Trading Statement

Old Mutual PLC
14 November 2005


                                  Old Mutual plc

            Trading update for the nine months to 30 September 2005

                      Strong performance across the Group

Our business around the world is continuing to deliver excellent results, with
life assurance sales (on an annual premium equivalent (APE) basis) showing an
increase of 18% to £502 million over the nine months to 30 September 2005
compared with the equivalent period last year, reflecting significant growth in
Individual and Group Business sales in South Africa and retail sales in the USA.
Funds under management of £175 billion at the end of September 2005, increased
by 25% from the year end position.

• Embedded value per share of 156.0p (R1,749c) at 30 September 2005, (30
  June 2005: 137.5p (R1,645c)), a rise of 13%.

• Life assurance sales (on an APE basis)    

  • South Africa: up 18% to R3.0 billion, as our focus on investing in our
    distribution capability continues to impact sales positively. Individual 
    Life sales increased by 11% to R2.1 billion during the first nine months, 
    with Group Business sales increasing by 40% to R0.9 billion.

  • USA: up 15% to $431 million, as the business continued to deliver strong
    retail sales growth, in particular in life products and offshore annuity 
    sales through Old Mutual Bermuda.

• Funds under management

  • South Africa: up 11% to R466 billion as the net cashflow position for the
    third quarter stabilised and the JSE performed well.

  • USA: up 21% to $224 billion, with net inflows of client assets reaching
    $27 billion for the nine months at our US asset management business.

  • UK: up 38% to £5.8 billion, as organic growth continued, with excellent
    hedge fund performance driving net fund inflows of £0.4 billion at OMAM (UK) 
    and Selestia continuing to build critical mass with sales for the nine 
    months to 30 September 2005 of £0.5 billion.

• Nedbank: net interest income up 17% with good growth in retail assets.
  Strategic recovery programme continues to be on track.

• Mutual & Federal: continued to perform well with a 7% increase in gross
  premiums to R6.0 billion and a strong underwriting surplus for the nine
  months to 30 September 2005 despite ongoing softening of the short term
  insurance market.


Jim Sutcliffe, Chief Executive, commented: 'Each of our businesses has
contributed to this excellent performance. The strong organic growth in sales
and assets across all disciplines and product areas continues, providing a clear
platform for long-term growth.'

                                                                14 November 2005

Enquiries:

Old Mutual plc

Media:                              Tel: [phone]
Miranda Bellord (UK)                Tel: [phone]
Nad Pillay (SA)

Investors:                          Tel: [phone]
Andrew Parkins (UK)                 Tel: [phone]
Deward Serfontein (SA)

College Hill (UK)                   Tel: [phone]
Tony Friend
Alex Sandberg


Julian Roberts, Group Finance Director, will host a conference call for analysts
and investors at 08.30 UK time, 09.30 Swedish time and 10.30 South African time
this morning. The call will include a brief introduction and an opportunity for
questions. Analysts and investors who wish to participate in the conference call
should dial the following toll-free numbers:

UK participants: 0800 953 1444
SA participants: 0800 994090
Swedish participants: 0200 895 350
Std International dial-in (not toll-free): + 44 (0) 1452 542 300


The Third Quarter 2005 Trading Statement Financial Disclosure Supplement, can be
found on the website at www.oldmutual.com.


Forward-looking statements

This announcement contains certain forward-looking statements with respect to
the financial condition and results of operations of Old Mutual plc and its
group companies, which by their nature involve risk and uncertainty because they
relate to events and depend on circumstances that may occur in the future.
Factors that could cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to, global, national and
regional economic conditions, levels of securities markets, interest rates,
credit or other risks of lending and investment activities, and competitive and
regulatory factors.



Life and asset management business - South Africa

Strong growth in life and non-life sales

Life sales of R3.0 billion (including South African sales into Old Mutual
International (OMI)) for the nine months to 30 September 2005 on an Annual
Premium Equivalent (APE) basis have increased by 18% compared to the equivalent
period last year, as our focus on investing in our distribution capability
continued to benefit sales. Both Individual and Group Business life sales were
higher, the latter showing particularly strong growth.

Unit trust sales grew in both our broker and agency channels, with sales for the
nine months increasing by 93% to R6.3 billion, taking net cash flows for this
business to R2.5 billion for this period, compared with R0.5 billion for the
equivalent period last year.

The Pension Funds Adjudicator has continued to hear complaints and make
determinations against retirement annuity funds. While discussions between the
industry, the regulator and the National Treasury continue, our philosophy of
ensuring that our products provide good value to our customers continues to be
implemented.

