premiums plus
recurring premiums.
Notes to the financial statements continued
for the six months ended 30 June 2001
5 Segmental £m Rm
analysis
(continued)
South Rest of South Rest of
5(a) Life Africa world Total Africa world Total
assurance
(continued)
(iii) Analysis of
life
operating
profit
6 months to
30 June 2001
Individual 95 (2) 93 1,085 (23) 1,062
business
Group business 42 1 43 480 11 491
Life 137 (1) 136 1,565 (12) 1,553
assurance
technical
result
Long term 78 4 82 891 46 937
investment
return
Life 215 3 218 2,456 34 2,490
assurance
operating
profit
6 months to
30 June 2000
Individual 88 (1) 87 909 (10) 899
business
Group business 47 1 48 486 10 496
Life 135 - 135 1,395 - 1,395
assurance
technical
result
Long term 110 4 114 1,137 41 1,178
investment
return
Life 245 4 249 2,532 41 2,573
assurance
operating
profit
Year to 31
December 2000
Individual 165 4 169 1,736 42 1,778
business
Group business 85 3 88 894 32 926
Life 250 7 257 2,630 74 2,704
assurance
technical
result
Long term 215 6 221 2,262 63 2,325
investment
return
Life 465 13 478 4,892 137 5,029
assurance
operating
profit
For the year ended 31 December 2000, the Life assurance operating result of
£478 million (R5,029 million) presented above and Other shareholders' income
/ (expenses) of £62 million (R652 million) presented in note 5(e) are
disclosed gross of intragroup interest of £6 million (R63 million). The
results for the six months ended 30 June 2001 are presented after intragroup
interest eliminations.
Notes to the financial statements continued
for the six months ended 30 June 2001
5 Segmental £m Rm
analysis
(continued)
South Rest of South Rest of
5(b) Financial Africa world Total Africa world Total
services
(i) Analysis of
revenue and
operating
profit
6 months to 30
June 2001
Gross fees and 32 382 414 365 4,363 4,728
commissions
Asset 13 65 78 149 742 891
management
worldwide*
Private client - 10 10 - 114 114
UK - gross
profit
- integration - (6) (6) - (69) (69)
costs
Other 5 3 8 57 34 91
financial
services
Financial 18 72 90 206 821 1,027
services
operating
profit before
goodwill
amortisation
6 months to 30
June 2000
Gross fees and 46 121 167 475 1,250 1,725
commissions
Asset 20 8 28 206 83 289
management
worldwide*
Private client - 2 2 - 21 21
UK
Other 3 3 6 31 31 62
financial
services
Financial 23 13 36 237 135 372
services
operating
profit before
goodwill
amortisation
Year to 31
December 2000
Gross fees and 100 396 496 1,053 4,166 5,219
commissions
Asset 39 58 97 410 610 1,020
management
worldwide*
Private client - 26 26 - 274 274
UK - gross
profit
- integration - (14) (14) - (147) (147)
costs
Other 7 8 15 74 84 158
financial
services
Financial 46 78 124 484 821 1,305
services
operating
profit before
goodwill
amortisation
* includes the results of Old Mutual (US) Holdings which are further analysed
in note 5(b)(ii).
Notes to the financial statements continued
for the six months ended 30 June 2001
5 Segmental
analysis
(continued)
5(b) Financial services (continued)
£m Rm
(ii) Old Mutual OMAM Pilgrim Other Total OMAM Pilgrim Other Total
(US) (US) Baxter UAM
Holdings (US) Baxter UAM
6 months
to 30 June
2001
Revenue 76 48 114 238 868 548 1,302 2,718
Expenses (54) (28) (92) (174) (617) (320) (1,051) (1,988)
Operating 22 20 22 64 251 228 251 730
profit
before
goodwill
amortisation
12 months
to 31
December
2000*
Revenue 41 29 58 128 431 305 610 1,346
Expenses (26) (18) (40) (84) (274) (189) (421) (884)
Operating 15 11 18 44 157 116 189 462
profit
before
goodwill
amortisation
*The results of Old Mutual (US) Holdings are included in the Group's Asset
management worldwide result, from the date of acquisition, for the last three
months of 2000.
