Mutual & Federal Results

Old Mutual PLC
11 February 2004

                                 Old Mutual plc

              Mutual & Federal Insurance Company Limited (MAF SJ)

                  Results for the year ended 31 December 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 year ended 31 December
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, 5th Floor, 2 Lambeth Hill,
London EC4V 4GG. 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 preliminary results on 23 February 2004.


                                                                11 February 2004

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