Mutual & Federal - half year

Old Mutual PLC
28 July 2003


                                 Old Mutual Plc

                   Mutual & Federal Insurance Company Limited

        Unaudited financial results for the half year ended 30 June 2003


Mutual & Federal Insurance Company Limited ('Mutual & Federal'), the South
African general insurance group, in which Old Mutual plc ('Old Mutual') has a
51% holding, has today issued financial results for the half year ended 30 June
2003

The full text of the Mutual & Federal announcement is available on the JSE
Securities Exchange News Service (SENS) and on the Old Mutual website,
www.oldmutual.com. A paper copy of the full Mutual & Federal announcement is
available from Investor Relations, Old Mutual Plc, 3rd Floor, 57 Berkeley
Square, London W1J 6ER. The results have been drawn up in accordance with South
African Generally Accepted Accounting Practice (GAAP) and will be consolidated
in the accounts of Old Mutual in accordance with UK GAAP.

Old Mutual will release its interim results on 7 August 2003.


                                                                    28 July 2003
ENQUIRIES:

Old Mutual, London                                   Tel: [phone]
James Poole

Old Mutual, South Africa                             Tel: [phone]
Nad Pillay


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