Trading update

Old Mutual PLC
11 May 2005

Old Mutual plc



Trading update for the three months to 31 March 2005



Encouraging start to the year



•   Total life assurance sales on an annual premium equivalent (APE) basis of

    GBP134 million, R1,520 million (2004: GBP112 million, R1,394 million), an

    increase of 19% in Sterling, (9% in Rand) compared with first quarter 2004

    -  South Africa: Up 11%, with better results at PFA and Employee Benefits.

       Brokers and Group Schemes produced business below expectations.

    -  USA: Up 22%, with life and offshore annuity sales strong and Equity

       Index Annuities up 13% on the equivalent period in 2004.



•   Total funds under management GBP143 billion, R1,686 billion (31 December

    2004: GBP140 billion, R1,520 billion) a rise of 2% (11% in Rand) since year

    end.

    - SA: down 1%, as outflows offset positive equity markets

    - USA: up 5% since 31 December 2004, with strong net cash inflow ($9.4

      billion).

    - UK: up 10% compared to 31 December 2004, with strong net cash flow of

      GBP296 million at OMAM(UK) and Selestia already exceeding full year 2004

      cash flow of GBP215 million.



•   Nedcor: net interest income up 23% and non-interest revenue marginally

    ahead of prior year. Recovery on track.



•   Mutual & Federal trading well, but premium growth held back by pricing

    pressure in the industry.



•   Embedded value per share of 137.0p (R1,614c) at 31 March 2005, (31

    December 2004: 139.1p (R1,508c)).



Jim Sutcliffe, Chief Executive, commented: 'Growth of 19% in life sales has

been an encouraging start to the year. Our investment in the USA and UK

continues to produce strong sales and net client cash flow. The announcement of

our Black Economic Empowerment arrangements is expected to have a positive

effect on our businesses and we look forward to their confirmation at the EGM.

The operational platform we have now established allows us to look forward to

steady progress in the remainder of the year.'



Encouraging Start to 2005



The first quarter of 2005 has seen the Group consolidate the gains made in

2004, with further strong progress made in the USA and the UK.



In South Africa unit trust sales were very strong and the life business had

improved sales performance. Group business sales grew strongly, albeit from a

low base, with Individual Life sales up marginally. There was an encouraging

result from our PFA sales force, particularly in regular premium savings

products, but Group Schemes sales continued to show the impact of agent

turnover in the second half of 2004. The broker term market has been very

competitive and results were disappointing. Margins were similar in each

product line, but changes in product mix led to lower average margins than the

2004 average but in line with the first quarter 2004. Expenses were heavier

than usual as we extended our efforts to improve sales. Net cash outflow was

a disappointing R12.5 billion, of which R10 billion related to our share of a

withdrawal of R22 billion of funds from the market by the Public Investment

Corporation.



Nedcor is seeing the benefits from the strategic changes made in 2004, with an

improved cost to income ratio and higher net interest income. Much work remains

to be done, but we are achieving the milestones we have set ourselves.



In a market characterised by softening terms and rates, Mutual & Federal

maintained its prudent underwriting standards: there has been pressure on

premiums, but satisfactory levels of underwriting profitability have continued

to be achieved.



We were pleased to announce our BEE ownership transactions in April. Our

proposals make good business sense for the Group, as they are designed to build

our customer base, incentivise our employees and add the strength of our

selected partners. We are confident these arrangements will have a positive

effect on the performance of our South African businesses going forward.



Our US businesses performed very strongly during the first quarter. Equity

index annuity sales continued to grow, but we were able to make even faster

progress in sales of coverage products, where we have established market

leadership in the sale of mortgage-related term insurance. The value of new

business at our US life operation almost doubled.



Net inflows of client assets to our US asset management business were at a

record high. We have made steady progress with our retail initiative, and

formed a new affiliate, 2100 Capital, that will provide a range of alternative

investment strategies. These two initiatives will increase expenses in the short

term, but should create value and stability in the long run.



