Issue of Debt

Old Mutual
                  




                                           Old Mutual plc

                             Issue of USD50,000,000 Floating Rate Notes
                                      due 9 September 2014
                                    under the £2,500,000,000
                               Global Medium Term Note Programme
                              (to be consolidated and form a single
                                 series with the USD100,000,000
                           Floating Rates Notes due 9 September 2014)


This document constitutes the Pricing Supplement relating to the issue
of Notes described therein.

Terms used herein shall be deemed to be defined as such for the
purposes of the Conditions set forth in the Offering Circular dated
31st March 2004. This pricing supplement contains the final terms of
the Notes and must be read in conjunction with such Offering
Circular.

      1. Issuer:                                                             Old Mutual

      2. (i)                              Series Number                      13
         (ii)                             Tranche Number                      2
                                                                             The Notes will form a single series with
                                                                             the outstanding USD100,000,000 Floating
                                                                             Rate Notes due 9 September 2004, issued
                                                                             on 9 September 2004 (the
                                                                             'Original Notes'), on the Interest Payment
                                                                             Date falling on or nearest to 9 December
                                                                             2004

      3. Specified Currency or Currencies                                    United States Dollars ('USD')
      4. Aggregate Nominal Amount:
         (i)                              Tranche:                           USD50,000,000
         (ii)                             Series:                            USD150,000,000

      5. (i)                              Issue Price:                       100.00 per cent of the Aggregate Nominal
                                                                             Amount of the Tranche plus accrued
                                                                             interest from and including 27 September
                                                                             2004 (being 18 days and amounting to
                                                                             USD62,250)
       
         (ii)                             Net proceeds:                      USD49,814,500 (which includes USD247,750
                                                                             Dealer's  commission less accrued interest
                                                                             if USD62,250)

      6. Specified Denomination                                              USD100,000

      7. (i)                              Issue Date:                        27 September 2004
         (ii)                             Interest Commencement Date (if     9 September 2004
                                           different from the Issue Date):
      8. Maturity Date:                                                      Interest Payment Date falling on or nearest
                                                                             to 9 September 2014

      9.  Interest Basis:                                                    3 month USD LIBOR +0.63 per cent. (further
                                                                             particulars specified below)

     10. Redemption/Payment Basis:                                           Redemption at par

     11. Change of Interest Basis or Redemption/ Payment Basis:              Not Applicable

     12. Put/Call Options:                                                   Not Applicable

     13. Status of the Notes:                                                Senior

     14. Listing:                                                            London

     15. Method of distribution                                              Non-syndicated

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

     16. Fixed Rate Note Provisions                                          Not Applicable

     17. Floating Rate Note Provisions                                       Applicable
         (i)                              Specified Period(s)/Specifies      Interest is payable quarterly in arrear on
                                           Interest Payment Dates:           9 March, 9 June, 9 September and 9
                                                                             December in each year from and including 9
                                                                             December 2004 to and including the
                                                                             Maturity Date.
         (ii)                             Business Day Convention:           Modified Following Business Day Convention

         (iii)                            Additional Business Centre(s)      London and New York

         (iv)                             Manner in which the Rate of        Screen Rate Determination
                                          Interest and Interest Amount is to
                                          be determined:

         (v)                              Party responsible for calculating  Not Applicable
                                          the Rate of Interest and Interest
                                          Amount (if not the Agent):

         (vi)                             Screen Rate Determination:         Applicable
                                          - Reference Rate:                  3 month USD LIBOR

                                          -    Interest Determination        Two London Business Days Prior to the first
                                           Date(s):                          day of each Specified Period


                                          -    Relevant Screen Page:         Moneyline Telerate page 3750 at 11:00 a.m.
                                                                             London time


         (vii)                            ISDA Determination:                Not Applicable

                                          -    Floating Rate Option:

                                          -    Designated Maturity:

                                          -    Reset Date:

         (viii)                           Margin(s):                         + 0.63 per cent per annum

         (ix)                             Minimum Rate of Interest:          Not Applicable

         (x)                              Maximum Rate of Interest:          Not Applicable

         (xi)                             Day Count Fraction:                Actual/360 (adjusted)

         (xii)                            Fall back provisions, rounding     Not Applicable
                                           provisions and any other terms
                                           relating to the method of
                                           calculating interest on Floating
                                           Rate Notes, if different from
                                           those set out in the Conditions:

     18. Zero Coupon Note Provisions                                         Not Applicable

         Index Linked Interest Note                                          Not Applicable
     19.  Provisions

     20. Dual Currency Interest Note Provisions                              Not Applicable

PROVISIONS RELATING TO REDEMPTION

     21. Issuer Call                                                         Not Applicable

     22. Investor Put                                                        Not Applicable

     23.   Final Redemption Amount of each Note                              USD100,000 per Note of USD100,000 Specified
                                                                              Denomination

GENERAL PROVISIONS APPLICABLE TO THE NOTES

     25. Form of Notes:                                                       Bearer Notes:
                                                                              Temporary Global Note exchangeable for a
                                                                              Permanent Global Note which is
                                                                              exchangeable for definitive Bearer Notes
                                                                              only upon an Exchange Event
     26. Additional Financial Centre(s) or other special provisions relating  London and New York
         to Payment Dates:
     27. Talons for future Coupons or Receipts to be attached to Definitive   No
         Regulation S Bearer Notes (and dates on which such Talons mature):
         Details relating to Partly Paid Notes: amount of each payment        Not Applicable
          comprising the Issue Price and date on which each payment is to be
          made and consequences of failure to pay, including any right of the
     28.  Issuer to forfeit the Notes and interest due on late payment.
         Details relating to Instalment                                      Not Applicable
     29.  Notes:
     30. Redenomination applicable:                                          Redenomination not applicable
     31. US Taxation:                                                        Not Applicable
         Other terms or special                                              Not Applicable
     32.  conditions:
DISTRIBUTION
     33. (i)                              If syndicated, names of Managers:  Not Applicable
         (ii)                             Stabilising Manager (if any):      Not Applicable
     34. If non-syndicated, name of relevant Dealer:                         Citigroup Global Markets Limited
     35.  Whether TEFRA D or TEFRA C rules applicable or TEFRS rules not      TEFRA D
         applicable:
     36. Additional selling restricions:                                     Not applicable
OPERATIONAL INFORMATION
     37. Any clearing system(s) other than Euroclear and Clearstream,        Not Applicable
         Luxembourg and DTC and the relevant identification number(s):
     38. Delivery:                                                           Delivery against payment
     39. Additional Paying Agent(s) (if                                      Not Applicable
         any):
         In the case of Registered Notes, specify the location of the        Not Applicable
     40.  Registrar if other than New York:
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         ISIN:                                                               Upon issue, the temporary ISIN will be
                                                                              XS0201512000
                                                                             Upon consolidation with the Original Notes,
                                                                              the ISIN will be XS0200786696
         Common Code:                                                        Upon issue, the temporary Common Code will
                                                                              be 020151200
                                                                             Upon consolidation with the Original Notes,
                                                                              the Common Code will be 020078669
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LISTING APPLICATION

This Pricing Supplement comprises the final terms required to list the issues of Notes described herein pursuant to the
 £2,500,000,000 Global Medium Term Note Programme of Old Mutual plc.


RESPONSIBILITY

The Issuer accepts responsibility for the information contained within this Pricing Supplement.

Signed on behalf of the Issuer.