Subsid's Interim Results

OLD MUTUAL PLC
5 August 1999


The headline for the Old Mutual PLC - 'Interim Results, etc.' announcement
released today should read 'Subsid's Interim Results'. 

The full text shown below remains unchanged.
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                          OLD MUTUAL PLC

                      Nedcor Interim Results


Old  Mutual  is  the  largest Southern African life  assurance  and
financial  services group.  Its shares were listed on  the  London,
Johannesburg, Malawi, Namibia and Zimbabwe stock exchanges on  12th
July 1999.

Nedcor  Limited,  the  South African banking group,  in  which  Old
Mutual  plc  ('Old Mutual') has a 53.3% holding, has  today  issued
financial  results for the six months ended 30th  June  1999.   The
full text of the Nedcor announcement is attached.

Commenting on Nedcor's results, Mike Levett, Chairman and CEO of Old
Mutual, and a Director of Nedcor, said:

'These  are  excellent results from Nedcor.  The  benefits  of  the
strategy  of  the  Nedcor  management team  are  reflected  in  the
continuing strong performance of the company.'

                                                    5th August 1999


Further information is available on Nedcor's internet site: http:
//www.nedcor.co.za

Issued by:
Investor Relations
Old Mutual plc
London


Notes to Editors:

The Board of Old Mutual plc currently expects to announce the
interim results for the whole of the Old Mutual group for the
period ended 30 June 1999 on Tuesday 7 September 1999.

An announcement regarding the interim results of Old Mutual group
associate-company, Mutual & Federal Insurance Company Limited, is
expected on 18th August 1999.

Nedcor  Limited  is  separately quoted on  the  Johannesburg  Stock
Exchange and in addition has GDR's traded in London.

Old  Mutual consolidates the results of Nedcor in its own  figures.
As  of June 30th 1999 the group had a stake equivalent to 53.3%  of
the common equity of Nedcor.

Details  of Nedcor's interim results presentation will be available
on the corporate website at www:Nedcor.co.za.


Nedcor Limited

Interim results and capitalisation share award
for the six months ended 30 June 1999

*    Attributable income up 28% to R969 million

*    Earnings per share up 26% to 415 cents

*    Expense-to-income ratio 54,1%


Nedcor
Interim results and capitalisation share award
for the six months ended 30 June 1999

Financial highlights
                                                  
                                  Unaudited  Proforma
                                %  6 months  6 months        12
                                                         months
                           change   30.6.99   30.6.98  31.12.98
Income statement                                      
Net operating income           22   1 251        1 026     2 430
before taxation (Rm
Net income after               26    918           727     1 841
taxation (Rm)
Income attributable to         28    969           759     1 900
shareholders (Rm)
Earnings per share             26    415           330       822
(cents)
Selected returns                                               
Return on average                   20,6          20,1      23,3
shareholders' funds (%)
Return on average total             1,60          1,48      1,74
assets (%)
Non-interest revenue                42,9          45,6      45,0
(NIR) to total income
(%)
Expenses to total income            54,1          58,4      56,2
(%)
Capital adequacy                                               
Shareholders' funds (Rm)       23  9 862         8 006     9 131
Total assets (Rm)              20  126 817     105 436   117 527
Risk-weighted assets               92 585       78 878    88 977
(Rm)
Capital ratio (%)                  11,0           10,5      10,8
Share statistics                                               
Share price (cents)             7  13 600       12 700    10 020
Number of shares in             2  235,1         230,8     232,7
issue (m)
Weighted average number         2  233,9         230,2     231,2
of shares (m)
Price-earnings ratio               15,0           17,5      12,2
(historical)
                                                               
Market capitalisation           9  32,0           29,3      23,3
(Rbn)
                                                               

Nedcor
Interim results and capitalisation share award
for the six months ended 30 June 1999

Consolidated income statement
                                          
                                    Unaudited Proforma
                                   6 months  6 months        12
                                                         months
                                %   30.6.99   30.6.98  31.12.98
                           change        Rm        Rm        Rm
Interest income                19     8 531     7 190    16 494
Interest expense               19     6 352     5 356    12 569
Net interest income            19     2 179     1 834     3 925
Non-interest revenue            6     1 636     1 537     3 211
Total income                   13     3 815     3 371     7 136
Specific and general           33       501       378       698
provisions
Net income                     11     3 314     2 993     6 438
Expenses                        6     2 063     1 967     4 008
Net operating income           22     1 251     1 026     2 430
before tax
Add: Capital profit on                  193         -         -
sale of NedTravel
Less: Special general                   193         -         -
provision supplement
(net of tax)
Net income before              22     1 251     1 026     2 430
taxation
Taxation                       11       333       299       589
Net income after               26       918       727     1 841
taxation
Attributable earnings          57        51        32        59
of associates
                                                               
Income attributable to         28       969       759     1 900
shareholders


Nedcor
Interim results and capitalisation share award
for the six months ended 30 June 1999