Organic growth in our UK businesses has continued apace. Selestia and OMAM(UK)

combined have already exceeded their full year 2004 cashflow, with OMAM(UK)

attracting healthy levels of hedge fund assets.



Markets have oscillated this year and appear likely to continue to do so. Our

strategy has again proved its resilience in these conditions and the

fundamentals of our business are healthy. With our BEE arrangements in place,

we look forward to further progress in the balance of the year.



                                                                  11 May 2005

Enquiries:



Old Mutual plc

James Poole (UK)                            Tel:   [phone]

Miranda Bellord (UK)                        Tel:   [phone]

Nad Pillay (SA)                             Tel:   [phone]

Deward Serfontein (SA)                      Tel:   [phone]



College Hill (UK) - Tony Friend             Tel:   [phone]



Julian Roberts, Group Finance Director, will host a conference call for

analysts and investors at 8.30 a.m. UK time/9.30 a.m. SA time this morning.The

call will include a brief introduction and an opportunity for questions.

Analysts and investors who wish to participate in the conference call should

dial the following toll-free numbers:



UK participants to ring: 0800 953 1444

SA participants to ring: 0800 994090



More information about Old Mutual can be found on its website at

www.oldmutual.com.



Forward-looking statements



This announcement contains certain forward-looking statements with respect to

the financial condition and results of operations of Old Mutual plc and its

group companies, which by their nature involve risk and uncertainty because

they relate to events and depend on circumstances that may occur in the future.

Factors that could cause actual results to differ materially from those in the

forward-looking statements include, but are not limited to, global, national

and regional economic conditions, levels of securities markets, interest rates,

credit or other risks of lending and investment activities, and competitive and

regulatory factors.



Life and asset management business - South Africa



Life sales up 11%, Unit trust sales up 51%

Total life sales on an APE basis showed an increase of 11% compared to the

first quarter last year (R725 million compared to R655 million), with unit

trust sales up 51%.



This improvement was driven by a significant increase in Group Business sales,

up 109% at R114 million for the quarter ended 31 March 2005, albeit from a low

2004 base of R55 million. Both savings and annuity single premiums showed good

growth compared to the same period last year.



Individual Life assurance sales (including SA sales into Old Mutual

International) for the quarter ended 31 March 2005 at R612 million were 2%

higher compared to R600 million for the first quarter of 2004, with similar

experience in relation to both single (up 3%) and recurring premium (up 1%)

products.



Reviewing the results by sales channel



-  Rebuilding Group Schemes sales force

   Group Schemes sales overall were 11% lower than in the equivalent period in

   2004, reflecting the impact of sales force turnover in the second half of

   2004. Our current focus is on rebuilding and growing the Group Schemes sales

   force, which is up 2% since 31 December 2004.



-  Growth in PFA sales force delivering results

   Our efforts in growing and developing the PFA sales force (now some 20%

   higher than at 31 March 2004 and 6% higher than at December 2004) are

   starting to be repaid with good growth in sales. This has some short-term

   costs, but is crucial to restore our sales levels.



-  Actions in place to address disappointing broker sales

   In contrast broker sales continued to disappoint, with life APE sales down

   8%. The broker market for risk products was extremely competitive in the

   first quarter of 2005, with sales being driven by aggressive pricing and

   lenient underwriting. We responded by making some amendments to pricing and

   underwriting in early April.



Bancassurance



Bancassurance sales (new business premiums) during the first quarter of 2005

were up 12% on the first quarter of 2004. Old Mutual life sales sold through

the Nedbank channel were up 32% (33% on an APE basis) for the same period.



Margins remain at 13%



Value of new business was up slightly at R92 million from R87 million for the

first quarter last year. Total margin has remained at the same level as last

year at 13%, with a decrease in the margin on Individual Business being offset

by the beneficial impact of a higher proportion of Group Business in total

sales.



