M&F Interim Results

Old Mutual PLC
26 July 2004


                                 Old Mutual plc

                   Mutual & Federal Insurance Company Limited
              Interim Results for the half year ended 30 June 2004


Mutual & Federal Insurance Company Limited ('Mutual & Federal'), the South
African general insurance subsidiary of Old Mutual plc ('Old Mutual') has today
issued financial results for the half year ended 30 June 2004. Gross premium
income rose by 19 per cent to R3.6 billion and operating earnings were up by 47
per cent to 197 cents.


Old Mutual increased its stake in Mutual & Federal earlier this year through the
purchase of Royal & Sun Alliance's 37 per cent shareholding, bringing its
overall holding in the company to 88 per cent.


Julian Roberts, Group Finance Director of Old Mutual, said:


'This is another good result, building on the strong second half of 2003 and
reflecting the low claims environment over the last few months.    There are
indications that the general insurance cycle in South Africa is softening, and
while I do not expect this level of profitability to be sustained, I remain
optimistic about Mutual & Federal's prospects for the second half.


'We are delighted with the return on our additional investment in Mutual &
Federal and the synergies that are beginning to develop between our businesses
in South Africa.'


Mutual & Federal is one of the leading insurance companies in southern Africa
providing personalized short term insurance services to the personal, commercial
and corporate market in South Africa, Namibia, Botswana, Malawi and Zimbabwe.


The full text of the Mutual & Federal announcement is available on the Old
Mutual website at www.oldmutual.com or on the JSE Securities Exchange News
Service (SENS).  A hard copy is also available from Corporate Affairs, Old
Mutual plc, 5th Floor, Old Mutual Place, 2 Lambeth Hill, London EC4V 4GG or Old
Mutual Square, Isibaya Building, 2nd Floor, 93 Grayston Drive, Sandton  2196,
South Africa.


Old Mutual will release its interim results on 10 August 2004.

                                                                    26 July 2004

ENQUIRIES:


Old Mutual plc UK

Miranda Bellord [phone]


Old Mutual plc SA

Nad Pillay            [phone]

                      This information is provided by RNS
            The company news service from the London Stock Exchange