Mutual & Federal Prelims

Old Mutual PLC
20 February 2001

                                OLD MUTUAL PLC

                  Mutual & Federal Insurance Company Limited

           Preliminary Results for the year ended 31 December 2000

Mutual & Federal Insurance Company Limited ('Mutual & Federal')(MAF.J), the
South African general insurance group in which Old Mutual plc has a 51%
interest, has today issued its financial results for the year ended 31
December 2000.

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

'This was a notable year of progress for Mutual & Federal with its acquisition
of CGU Holdings in South Africa and a return to a net underwriting surplus,
despite the significant claims earlier in the year from the widespread
flooding in the region.'

                                                              20 February 2001

ENQUIRIES:

Old Mutual, London                                    Tel: + 44 20 7569 0100
James Poole, Director Investor Relations

College Hill, London                                  Tel: + 44 20 7457 2020
Nicholas Williams

Old Mutual, Cape Town                                 Tel: + 27 21 509 2732
Bruce Allen, Manager, Group Media Communications

College Hill, Johannesburg                            Tel: + 27 11 447 3030
Kim Milnes