Further African Expansion with Ghana acquisition

RNS Number : 1683G

Old Mutual PLC

03 June 2013

 



Old Mutual plc

Ref 53/13

3 June 2013

Old Mutual FURTHERS AFRICAN EXPANSION with ACQUISITION IN GHANA

Old Mutual plc ("Old Mutual" or "the Group") today announces that it will expand its African presence through the acquisition of a majority stake in Provident Life Assurance Company Limited ("Provident"), based in Ghana.

Provident is the fifth largest life company in Ghana and provides life insurance and investment products, mainly via an agency force.

The transaction is conditional on relevant regulatory approvals and is expected to complete by the end of 2013. The consideration for the transaction will form part of the R5 billion previously identified by Old Mutual as being available for expansion into Africa.

Julian Roberts, Group Chief Executive, commented: "This transaction is another important step in our strategy of expanding our emerging markets businesses."

IC Securities Ghana Limited acted as advisors to Old Mutual in this transaction.

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 provides life assurance and investment products in Ghana. Provident was started in 2006.  www.provident-life.com

 

END

 

 

ACQNKNDBQBKDPAK