Mutual&Federal Interims, etc

OLD MUTUAL PLC
17 August 1999

                                  
                           OLD MUTUAL PLC

               Mutual & Federal Insurance Company Ltd
                                  
                           Interim Results


Old  Mutual  is  the  largest  southern African  life  assurance  and
financial  services  group.  Its shares were listed  on  the  London,
Johannesburg,  Malawi, Namibia and Zimbabwe stock exchanges  on  12th
July 1999.

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  six months ended 30th June 1999.  The full text of the Mutual  &
Federal announcement is attached.

Commenting  on Mutual & Federal's results, Mike Levett, Chairman  and
CEO of Old Mutual and Deputy Chairman of Mutual & Federal, said:

'These  results  reflect  the highly competitive  conditions  in  the
general  insurance  market at the current  time.  However,  Mutual  &
Federal is in a very strong position to benefit from an upturn in the
underwriting  cycle and has done well to produce a 39%  rise  in  net
asset value per share compared to 31 December 1998.'


Issued by:
Investor Relations
Old Mutual plc
London


Notes to Editors:

Old Mutual plc will be announcing the interim results for the whole
of the Old Mutual group for the period ended 30th June 1999 on
Tuesday 7th September 1999.

Mutual  &  Federal  is  separately quoted  on  the  Johannesburg  and
Namibian Stock Exchanges.

Old  Mutual consolidates the results of Mutual & Federal in  its  own
figures.   As  of June 30th 1999 the group had a stake equivalent  to
51% of the common equity of Mutual & Federal.

             Mutual & Federal Insurance Company Limited
Group interim report for the half year ended 30 June 1999 and
dividend announcement

                                  Six months ended       12 months to
INCOME STATEMENT               30/06/99      30/06/98      31/12/98
                                
                                      Unaudited            Unaudited
                               R'm         R'm               R'm
Gross premiums                 1,463.6     1,427.6           2,727.5
Net premiums                   1,284.1     1,241.0           2,366.8
Underwriting (deficit) /         (61.0)       70.4              60.9
surplus
Investment income                125.2       132.8             270.2
Income before taxation            64.2       203.2             331.1
Taxation                           1.1        41.1              56.2
                                  63.1       162.1             274.9
Minority shareholders / share    (0.5)         2.2               4.4
of associate
Net income / headline             62.6       164.3             279.3
earnings
Transfer to contingency            3.8        13.6              17.4
reserve
                                  58.8       150.7             261.9

                                   As at         As at         As at
BALANCE SHEET                   30/06/99      30/06/98      31/12/98
                                      Unaudited            Unaudited
                                     R'm           R'm           R'm
Share capital                       98.1          96.6          97.0
Non-distributable reserve*       3,127.7       2,362.7       1,781.2
Contingency reserve                237.5         229.9         233.7
Distributable reserve            1,409.1       1,378.5       1,403.2
Total shareholders' interest     4,872.4       4,067.7       3,515.1
Interest of outside                                                 
shareholders in subsidiaries        12.1          12.4          10.7
Deferred taxation                    0.6         (2.4)         (0.1)
                                 4,885.1       4,077.7       3,525.7
                                                                    
Fixed assets                        41.0          39.2          40.4
Investments at market value      5,471.8       4,938.9       4,270.6
Ordinary shares                  4,276.5       3,952.8       3,578.3
Government stock                   142.4          22.4         131.0
Other                            1,052.9         963.7         561.3
Current assets                     818.2         602.6         680.9
Debtors                            418.2         262.4         296.6
Bank balances                      238.6         169.3         240.2
Other                              161.4         170.9         144.1
                                                                    
Total assets                     6,331.0       5,580.7       4,991.9
Less: Current liabilities and    1,445.9       1,503.0       1,466.2
provisions
Claims outstanding                 895.8         866.7         846.0
Provision for unearned             384.2         401.7         353.3
premiums
Other                              165.9         234.6         266.9
                                                                    
                                 4,885.1       4,077.7       3,525.7
                                                                    
Headline earnings per share         26.0          68.4         116.2
(cents)
Ordinary dividend per share         22.0          18.0          54.0
(cents)
Special dividend per share                        13.0          13.0
(cents)
Net asset value per share          2,026         1,693         1,462
(cents)
Number of shares in issue                                           
 - at period end              240 501 124   240 300 624   240 357 224
                     
 - weighted average           240 460 227   240 230 340   240 284 894
                                                                    
* prepared in accordance with                                       
SA GAAP

                                  
             Mutual & Federal Insurance Company Limited
                                  
    Group interim report for the half year ended 30 June 1999 and
                        dividend announcement

CHANGE IN ACCOUNTING POLICY

The  accounting  policy has been changed with regard  to  unusual  or
abnormal  claims  which may arise from time to time.   Provision  for
these  items  was previously included in a catastrophe  reserve,  but
this is no longer permitted in terms of Generally Accepted Accounting
Practice.   This provision has accordingly been reversed to  retained
income  and  the prior year figures have been restated  to  recognise
this change in accounting policy.

COMMENTS

The deterioration in the short-term insurance market continued during
the   first  half  of  1999  and  the  significant  decline  in   the
underwriting  result  reflects the difficulties encountered.   Short-
term insurance products are substantially under-priced at present and
competition  within  the industry has made appropriate  increases  in
rates difficult to achieve. The motor account performed poorly due to
a  continued  high  incidence  of theft  and   hijackings,  but  more
particularly  due  to the increasing cost of vehicle  repairs  and  a
sharp  increase  in the incidence of collisions.   The  fire  account
continues to be affected by an inordinate number of fires, inadequate
rating  levels and a disturbing trend towards fraudulent  claims  and
arson.

Expenses have been tightly controlled and decreased by 3% in 1999  in
comparison to 1998.

During  the  six  months  share  investments  recovered  strongly  as
reflected  in  the 39% increase in net asset value  per  share.   The
company took advantage of low equity prices during the second half of
1998  to  purchase equities which resulted in a reduction in interest
bearing investments.  Investment income therefore declined during the
first six months of 1999 despite higher levels of interest rates.

The  solvency margin (being the ratio of net assets to net  premiums)
also improved and was in excess of 200% at 30th June 1999.

It  should  be noted that short-term insurance results fluctuate  and
the outturn for the first six months is not necessarily indicative of
the likely results for the remainder of the year.

YEAR 2000 COMPLIANCE

In  1997  the  company implemented a strategy under the direction  of
senior  management  and  the Board to achieve  Year  2000  compliance
throughout  all  its  business operations.   All  components  of  the
information technology have now been comprehensively tested and found
to  be substantially compliant. The business systems of the company's
major  trading partners are being constantly monitored.  A continuity
plan  is  in progress to ensure that the company is protected against
all external failures and will be in place shortly.

DECLARATION OF DIVIDEND (NUMBER 59)

An  interim  dividend  of 22 cents per share  (prior  year  a  second
interim dividend of 18 cents per share) has been declared payable  to
shareholders registered in the books of the company at the  close  of
business  on  3 September 1999.  The transfer books and  register  of
members  of  the company will be closed from 4 September 1999  to  10
September  1999  both days inclusive, and dividend  cheques  will  be
posted to shareholders on or about 4 October 1999.

On behalf of the Board

K T M Saggers (Chairman)      B Campbell (Managing Director)

Registered Office:      19th Floor, Mutual & Federal Centre, 75 President
                        Street, Johannesburg 2001

Transfer Secretaries:   Mercantile Registrars Limited, 11 Diagonal
                        Street,     Johannesburg 2001