Consolidated Balance Sheet


                                  Unaudited  Proforma
                                   6 months  6 months        12
                                                         months
                         %         30.6.99    30.6.98  31.12.98
                         change          Rm        Rm        Rm
                                                               
Share capital            2           235          231       233
Reserves                 24        9 627        7 775     8 898
                                                               
Shareholders' funds      23        9 862        8 006     9 131
Long-term subordinated   61          572          355       583
debt instruments
Deposit, current and     21        115 537     95 877   106 900
other accounts
Liabilities under                    846        1 198       913
acceptances
Capital, reserves and    20        126 817    105 436   117 527
liabilities
                                                               
Assets                                                         
Cash and short-term      (50)       2 963        5 973     5 250
funds
Other short-term         147       12 716        5 147     7 154
securities
Government and public    91         6 086        3 182     4 023
sector securities
Advances and other       15        100 057      86 874    96 483
accounts
Customers' indebtedness               846        1 198       913
for acceptances
Other investments        59         2 094        1 314     1 826
Fixed property           20         1 051          877       983
Equipment                15         1 004          871       895
Total assets             20        126 817     105 436   117 527
                                                               
Confirmed letters of               2 367        3 037     2 798
credit and other
Guarantees                         5 675        4 920     5 826
Contingent liabilities   1         8 042        7 957     8 624


Nedcor
Interim results and capitalisation share award
for the six months ended 30 June 1999

Consolidated cash flow statement

                                             
                                 Unaudited   Proforma
                                         6   6 months        12
                                    months               months
                                   30.6.99    30.6.98  31.12.98
                                        Rm         Rm        Rm
                                                      
Cash flows from operating            1 508      1 517     3 329
activities
Cash receipts from customers        10 115      8 697    19 613
Cash paid to customers,                                        
employees and suppliers            (8 269)    (7 207)  (16 336)
Dividends received                      42         27        80
Dividends paid                       (380)          -      (28)
Net increase in operating funds    (3 622)      (278)   (2 066)
Taxation paid                        (247)      (424)     (467)
Net cash used in investing            (71)      (450)   (1 169)
activities
Net cash provided by financing         145         36        51
activities
                                                               
Net increase in cash and short-    (2 287)        401     (322)
term funds
Cash and short-term funds at         5 250      5 572     5 572
beginning of period
Cash and short-term funds at end     5 963      5 973     5 250
of period

Comparative figures are restated, where necessary, to afford a
proper comparison.
Percentages are calculated using actual numbers.
Commentary on results

The  group  again  achieved  excellent results,  with  attributable
income  for the six months increasing by 28% to R969 million (1998:
R759 million). Earnings per share increased by 26%, resulting in  a
three-year compound annual growth rate of 25%.

Average  total assets showed satisfactory growth of 18%, while  net
interest  income increased by 19%. These margins improved  slightly
to   3,72%   (1998:  3,69%),  reflecting  improved   money   market
conditions. These margins were, however, negatively affected  by  a
doubling   of   interest  reserved,  which  further  reflects   the
concerning  credit environment. While the level  of  real  interest
rates  remains  high, margins are lower than those of international
peers.

Non-interest revenue to total income at 43% (1998: 46%)  is  better
than  forecast and in line with the long-term target. Exchange  and
securities  dealing  profits continued to  grow  well.  Total  non-
interest   revenue  reduced  due  to  income  from   deconsolidated
operations  now being equity-accounted and the sale  of  NedTravel,
which  realised  a capital profit of R193 million. The  opportunity
was  taken to use this gain as a prudent supplement to the  general
provision.

The aftermath of the high interest rates prevailing during the last
12  months continues to be in evidence and the charge for  bad  and
doubtful debts increased by 33% to R501 million. Including interest
reserved, the income statement charge for the six months amounts to
R652  million,  44%  worse than last year.  Total  provisioning  to
average   advances  stands  at  3,2%  (1998:  2,0%),  appropriately
conservative  under current circumstances, and at  2,5%,  including
the special supplement to the general provision.

Effective cost control efficiencies resulted in a 4,8% increase  in
expenses  and in a 54,1% reduction (1998: 58,4%) the expense-income
ratio.  Should this trend continue, this ratio will be in  the  low
50s  by  year-end,  which will position Nedcor  favourably  against
international benchmarks.

The effective tax rate decreased from 29,2% to 26,6% as a result of
the  5%  decrease in the corporate tax rate, partly offset  by  the
release, in 1998, of certain non-recurring tax credits.

Shareholders' funds now total R9,9 billion, with a capital adequacy
ratio  of 11,0% (1998: 10,5%). Return on equity increased to  20,6%
(1998:  20,1%) on an equity base, which grew 23% over  the  period.
Return on assets is 1,60% (1998: 1,48%).

