Old Mutual agrees the sale of Skandia Switzerland

RNS Number : 6010O

Old Mutual PLC

29 May 2015

 



Old Mutual plc

Ref 411/15

29 May 2015

Old mutual PLC AGREES THE sale of skandia SWITZERLAND

Old Mutual plc today announces that terms have been agreed to sell Skandia Leben AG in Switzerland, part of Old Mutual Wealth, to Life Invest Holding AG, a company owned by the Mutschler Group and Hannover Re. The consideration for the transaction is not being disclosed. As at 31 December 2014 Skandia Leben AG in Switzerland had funds under management of CHF 1.3 billion. It made CHF 25 million of pre-tax adjusted operating profit in 2014.

The transaction is subject to regulatory approvals and other customary conditions and is expected to take approximately six months to complete.

The transaction continues Old Mutual Wealth's commitment to simplify its operations.

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                           UK        [phone]

Media

William Baldwin-Charles                         [phone]

                                                            [phone]

Notes to Editors

Old Mutual provides investment, savings, insurance and banking services to more than 16 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

In the year ended 31 December 2014, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £319 billion of funds under management from core operations.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com

 

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