Disappointing net client cashflows



Net client cash flow across the business remained disappointing, with an

outflow of R10 billion of funds from OMAM(SA) previously managed for the Public

Investment Corporation being the single largest contributor to an overall net

outflow of R12.5 billion. Within the overall result, Life Business cash flows

were negative R2.0 billion, largely as a result of new Group Business inflows

being insufficient to offset the regular Group Business outflows, as well as

higher terminations in Group Business of life-wrapped investment business.

Individual Business flows were marginally positive in line with the prior

period, whilst unit trust net flows at R0.6 billion were significantly higher.



Continued strong investment performance and improved equity markets underpinned

growth in our unit trust sales.



Client funds under management at 31 March 2005 totalled R306 billion, an

increase of 10% over the comparative position in 2004 (R277 billion),

benefiting from higher market levels.



Strong investment performance continues



Investment performance remained strong, with OMAM(SA) ranked third out of

eleven in the Alexander Forbes Manager Watch survey over one year to 31 March

2005 and third out of nine over three years. 99% over one year to 31 March 2005

and 95% over three years of funds managed by OMAM(SA) weighted by value

outperformed their benchmarks.



Banking - South Africa



Recovery is on track



Nedcor issued a trading update for the first quarter of 2005, the full text of

which can be accessed on Nedcor's website, http://www.nedcor.com.



Nedcor reported that trading for the quarter was in line with management

expectations and that structural and strategic benefits continued to flow from

actions taken in 2004.Much work remains to be done, but we are hitting the

milestones we have set ourselves.



Net Interest Income (NII) up by 23%



NII increased to R2.0 billion for the quarter ended 31 March 2005, up by 23%

over the prior year comparative. It continued to benefit from improved funding

profile and hedging strategies, including uplift created from the rights offer

cash received in May 2004, reduced expensive fixed rate funding, the

repatriation of certain foreign capital and income earned on the proceeds of

non-core investments sold during 2004. This positive performance was reflected

in net interest margin of 3.1% for the first quarter ended 31 March 2005,

compared to 2.8% for the comparative period in 2004.



Non Interest Revenue (NIR) marginally ahead



NIR of R1.7 billion was marginally higher than in the corresponding period in

2004 (R1.6 billion). Deal flow improved in the latter part of the trading

period and the Nedbank Capital pipeline of potential transactions remains

strong.



Assets up 8%



Average total assets increased by 8% to R324 billion and average interest

earning assets increased 8% to R265 billion compared to the position at March

2004.



General Insurance - South Africa



Strong underwriting performance



Mutual & Federal has issued a trading update on the first quarter 2005 today,

the full text of which can be accessed on Mutual & Federal's website,

http://www.mf.co.za.



In a market characterised by softening terms and rates, Mutual & Federal has

maintained its prudent underwriting standards. Despite pressure on premium

rates, satisfactory levels of underwriting profitability have been achieved.



The company has not been able to achieve premium growth in the Commercial

Division (including the Corporate Business Division), whilst growth in the

Personal Division has been in line with inflation levels. The Risk Finance

Division has, however, continued to grow strongly.



Life Business - United States



Strong APE growth continues, up 22%



Total US life sales for the first quarter of 2005 were $126 million (31 March

2004: $103 million) on an APE basis, an increase of 22% over the equivalent

period in 2004. Whilst annuity lines have shown modest growth, sales of both

life insurance coverage products and, through OMNIA, offshore annuity products

have continued to be strong, delivering growth of 68% and 88% respectively

over the equivalent period in 2004. Life sales have benefited from the

continued development of the business's service platform, continuing building

of relationships within MGA marketplace and product enhancements in the equity

indexed universal life market during 2004. OMNIA sales have received a boost

from the withdrawal of a competitor, but also reflect strengthening

relationships with major bank distributors.



