Sale of Skandia Poland

RNS Number : 7760S

Old Mutual PLC

12 November 2013

 



Old Mutual plc

Ref 91/13

12 November 2013

Old Mutual plc agreEs the sale of Skandia Poland

Old Mutual plc (Old Mutual) announces today that terms have been agreed to sell Skandia Poland, part of Old Mutual Wealth, to Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG). As at 30 September 2013, Skandia Poland had funds under management of €414m. The consideration for the transaction is not being disclosed.

The transaction is part of Old Mutual Wealth's commitment to simplify its operations in Europe and focus on a select number of core growth markets. The transaction is subject to regulatory approvals and other customary conditions and is expected to take approximately six months to complete.

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                          UK         [phone]

Kelly de Kock                            SA         [phone]

Media

William Baldwin-Charles                             [phone]

                                                                 [phone]

Old Mutual plc was advised by Goldman Sachs International.

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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