Operating companies
                                               30.06.99  30.06.98     %
                                                 Rm        Rm      increase
Nedcor Bank, including group operations          685       524      31
Nedcor Investment Bank                           250       208      20
Cape of Good Hope Bank                            34        27      26
                                                 969       759      28

Nedcor Bank, contributing 70% (1998: 69%) of group income,  had  a
particularly   good   half-year,  especially   in   the   Treasury,
International and Corporate divisions. Nedcor Investment Bank's 20%
increase in net income is based on the newly restructured business,
while  major  reconfiguration costs have been set off  against  the
bottom  line. Cape of Good Hope Bank grew 26%, based on good  asset
growth, improved margins and the inclusion of associate income from
recent investments in the property development sector.


Year 2000

The year 2000 project, covering all the systems and channels of the
group,  has  been  completed. All backend applications,  files  and
databases  are  now  year 2000 compliant and  the  frontend  branch
roleout is nearing completion.  Most workstations have had software
upgrades  or  have  been  replaced with compliant  machines.    All
applications  are  being  tested  for  special  dates  and  ongoing
compliants.

Nedcor Investment Bank Holdings Limited
(NIBH) listing

Nedcor  Limited  has offered 15% of its holding in  NIB  to  Nedcor
Limited  shareholders in the ratio of 1 NIB share for  each  Nedcor
share  held  at  a subscription price of R4,30 per NIB  share.  The
renounceable  letters  of  allocation  commenced  trading  on   the
Johannesburg Stock Exchange on 2 August 1999 and NIB will be listed
on 26 August 1999. Prelisting documentation has been distributed to
shareholders. Nedcor Limited will realise gross capital proceeds of
R1 billion from the NIB listing.

Prospects

The  ongoing interest rate reductions are welcome and, enhanced  by
the  benefits of the recent Old Mutual demutualsiation and listing,
we  anticipate a positive effect on our client base. Stringent cost
control  remains  a  key  focus. Major  technological  developments
initiated in prior years have positioned the group well for  future
growth.  These  factors should contribute to the  current  positive
results continuing for the remainder of the year.

Nedcor's  primary  challenge  is to continue  to  achieve  business
efficiencies  and improved profitability, enabling  investment  for
the  future,  which  will result in  extended  client  and  product
reach,  improved client service and the expansion of our  franchise
into the new millennium.

Capitalisation share award and cash dividend

The directors have resolved to issue fully paid ordinary shares  in
the   company   as  a  capitalisation  share  award   to   ordinary
shareholders registered in the books of the company at the close of
business on Friday, 20 August 1999.
Such  shareholders will be entitled, in respect of all or  part  of
their shareholding, to elect to receive instead a cash dividend  of
128  cents  per  ordinary share ('the election').  New  fully  paid
ordinary  shares  in  the  company will be  issued  only  to  those
ordinary shareholders who do not elect in respect of all or part of
their  shareholding before 12:00 on Friday, 17 September  1999,  to
receive the aforementioned dividend.
The  number  of  capitalisation shares to  which  shareholders  are
entitled  will  be  determined in the  ratio  that  128  cents  per
ordinary  share  multiplied by 1,05 bears to the  weighted  average
price  of  Nedcor's  ordinary  shares  on  the  Johannesburg  Stock
Exchange ('the JSE') for the four business days ending Thursday, 16
September  1999.  Where entitlements to new Nedcor ordinary  shares
result  in  fractions of shares, these fractions will  rank  for  a
residual cash dividend.

Documentation  dealing  with  the capitalisation  share  award  and
election will be posted to shareholders on or about 27 August 1999.
To  be valid, completed election forms will need to be received  by
Nedcor's transfer secretaries by no later than 12:00 on Friday,  17
September 1999. Election forms in envelopes postmarked on or  prior
to  Friday, 17 September 1999, will be accepted only if received by
no later than 12:00 on Wednesday, 22 September 1999.
Subject  to the approval of the JSE, a listing for the new ordinary
shares to be issued pursuant to the capitalisation share award will
commence on Monday, 27 September 1999.

It is expected that dividend cheques and share certificates will be
posted to shareholders on or about Monday, 27 September 1999.
A  further  announcement  will  be made  on  or  about  Monday,  27
September 1999, reporting on the result of the election.


For and on behalf of the Board
C F Liebenberg        R C M Laubscher
Chairman              Chief Executive

6 August 1999

Registered office     Transfer secretaries
Nedcor Limited        Mercantile Registrars Limited
(Reg No 66/10630/06)  7th Floor
100 Main Street       11 Diagonal Street
Johannesburg, 2001    Johannesburg, 2001
PO Box 1144,          PO Box 1053, Johannesburg 2000
Johannesburg, 2000    Tel: [phone]


Directors: C F Liebenberg (Chairman); R J Goss (Deputy Chairman);
R C M Laubscher (Chief Executive); C S Adcock; EEAnstee; G H
Bulterman; P T W Curtis;
Dr J de V Graaff; PGJoubert; Prof M M Katz; M J Levett; J B
Magwaza; ME Mkwanazi;
SGMorris (Financial Director); L M Ndlovu; C C Parker; A A
Routledge (Executive Director: Strategic and Corporate Activities);
AJTrahar; GSvan Niekerk; Dr W P Venter

Company Secretary: GSNienaber