Update on acquisition in Ghana

RNS Number : 0616N

Old Mutual PLC

03 September 2013

 



Old Mutual plc

Ref 69/13

3 September 2013

OLD MUTUAL AFRICA - UPDATE ON ACQUISITION OF MAJORITY STAKE IN PROVIDENT LIFE ASSURANCE COMPANY IN GHANA

Old Mutual today announces that its acquisition of a majority stake in Ghana's Provident Life Assurance Company has become unconditional.

The deal has been approved by the Financial Services Board (FSB) of South Africa and the National Insurance Commission (NIC) of Ghana.

Ralph Mupita, CEO of Old Mutual Emerging Markets, commented: "With distribution in four cities in Ghana - Accra, Kumasi, Takoradi and Tema - Provident Life Assurance Company provides excellent opportunities for Old Mutual, giving impetus to our expansion strategy in West Africa."

Enquiries

External communications

Patrick Bowes                           UK        [phone]

Investor relations

Dominic Lagan                           UK        [phone]

Kelly de Kock                            SA        [phone]

Media

William Baldwin-Charles                         [phone]

                                                            [phone]

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

Provident is the fifth-largest life company in Ghana and provides life assurance and investment products. Provident Life Assurance Company was started in 2006. Visit www.provident-life.com

 

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