Margins significantly up at 24%



The value of new business at US life for the first quarter of 2005 increased to

$31 million (31 March 2004: $16 million) at a significantly improved margin of

24% compared to the 15.5% achieved for the same period in 2004.



Funds under management at 31 March 2005 increased by 23% to $18.3 billion from

$14.9 billion at 31 March 2004 and by $1 billion since 31 December 2004. The

business remains on track for capital self-sufficiency in 2007.



Asset Management - United States



Excellent net fund flows: $9.4 billion



Funds at our US asset management business increased by 5% to $194.5 billion at

31 March 2005 from $184.6 billion at 31 December 2004.



Positive net inflows of client assets for the quarter contributed a record high

of $9.4 billion (31 March 2004: $2.2 billion), including $2 billion of cash

collateral assets, driven by several new mandates and a reduction in client

outflows. Sales of businesses in Japan accounted for a reduction of $0.2

billion of funds under management. Market action accounted for the remaining

increase of $0.7 billion.



Steady progress has been made on our retail initiative as we continue to build

this platform, with year to date gross sales of $217 million. We have also

progressed with our alternative investment initiative, and formed a new

affiliate, 2100 Capital, which will shortly provide a range of alternative

investment strategies. These two initiatives increase expenses in the short

term, but position us well for future growth.



United Kingdom



Strong organic growth continues



Funds under management at our UK operations rose to GBP4.6 billion at 31 March

2005, a 15% increase over the position at 31 March 2004. Strong sales at

Selestia of GBP138 million (31 March 2004: GBP105 million), brought its total

assets under management to GBP866 million (31 March 2004: GBP386 million).

OMAM(UK) has achieved net cash inflows of GBP166 million for the first quarter

of 2005 compared to net cash outflows of GBP15 million for the first quarter

of 2004. Net cash flow for OMAM(UK) and Selestia for the first quarter (GBP296

million) exceeded the comparable figure for the whole of 2004 (GBP215 million).



