Old Mutual Showcase

RNS Number : 6238U

Old Mutual PLC

04 December 2013

 



Old Mutual plc

Ref 94/13

4 December 2013

Old Mutual Emerging Markets, Nedbank and Property & Casualty showcase

Old Mutual plc will be holding a showcase on its Emerging Markets, Nedbank and Property & Casualty businesses starting today, Wednesday 4 December 2013 and ending on Friday 6 December 2013. The showcase will include presentations by management, Q&A sessions and interactive sessions on, inter alia, the Group's customer and distribution capabilities particularly in South Africa and the Rest of Africa.

The programme for day one will include macro-economic briefings and an overview of the financial services sector, followed by insight into Old Mutual's customer base.  Day two will cover the Group's African growth strategy followed by sessions on how it is meeting its customers' needs for each business.  The session will close with a focus session on its Latin American and Asian businesses and an overview of the financials.  Day three will provide attendees with the opportunity to visit Old Mutual and Nedbank branches.

The Group has 2015 targets for Emerging Markets of nine million customers, return on equity in the range of 20-25% and profits from Old Mutual Africa equivalent to 15% of those of Old Mutual South Africa.

In addition, the Group announces its Property & Casualty business targets from 2016 onwards of: a return on equity in the range of 15-20%, an underwriting margin in the range of 4-6% and a combined ratio in the range of 94-96%.

Nedbank Group's financial guidance to meet its medium-to-long-term diluted headline earnings per share growth target (being, greater than or equal to GDP plus CPI plus 5%) in 2013 and the other previously published targets, remains unchanged.

There will also be a presentation on the development of the generation of free surplus and capital for the Emerging Markets business.

Old Mutual today announces that its acquisition of a majority stake in Oceanic's Nigerian property & casualty business has been completed.  

The event will take place at Mutualpark in Cape Town and will start today at 11:30 hrs South African time (9:30 hrs GMT / 10.30 hrs CET); at 8:00 hrs South African time (6:00 hrs GMT / 7:00 hrs CET) on Thursday 5 December 2013 and at 9:00 hrs South African time (7:00 hrs GMT / 8:00 hrs CET) on Friday 6 December 2013. A webcast will be provided for those unable to attend in person, details of which are at: www.oldmutual.com/showcase. 
Presentation documents are available to download today from 10:00 hrs South African time (8:00 hrs GMT / 9.00 hrs CET) at: www.oldmutual.com/showcase. 

There will also be an audio dial-in facility, accessible on the following numbers:

UK / International: [phone]

US [phone]

South Africa: [phone]

Participant passcode: 68546567#

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                           UK        [phone]

Kelly de Kock                            SA        [phone]

Media

William Baldwin-Charles                         [phone]

                                                            [phone]

Notes to Editors

Old Mutual provides life assurance, asset management, banking and general insurance to more than 14 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 2012, the Group reported adjusted operating profit before tax of £1.6 billion (on an IFRS basis) and had £262 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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