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Old Mutual makes good start to year

By BFN News | 07:45 AM | Wednesday 04 November, 2015

Old Mutual said the three months to end-September has been a very good quarter for the group. "Old Mutual Wealth had record quarterly sales of GBP5.5bn as it benefited from its integrated strategy of owning distribution, an investment platform, discretionary fund and asset management as well as the recent changes to the UK pension regime," said FD Ingrid Johnson. "Old Mutual South Africa recorded strong sales growth of 28% and our Rest of Africa business grew sales by 32%. "Although we expect exchange rate movements to temper sterling reported growth and conditions for emerging markets to remain challenging, we are confident that if we continue to focus on meeting our customers' needs and improving operating efficiencies we can continue to deliver sustainable growth." Strong operational performance despite the volatile macro-economic backdrop: · Gross sales up 31% at £8.1 billion: o Old Mutual Wealth up 45% at £5.5 billion; o Old Mutual Emerging Markets up 8% at £2.6 billion (22% in local currency) · Net client cash flows (NCCF), excluding non-U.S. affiliate, of £1.6 billion: o Old Mutual Wealth £2.3 billion; o Old Mutual Emerging Markets £0.3 billion; o Nedbank £0.6 billion; o OMAM £(1.6) billion · Nedbank Credit Loss Ratio at 0.76% YTD (Q3 2014: 0.77% YTD) · Funds under management (FUM) flat at £319.4 billion Story provided by

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