Julian Roberts                                                  11 May 2005

Group Finance Director



Old Mutual plc May 2005 - Trading Statement Supplementary Disclosure



                                                                    Full YR

1.0 OLD MUTUAL GROUP           2004                                    2004

Funds under Management           Q1            H1          Q3

Sterling (bn)                   128           130         134           140

Rand (bn)                     1,484         1,469       1,564         1,520

US Dollars (bn)                 235           235         242           268



Life Assurance Sales

Sterling (mn)                   112           262         135           546

Rand (mn)                     1,394         3,169       1,564         6,440

US Dollars (bn)                 207           477         251         1,001



Embedded value per share

Sterling (p)                                113.8                     139.1

Rand (cent)                                 1,286                     1,508

US Dollars (cent)                           207.1                     266.5





1.0 OLD MUTUAL GROUP                    2005            Change     % change

Funds under Management                    Q1                Q1,05 v Q1,04

Sterling (bn)                            143                15          12%

Rand (bn)                              1,686               202          14%

US Dollars (bn)                          270                35          15%



Life Assurance Sales

Sterling (mn)                            134                22          19%

Rand (mn)                              1,520               126           9%

US Dollars (bn)                          253                46          22%



Embedded value per share

Sterling (p)                           137.0

Rand (cent)                            1,614

US Dollars (cent)                      258.7



Old Mutual plc May 2005 - Trading Statement Supplementary Disclosure

1.1 GEOGRAPHICAL ANALYSIS



                                                                    Full YR

                                                       2004            2004

Funds under Management*

South Africa                                     Q1      H1      Q3

OMSA (incl. OMI)                                315     299     323     345

Nedcor                                          111      91      93      72

M&F                                               4       4       4       4

Total (Rbn)                                     430     394     420     421

Total GBPbn                                      37      36      36      39



US

US Life                                          15      16      17      17

USAM (excl. US Life)                            145     148     152     168

Total ($bn)                                     160     163     168     185

Total GBPbn                                      86      90      93      97



UK & ROW (GBPbn)                                  5       5       5       5



Total GBPbn                                     128     130     134     140



* Figures exclude mutual funds consolidated as per IAS





Funds under Management*                   2005          Change     % change

South Africa                                Q1              Q1,05 v Q1,04

OMSA (incl. OMI)                           341              26           8%

Nedcor                                      72            (39)         -35%

M&F                                          5               0          11%

Total (Rbn)                                418            (13)          -3%

Total GBPbn                                 35             (2)          -4%



US

US Life                                     18               3          23%

USAM (excl. US Life)                       176              31          22%

Total ($bn)                                195              35          22%

Total GBPbn                                103              16          19%



UK & ROW (GBPbn)                             5               1          17%



Total GBPbn                                143              15          12%



* Figures exclude mutual funds consolidated as per IAS



Old Mutual plc May 2005 - Trading Statement Supplementary Disclosure

1.1 GEOGRAPHICAL ANALYSIS continued



2.0 SOUTH AFRICA (Rm)



                                                                    Full YR

Old Mutual South Africa                       2004                     2004

                               Q1      Q2       H1      Q3      Q4

Sales on an annual premium

equivalent basis              655     772     1429     793     862     3083

BY PRODUCT (Rm)



INDIVIDUAL

Savings                       111     117      228     106     136      471

Protection                      4       2        5       2       1        9

Group Schemes                   0       0        1       0       0        1

Annuity                        38      38       76      43      44      164

Old Mutual International       32      33       66      36      46      148

Total Single                  185     190      376     188     229      792

Total Single excl. OMI        153     157      310     152     182      644



Savings                       144     144      288     159     158      605

Protection                    134     138      272     186     185      643

Group Schemes                 131     157      288     171     151      610

Annuity                         0       0        0       0       0        0

Old Mutual International        6       2        8       4       0       12

Total Recurring               415     441      856     520     494     1870

Total Recurring excl. OMI     409     439      848     516     494     1857



Total Individual sales        600     631     1231     708     723     2662

Total Individual sales excl.

OMI                           562     596     1158     668     676     2502





                                         2005           Change     % change

                                           Q1             Q1,05 v Q1,04

Sales on an annual

premium equivalent basis                  725               71          11%

BY PRODUCT (Rm)



INDIVIDUAL

Savings                                   109              (3)          -2%

Protection                                  3              (1)         -22%

Group Schemes                               0                0          n/a

Annuity                                    39                2           5%

Old Mutual International                   40                7          22%

Total Single                              191                6           3%

Total Single excl. OMI                    151              (1)          -1%



Savings                                   165               22          15%

Protection                                138                3           2%

Group Schemes                             116             (14)         -11%

Annuity                                     0                0          n/a

Old Mutual International                    1              (5)         -83%

Total Recurring                           420                5           1%

Total Recurring excl. OMI                 419               11           3%



Total Individual sales                    612               11           2%

Total Individual sales excl. OMI          571                9           2%



Old Mutual plc May 2005 - Trading Statement Supplementary Disclosure

2.0 SOUTH AFRICA (Rm) cont.



                                                                    Full YR

Old Mutual South Africa                  2004                          2004

                         Q1      Q2        H1        Q3        Q4

GROUP

Savings                  38      50        89        32        77       198

Annuity                   9       7        16        13        13        42

Total Single             48      57       105        45        90       240



Savings                   3      24        27        10        25        62

Protection                3      62        66        30        24       120

Total Recurring           6      84        93        40        49       182



Total Group              55     143       198        85       139       422

Value of new business

(excl. OMI)              87     177       264       194       261       719

Margins % (excl. OMI)   13%     24%       19%       22%       32%       25%

SA Client Funds under

Management (Rbn)        277     271       271       293       312       312

Unit Trust Sales      1,133     894     2,027     1,226     1,751     5,004





Old Mutual South Africa                   2005     Change          % change

                                            Q1            Q1,05 v Q1,04

GROUP

Savings                                     60         21               55%

Annuity                                     29         20              207%

Total Single                                89         40               83%



Savings                                      4          1               35%

Protection                                  21         18               n/a

Total Recurring                             25         19              306%

'

