Chairman's Statement

Old Mutual PLC
18 May 2000


                     OLD MUTUAL PLC

                      AGM Statement


At  the  Annual  General Meeting of Old Mutual  plc  held
today,   Mike   Levett,  Chairman,  made  the   following
statement on current trading:

'The  year  has begun well for Old Mutual.  In  our  core
South  African  life assurance operations,  our  business
continues to show positive trends and we remain confident
of  its prospects.  Worldwide and in South Africa, higher
interest  rates  and recent stock market volatility  have
depressed  equity  market  performance  and  a   weakened
Rand/Sterling exchange rate will affect the reporting  of
our results in sterling terms.

'Nedcor, our partially owned banking subsidiary, awaits a
ruling by the financial regulators in South Africa on its
desire   for  a  merger  with  Standard  Bank  Investment
Corporation, another South African bank. In the light  of
this,  it  would not be appropriate for me  to  make  any
further comment at this time.

'Over the past few days we have completed all formalities
associated  with our acquisition of Gerrard Group.  Plans
for  integration are developing speedily and  positively.
We  will incorporate Gerrard's financial results into the
Group  with effect from 1 April and report more fully  in
our interim results announcement on 5 September.'


                                              18 May 2000
                                                         
ENQUIRIES:

Old Mutual plc                      Tel: [phone]
James Poole

College Hill (London)               Tel: [phone]
Gareth David                        Email:[e-mail]

Tony Friend                         Email:[e-mail]

College Hill (Johannesburg)         Tel: [phone]
Graham Fiford                       Email:[e-mail]