Notes to the financial statements continued
for the six months ended 30 June 2001
5 Segmental £m Rm
analysis
(continued)
South Rest of South Rest
of
5(c) Banking Africa world Total Africa world Total
operating
profit
6 months to 30
June 2001
Net interest 240 (10) 230 2,741 (114) 2,627
income
Non-interest 181 22 203 2,067 251 2,318
revenue
Total 421 12 433 4,808 137 4,945
operating
income
Specific and (43) - (43) (491) - (491)
general
provisions
Net income 378 12 390 4,317 137 4,454
Operating (220) (11) (231) (2,513) (126) (2,639)
expenses
Operating 158 1 159 1,804 11 1,815
profit before
goodwill
amortisation,
exceptional
items and
share of
associated
undertakings'
profit
Share of 5 4 9 57 46 103
associated
undertakings'
profit
Banking 163 5 168 1,861 57 1,918
operating
profit before
goodwill
amortisation
and
exceptional
items
6 months to 30
June 2000
Net interest 207 20 227 2,139 205 2,344
income
Non-interest 182 12 194 1,881 123 2,004
income
Total 389 32 421 4,020 328 4,348
operating
income
Specific and (50) (1) (51) (517) (10) (527)
general
provisions
Net income 339 31 370 3,503 318 3,821
Operating (213) (10) (223) (2,201) (103) (2,304)
expenses
Operating 126 21 147 1,302 215 1,517
profit before
goodwill
amortisation,
exceptional
items and
share of
associated
undertakings'
profit
Share of 9 - 9 93 - 93
associated
undertakings'
profit
Banking 135 21 156 1,395 215 1,610
operating
profit before
goodwill
amortisation
and
exceptional
items
Year to 31
December 2000
Net interest 421 43 464 4,430 452 4,882
income
Non-interest 382 25 407 4,019 263 4,282
income
Total 803 68 871 8,449 715 9,164
operating
income
Specific and (90) (4) (94) (947) (42) (989)
general
provisions
Net income 713 64 777 7,502 673 8,175
Operating (452) (22) (474) (4,757) (231) (4,988)
expenses
Operating 261 42 303 2,745 442 3,187
profit before
goodwill
amortisation,
exceptional
items and
share of
associated
undertakings'
profit
Share of 8 16 24 84 169 253
associated
undertakings'
profit
Banking 269 58 327 2,829 611 3,440
operating
profit before
goodwill
amortisation
and
exceptional
items
Notes to the financial statements continued
for the six months ended 30 June 2001
5 Segmental
analysis
(continued)
£m Rm
5(d)Analysis Premiums Claims Operati Premiums Claims Operating
of written incurred ng written incurred
general net of net of result net of net of result
insurance reinsurance reinsurance reinsurance reinsurance
result
by class
of
business
6 months
to 30
June 2001
Motor 86 73 (4) 986 834 (46)
Fire 32 18 2 365 206 23
Accident 66 46 2 754 525 23
Other 4 3 1 46 34 11
188 140 1 2,151 1,599 11
Long - - 23 - - 263
term
investment
return
Total 188 140 24 2,151 1,599 274
6 months
to 30
June 2000
Motor 60 51 (3) 628 527 (27)
Fire 59 41 (3) 609 424 (28)
Accident 9 7 3 89 72 28
Other 6 5 - 61 52 (4)
134 104 (3) 1,387 1,075 (31)
Long - - 26 - - 269
term
investment
return
Total 134 104 23 1,387 1,075 238
Year to
31
December
2000
Motor 141 113 (3) 1,484 1,189 (32)
Fire 131 96 - 1,378 1,010 -
Accident 11 5 2 116 53 21
Other 22 12 1 231 126 11
305 226 - 3,209 2,378 -
Long - - 44 - - 463
term
investment
return
Total 305 226 44 3,209 2,378 463
Notes to the financial statements continued
for the six months ended 30 June 2001
5 Segmental £m Rm
analysis
(continued)
6 6 Year 6 6 months Year
months months months
to 30 to 30 to 31 to 30 to 30 to 31 Dec
June June Dec June June
5(e) Other 2001 2000 2000 2001 2000 2000
shareholders'
income /
(expenses)
Long term 9 9 17 103 93 179
investment
return
credited to
operating
result
Interest (35) (3) (28) (400) (31) (295)
payable to
external
sources of
finance
Other (19) (13) (51) (217) (134) (536)
shareholders'
income /
(expenses)
(45) (7) (62) (514) (72) (652)
£m Rm
5(f) Funds under South Rest of Total South Rest of Total
management Africa world Africa world
At 30 June
2001
Investments 15,763 7,229 22,992 179,121 82,146 261,267
including
assets held
to cover
linked
liabilities
Unit Trusts
Asset
Management
worldwide
Old Mutual 1,237 646 1,883 14,057 7,341 21,398
Asset
Managers
Private - 1,174 1,174 - 13,341 13,341
client UK
Other - 182 182 - 2,068 2,068
financial
services
1,237 2,002 3,239 14,057 22,750 36,807
Third party
Asset
management
worldwide
Old Mutual 4,470 469 4,939 50,794 5,329 56,123
Asset
Managers
OMAM (US) - 53,091 53,091 - 603,294 603,294
Pilgrim - 10,684 10,684 - 121,407 121,407
Baxter
Other UAM - 52,136 52,136 - 592,442 592,442
4,470 116,380 120,850 50,794 1,322,472 1,373,266
Private - 18,104 18,104 - 205,723 205,723
client UK
Other 10 401 411 114 4,557 4,671
financial
services
4,480 134,885 139,365 50,908 1,532,752 1,583,660
Total funds 21,480 144,116 165,596 244,086 1,637,648 1,881,734
under
management
END
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