Total Group                                114         59              109%

Value of new business (excl. OMI)           92          5                5%

Margins % (excl. OMI)                      13%         0%               -3%

SA Client Funds under Management (Rbn)     306         29               10%

Unit Trust Sales                         1,707        574               51%



Old Mutual plc May 2005 - Trading Statement Supplementary Disclosure



                                                                     Full YR

2.0 SOUTH AFRICA (Rm) cont.               2004                          2004

Nedcor *                Q1        Q2        H1        Q3        Q4

Net Interest Income  1,652     1,943     3,595     1,921     2,066     7,582

Non-Interest Revenue 1,631     1,864     3,495     1,941     2,500     7,936

Interest margin %    2.80%     3.32%     3.06%     3.26%     3.14%     3.13%





Nedcor *                                2005            Change     % change

                                          Q1                Q1,05 v Q1,04

Net Interest Income                    2,026               374          23%

Non-Interest Revenue                   1,713                82           5%

Interest margin %                      3.10%             0.30%



                                                                    Full YR

Mutual & Federal                         2004                          2004

                       Q1        Q2        H1        Q3        Q4

Gross Premiums (Rm) 1,894     1,698     3,592     2,001     1,767     7,360

Earned Premiums (Rm)1,515     1,623     3,138     1,815     1,783     6,736

*SA IAS basis





Mutual & Federal                        2005            Change     % change

                                          Q1                Q1,05 v Q1,04

Gross Premiums (Rm)                    2,060               166           9%

Earned Premiums (Rm)                   1,727               212          14%

*SA IAS basis



Old Mutual plc May 2005 - Trading Statement Supplementary Disclosure



3.0 US BUSINESSES



                                                                    Full YR

US Life                                  2004                          2004

                       Q1        Q2        H1        Q3        Q4

Fixed Annuities         5         3         8         2         2        11

Immediate Annuities    11        30        41        21        23        85

Equity indexed

annuities              48        71       120        61        54       234

Life                   20        28        48        28        34       111

OMNIA                   7        10        18        12         9        39

Corporate/FHLB         12         5        17         -         4        21

Total Product - APE

$mn                 103.2     147.7     250.9     124.6     126.0     501.6

Margins %           15.5%     26.0%     21.6%     23.6%     23.0%     23.0%

Value of new

business $mn         16.0      38.4      54.4      29.4      29.2       113

Funds under

Management $bn       14.9      15.3      15.3      16.3      17.3      17.3



US Life                                            2005    Change  % change

                                                     Q1     Q1,05   v Q1,04

Fixed Annuities                                     1.2     (3.6)      -75%

Immediate Annuities                                  15       4.0       36%

Equity indexed annuities                           54.3       6.2       13%

Life                                                 34      13.8       68%

OMNIA                                              13.9       6.5       88%

Corporate/FHLB                                      7.5     (4.2)      -36%

Total Product - APE $mn                           125.9      22.7       22%

Margins %                                         24.3%      8.8%       n/a

Value of new business $mn                          30.6      14.6       91%

Funds under Management $bn                         18.3       3.4       23%



                                                                    Full YR

US Asset Management - $bn                2004                          2004

                       Q1        Q2        H1        Q3        Q4

Gross cashflows       9.2        11      20.2         9      12.4      41.6

Net client cashflow   2.2       3.0       5.2       3.3       3.8      12.3

Fund under

management          160.0     163.4     163.4     168.4     184.6     184.6





US Asset Management - $bn                 2005     Change          % change

                                            Q1             Q1,05 v Q1,04

Gross cashflows                           14.7        5.5               60%

Net client cashflow                        9.4        7.2              327%

Fund under management                    194.5       34.5               22%



Old Mutual plc May 2005 - Trading Statement Supplementary Disclosure



                                                                    Full YR

4.0 UK                               2004                              2004

                 Q1         Q2         H1         Q3         Q4

Fund under

management:

GBPbn

OMAM (UK)       3.4        3.3        3.3        3.3        3.4         3.4

Other           0.6        0.7        0.7        0.8        0.8         0.8

Net Cashflows

GBPm

OMAM (UK)    (15.0)     (84.1)     (99.1)     (14.7)     (67.0)     (180.8)

Selestia       98.0       86.0      184.0      104.7      106.8       395.5

Selestia

Sales GBPm    104.7       92.6      197.3      111.8      114.4       423.5



4.0 UK                                    2005     Change         % change

                                            Q1            Q1,05 v Q1,04

Fund under management: GBPbn

OMAM (UK)                                  3.7        0.3                9%

Other                                      0.9        0.3               50%

Net Cashflows GBPm

OMAM (UK)                                165.7      180.7               n/a

Selestia                                 130.1       32.1               33%

Selestia Sales GBPm                      138.3       33.6               32%



                                                                    Full YR

5.0 Economic Statistics                          2004                  2004

                                         Q1        H1         Q3

Exchange rates

GBP/ZAR

Average rate                          12.41     12.15      11.97      11.79

Closing rate                          11.61     11.30      11.71      10.85



GBP/USD

Average rate                           1.84      1.82       1.82       1.83

Closing rate                           1.84      1.81       1.81       1.92



USD/ZAR

Average rate                           6.76      6.67       6.57       6.44

Closing rate                           6.31      6.23       6.46       5.66



Old Mutual plc May 2005 - Trading Statement Supplementary Disclosure

                                                                    Full YR

5.0 Economic Statistics                          2004                  2004



World Indices

MSCI World Index                     1,059      1,063      1,048      1,169

MSCI EAFE                            1,337      1,328      1,318      1,515



US Indices

S&P 500                              1,126      1,141      1,115      1,212

Nasdaq Composite                     1,994      2,048      1,897      2,175

Russell 1000 Growth                    471        479        453        493

Russell 1000 Value                     592        593        599        657

Dow Jones Industrial                10,358     10,435     10,080     10,783

Ryan 5 Year Fixed Income               830        803        825        821

S&P Barra Value                        568        569        572        626



Other Indices

UK FTSE 100                          4,386      4,464      4,571      4,814

UK ALSI                              2,197      2,229      2,272      2,411

FTSE/JSE Africa All Share Index     10,693     10,109     11,761     12,657

JSE/FTSE Life Insurance Index        8,989      8,846     10,356     11,767

FTSE Life Insurance Index            3,856      4,045      3,998      4,450



5.0 Economic Statistics                                   2005     % change



Exchange rates

GBP/ZAR

Average rate                                             11.35          -9%

Closing rate                                             11.78           1%



GBP/USD

Average rate                                              1.89           3%

Closing rate                                              1.89           3%



USD/ZAR

Average rate                                              6.00         -11%

Closing rate                                              6.24          -1%



World Indices

MSCI World Index                                         1,151           9%

MSCI EAFE                                                1,504          12%



US Indices

S&P 500                                                  1,181           5%

Nasdaq Composite                                         1,999           0%

Russell 1000 Growth                                        472           0%

Russell 1000 Value                                         654          10%

Dow Jones Industrial                                    10,504           1%

Ryan 5 Year Fixed Income                                   811          -2%

S&P Barra Value                                            607           7%



Other Indices

UK FTSE 100                                              4,894          12%

UK ALSI                                                  2,458          12%

FTSE/JSE Africa All Share Index                         13,299          24%

JSE/FTSE Life Insurance Index                           12,166          35%

FTSE Life Insurance Index                                4,692          22%




                      This information is provided by RNS
            The company news service from the London Stock Exchange