Continued investment in distribution results in Individual Business life sales
up 11%

Individual Business life sales of R2.1 billion for the nine months to 30
September 2005 (including South African sales into OMI) were 11% higher than the
R1.9 billion achieved in the equivalent period last year, with good growth
experienced across all product categories.

The 14% increase in single premiums has been positively impacted by the growth
in bancassurance life sales through the Nedbank channel, up 78% for the nine
months to 30 September 2005 compared with the equivalent period last year. Going
forward, OMSA and Nedbank will continue to work closely together to focus on
growing sales through this channel. South Africa life single premium sales into
OMI were up 32%.

Recurring premiums for the nine months to 30 September 2005 increased by 9% to
R1.5 billion from R1.4 billion last year, with growth in savings, protection and
Group Schemes business all up by similar amounts. This result reflects the
ongoing benefit from sales growth through our own agency channel and the Group
Schemes sales forces as we continue to invest in growing our advisor headcount.

Group Business sales growth continues

Group Business sales (including Healthcare) increased by 40% to R909 million for
the nine months compared with R649 million for the equivalent period last year.
Healthcare sales were up by 7% on the equivalent period in 2004, whilst Group
protection recurring premium sales increased by 50%. Group single premiums at
R340 million were 127% higher than the prior period as a result of good annuity
sales to retirement funds.

Sales have continued to benefit from the investment in our sales management,
processes and capability.

Margins increase to 17%

New business margins have increased to 17% for the nine months to 30 September
2005 from 15% for the half year. The Individual Business margin at 14% reflects
investment in distribution and the switch to lower margin products. This has
been enhanced by the 22% Group Business margin.

Quarterly net client cashflows flat

Net client cashflows for the nine months have stabilised at the half year level
of negative R17 billion which includes the impact of the R10 billion withdrawal
of funds by the Public Investment Corporation in the first half.

As a result primarily of higher equity markets, customer funds under management
of R343 billion at the third quarter, were 10% higher than at the year end.

Strong investment performance

Old Mutual Asset Managers (South Africa) (OMAM (SA)) continued to deliver strong
investment performance, being ranked second out of the eleven institutional
asset managers in the Alexander Forbes South African Global Manager Watch
(Large) Survey over the year to the end of September 2005 and second out of nine
over three years. At 30 September 2005, 95% of funds managed by OMAM (SA)
weighted by value over one year and 91% over three years, outperformed their
benchmarks.

Business developments

In August, OMSA announced a Black Economic Empowerment (BEE) deal in its
Healthcare business which would result in its BEE partner acquiring a 26%
interest in the merged business and would result in approximately 45,000
additional members. The acquisition of Marriott Properties and Marriott Asset
Management, with R20 billion of funds under management was announced in October.
Both transactions are subject to approval by the Competition Commission.

Banking - South Africa

The full text of Nedbank Group's trading update for the third quarter of 2005,
released today, can be accessed on Nedbank's website, 
http://www.nedbankgroup.co.za.

Delivering improved performance

Nedbank's financial performance has continued to improve, with trading results
for the nine months to 30 September 2005 slightly ahead of management
expectations, driven primarily by the continued positive banking and credit
environment, tight expense control and favourable property investment
revaluations.

Return on equity (ROE) of 15.23% for the nine months to 30 September 2005 has
improved from the half year level of 14.63%. Nedbank remains committed to
achieving the 20% ROE target by 2007 despite the dilutive effects of the BEE
transaction and the accounting impacts of International Financial Reporting
Standards (IFRS).

The business delivered an improved efficiency ratio for the nine months to 30
September 2005 of 67.1% (excluding the impact of BEE), compared to 68.6% at the
half year, driven by a 1.2% decline in expenses.

Growth of 17% in net interest income (NII)

Positive growth of 17% in NII helped to increase the net interest margin for the
nine months to 30 September to 3.45% from 3.18% for the year to 31 December
2004. The margin has benefited from strong asset growth in Nedbank Retail, the
sale of non-core assets and from the various initiatives undertaken in 2004.
These have more than offset the industry margin pressure resulting from the
lower interest rate environment.

Non-interest revenue (NIR) set to grow

NIR of R5.8 billion for the nine months was marginally higher than the
corresponding period last year (R5.7 billion). Whilst NIR has been negatively
impacted by the sale of subsidiaries in 2004, deal-flow continues to improve
with commissions and fees showing good growth.

Assets up 9% (annualised)

Total assets at 30 September 2005 increased by 9% (annualised) to R350 billion
from R328 billion at the year end, with strong growth experienced in retail
advances and in particular residential home loans.

