Skandia appoints Nordic CEO

Old Mutual PLC
04 May 2007

                                 Old Mutual plc

Ref 27/07

4 May 2007

                        Skandia appoints new Nordic CEO


Skandia, a subsidiary of Old Mutual plc, today announces the appointment of
Bertil Hult as Chief Executive Officer of its Nordic division. Mr Hult joins the
Stockholm-based financial services company from Vinge, a Swedish law firm, where
he is currently CEO. He will report to Julian Roberts, Chief Executive, Skandia,
and will assume his role in early Autumn 2007.


Mr Hult will be responsible for Skandia's entire portfolio of financial services
businesses in Sweden, Norway and Denmark. These include life assurance, banking
and private healthcare businesses.


Prior to joining Vinge, Mr Hult was Head of Asset Management & Private Banking
at Carnegie, an investment bank he joined in 1992.  He also has financial
services experience from his previous roles at Handelsbanken, Ovako, Swedish
Match and Independent. Mr Hult has other current directorships at pharmaceutical
company Q-MED and the independent insurance adviser Soderberg & Partners. He
will be resigning from the latter prior to assuming his position at Skandia.


Julian Roberts, Chief Executive of Skandia and Old Mutual Executive Director for
Europe, commented:


'Bertil brings with him a great wealth of experience in financial services in
the Nordic region and we are delighted to be welcoming him to Skandia. We
believe that his strong leadership will help maintain and build upon Skandia's
market-leading position in Scandinavia. I and my Skandia colleagues look forward
to working with him.'


Bertil Hult said:


'I have known Skandia well for many years, both as a client and as a
professional while I was head of Asset Management & Private Banking at Carnegie.
Skandia's ability to deliver attractive returns to its customers year after year
is a testament to its strong brand and the hard work of its employees. I am
convinced that Skandia, now that it has access to Old Mutual's international
network, will succeed in further advancing its already strong position in the
savings market.'


Ends


Enquiries

Investor Relations
Malcolm Bell                 UK               [phone]
Deward Serfontein            SA               [phone]

Media
James Crampton               UK               [phone]
Nad Pillay                   SA               [phone]
Gunilla Svensson             Skandia          [phone]


Notes to editors


About Bertil Hult

Bertil Hult was born in 1956 in Stockholm. He graduated from the Stockholm
School of Economics in 1981 and is an officer in the Swedish Navy reserves.


Over the next few years, Mr Hult was active in building up and developing the
treasury functions of multinational companies, working in the treasury
departments of Swedish Match and Ovako Steel.


Between 1987 and 1989, Bertil Hult was responsible for fixed-income products at
Handelsbanken in Stockholm. Following this, he returned to a position as Head of
Finance for the finance company Independent.


In 1992 the Nordic investment bank Carnegie recruited Mr Hult, initially as
assistant head of the Corporate Finance department. Between 1993-95, when
Carnegie's ownership structure changed and Singer & Friedlander became principal
owners, he served as CFO, after which he took responsibility for the newly
formed Asset Management & Private Banking business. This business unit comprised
operations in Sweden, Norway, Denmark, Finland and Luxembourg, and included
asset management companies, fund companies, insurance brokerages, unit-linked
assurance companies and banking operations. Mr Hult joined the executive
management in 1993 and was one of the principals responsible for Carnegie's
stock market introduction in 2001.


After nearly 12 years with Carnegie, Mr Hult left the firm in 2005 and became
the managing partner of the Swedish law firm Vinge. Vinge is a market-leading
firm focusing on mergers & acquisitions, stock market-related transactions, and
banking & finance.


Pictures of Mr Hult are available from Old Mutual Media Relations - +44 (0)20
7002 7367.


About Skandia Nordic


Headquartered in Stockholm, Skandia and its mutual subsidiary, Skandia Liv, hold
a leading position in the Swedish life assurance market measured by new
business, with a combined customer base of 1.9 million customers in their Nordic
operations. Skandia has been in the Swedish market for over 150 years and its
business in Sweden offers a full set of financial products. It also has a
growing unit-linked and life business in Denmark, as well as healthcare and
banking. In Norway, it has a successful banking operation and offers healthcare
products.


At 31 December 2006, Skandia had funds under management of SEK 106 billion.


Skandia's Nordic division is part of the Skandia Group, which also includes
Skandia UK & Offshore and Skandia Europe & Latin America.


For further information on Skandia, please visit www.skandia.com


About Old Mutual


Old Mutual plc is an international savings and wealth management company based
in the UK. Originating in South Africa in 1845, the group has a balanced
portfolio of businesses offering asset management, life assurance, banking and
general insurance services in over 40 countries, primarily South Africa, Europe
and the United States. Old Mutual is listed on the London, Johannesburg and
Stockholm stock exchanges, among others.


By conducting its business worldwide under its core values of integrity, respect
and accountability, Old Mutual aspires to push beyond boundaries to drive value
for all its stakeholders.


In the year ended 31 December 2006, the group reported an increase in adjusted
operating profit of 16% to £1.4 billion (IFRS basis). Old Mutual had £239
billion of funds under management at 31 December 2006, and 53,000 employees.


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








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