Acquisition US Life Business

Old Mutual PLC
2 March 2001

                                Old Mutual plc

                  Acquisition of US Life Assurance Business

Old Mutual plc ('Old Mutual' or OML.L) announced today the signing of an
acquisition agreement to buy Unified Life Insurance Company ('Unified'), a
Texas domiciled life assurance company licensed to do business in 43 states.
The acquisition is subject to approval by the Texas Department of Insurance.

Old Mutual is an international financial services company based in London,
with expanding operations in life and general insurance, asset management and
banking. The company listed on the London Stock Exchange in July 1999, and
currently has a market capitalization of $8.46 billion, with approximately
$260 billion in assets under management.

'We're extremely pleased to be proceeding with this acquisition,' said Guy
Barker, chief executive of Old Mutual's U.S. Life Operations. 'I look forward
to working with Bill Buchanan, the current owner of Unified, as well as with
our experienced management team, to further develop Old Mutual's presence in
the US life and annuity market. We expect great success.'

This acquisition, for $25 million, is Old Mutual's second in the US in recent
months. In September 2000 the company acquired United Asset Management (UAM)
Corporation, headquartered in Boston, Massachusetts, one of the largest
independent asset management organizations in the world.

Jim Sutcliffe, Chief Executive of Old Mutual's Life operations worldwide,
said:

'The Unified Life acquisition will be an important step to building our
international insurance capabilities and distribution channels. This addition
will accelerate the advance of our international growth strategy providing a
base on which we can firmly establish our presence in the US insurance and
annuity market. The opportunity for product diversification and continued
distribution growth will complement our other US operations, and prospective
policy owners will benefit from the strength and growing reach of a world-wide
financial services firm.'

                                                                  2 March 2001
ENQUIRIES:

Old Mutual plc, London                              Tel: [phone]
James Poole, Director, Corporate Communications

Old Mutual, USA                                     Tel: [phone]

Old Mutual, Cape Town                               Tel: [phone]
Bruce Allen, Manager, Group Media Communications

College Hill, London                                Tel: [phone]
Nicholas Williams