Update on the sale of US Life

RNS Number : 0856E

Old Mutual PLC

01 April 2011

 



Ref 31/11

1 April 2011

Old Mutual plc

Update on the sale of US Life

Old Mutual plc is pleased to announce that the Maryland Insurance Administration has approved the acquisition of OM Financial Life Insurance Company by Harbinger Group Inc.

Approval for the sale is still required from the New York State Insurance Department (NYSID).

Closing preparations are continuing to take place and completion is expected to occur in due course once approval has been obtained from NYSID.

A further announcement will be made on closing of the transaction.

Ends

Enquiries

External Communications
Patrick Bowes		[phone]
Investor Relations
Deward Serfontein	SA	[phone]
Aleida White	UK	[phone]
Media
William Baldwin-Charles		[phone]

Notes to Editors

Old Mutual

Old Mutual plc is an international long-term savings, protection and investment Group.  Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance to more than 15 million customers in Europe, the Americas, Africa and Asia.  Old Mutual plc is listed on the London Stock Exchange and the Johannesburg Stock Exchange, among others.

In the year ended 31 December 2010, the Group reported adjusted operating profit before tax of £1.5 billion (on an IFRS basis) and had £309 billion of funds under management, from core operations. 

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

 

END

 

 

REASDLEEFFFSEED