Special Dividend

Old Mutual PLC
15 November 2000

                                
                         OLD MUTUAL PLC
                                
       Special Dividend Announced by Mutual & Federal Ltd
                                
Old  Mutual  Plc  (OML.L) announces that the Board  of  Mutual  &
Federal  Ltd,  South  Africa,  its general  insurance  subsidiary
listed on the Johannesburg Stock Exchange, has made the following
declaration to shareholders of a special dividend.

The Board of Mutual and Federal Ltd has determined after a review
that  its solvency margin (being the ratio of net assets  to  net
premiums)  was in excess of 100% at 30 September  2000.   It  has
concluded  that  the  level  of capital  is  in  excess  of  that
required, and has accordingly proposed a special dividend of  300
cents  per  share.  This will have the effect of  returning  R723
million  (approximately £66 million based on yesterday's  closing
rate  of exchange*) to shareholders.  The Board is satisfied that
capital  remaining  after this dividend  will  be  sufficient  to
support  the current operations and facilitate future development
of the business.

The  special  dividend of 300 cents per share has  been  declared
payable  to shareholders on the register at the close of business
on 1 December 2000, and payable on or about 11 December 2000.

Old  Mutual plc has voting control of Mutual and Federal. It owns
51%  of  Mutual and Federal Investments Ltd., which in turn  owns
77%  of  Mutual & Federal.  In addition, Old Mutual owns  12%  of
Mutual  &  Federal  directly, giving  it  an  aggregate  economic
interest  of 51%.  Royal & Sun Alliance Insurance Group owns  the
remaining 49% of Mutual & Federal Investments Ltd.

*Mid-rate yesterday R10.9324 / £1
                                                 15 November 2000

Enquiries:

Investor  Relations Old Mutual          Tel: [phone]
James Poole

College Hill                            Tel: [phone]
Mark Garraway