General Insurance - South Africa

Strong results in a softening cycle

Mutual & Federal has continued to perform strongly despite an ongoing softening
of the short term insurance market and increasing pricing pressure on premium
income. Total gross premiums for the nine months to 30 September 2005 increased
by 7% to R6.0 billion (30 September 2004: R5.6 billion), assisted by the first
time consolidation of Credit Guarantee Insurance Corporation.

Healthy underwriting surplus maintained

The underwriting surplus for the nine months to 30 September 2005 has remained
broadly in line with the equivalent period last year, as the management of
claims and expenses continues to positively impact results.

Life Business - United States

Growth in retail sales continues

Total sales for the nine months to 30 September 2005 were $431 million on an APE
basis, an increase of 15% over the equivalent period in 2004.

Life product sales for the nine months grew by 51%, illustrating the success of
our market penetration strategies. Offshore annuity sales through Old Mutual
Bermuda grew by 80%. The increasingly efficient use of outsourced underwriting
and administration services continues to differentiate the US operations by
delivering quality service combined with lower unit costs than our competitors.

Management is taking the opportunity to prune distribution and products in the
final quarter in order to complete the year within its targeted capital plans
and to evolve the business to a more efficient distribution network.

Margins stabilise

The margin of 19% for the nine months to 30 September 2005 calculated under
European embedded value (EEV) methodology, reflects the positive investment
yields and premium volumes experienced over the first half of the year. The
third quarter margin of 16% is, however more in line with long term expectations
under EEV.

On track to release capital by 2007

With funds under management achieving the $20 billion threshold, the business
remains on track to release capital in 2007.

Asset Management - United States

Record net cash flows: $27 billion

Funds at our US Asset Management business increased by 21% to $224 billion at 30
September 2005 from $185 billion at 31 December 2004, driven by record net
inflows of client assets totalling $27 billion.

During the third quarter of 2005, funds under management increased by $15
billion or 7%. Net fund inflows during the quarter amounted to $7 billion,
arising mainly in value equity and fixed income funds, as well as cash
collateral assets. Strong investment performance and net positive market
movements accounted for the remaining $8 billion increase in total funds under
management. Progress has continued with our retail initiative, which has now
generated $1.2 billion in gross sales for the nine months.

Divestitures of non-strategic firms and the addition of Investment Counselors of
Maryland accounted for a net reduction of $145 million in funds under management
during the quarter.  An announcement was made during the quarter that Barrow,
Hanley, Mewhinney & Strauss would assume leadership of Pacific Financial
Research (PFR) following the resignation of certain key employees of PFR.  It is
anticipated that this reorganisation may result in net outflows of PFR funds
over the remainder of this year.

A controlling interest was acquired in Larch Lane, a New York-based hedge fund
specialist, in late October. Larch Lane currently manages funds totalling $0.7
billion, invests in hedge funds and provides capital to early stage hedge fund
managers. This acquisition further diversifies the asset management capabilities
of the wider business.

United Kingdom

Excellent hedge fund performance

The strong organic growth of the UK business continued during the third quarter
with funds under management at 30 September 2005 increasing to £5.8 billion, a
£1.6 billion or 38% increase since the start of the year, with net cash inflows
contributing £0.9 billion to the increase. OMAM (UK), driven by excellent hedge
fund performance, contributed £0.4 billion to net fund inflows. Selestia's
investment platform continued to attract new funds, with new business sales of
£0.5 billion for the nine months to 30 September 2005, taking funds under
management to £1.3 billion.

Group capital resources

Old Mutual plc EUR500 million Upper Tier 2 transaction
A Euro-denominated Upper Tier 2 transaction was announced on 21 October 2005
resulting in the placement of EUR500 million of fixed to floating rate step-up
undated subordinated notes to be listed on the London Stock Exchange with a
coupon of 5%.

This transaction places Old Mutual in a strong position to fund the potential
acquisition of Skandia, with any residual funds being used to make senior debt
repayments.

R3.0 billion 8.92% subordinated callable note

Separately, Old Mutual Life Assurance Company (South Africa) Limited (OMLAC(SA))
approached the South African domestic market in October to raise regulatory
capital for its own purposes. The issue took advantage of a recent change in
policy by the South African insurance regulator, the Financial Services Board,
which now permits South African insurers to raise regulatory debt capital,
subject to prior approval.

OMLAC(SA)'s objective for issuing the instrument was to strengthen its capital
base at a time when South African interest rates were low and credit appetite
strong, and to seek the diversification and greater flexibility of its capital
base.


Julian Roberts
Group Finance Director

14 November 2005










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