Issue of Debt

Old Mutual
                  

                          PRICING SUPPLEMENT

27 August 2004

                            Old Mutual plc

                               Issue of
         USD 10,000,000 Floating Rate Notes due September 2009
                       under the £2,500,000,000
                   Global Medium Term Note Programme

This document constitutes the Pricing Supplement relating to the issue of Notes
described herein.

Terms used herein shall be deemed to be defined as such for the purposes of the
conditions set forth in the Offering Circular dated 31st March, 2004. This
Pricing Supplement contains the final terms of the Notes and must be read in
conjunction with such Offering Circular.

1.  Issuer:                             Old Mutual pic

2.  (i) Series Number:                  12

    (ii) Tranche Number:                1

3.  Specified Currency or Currencies:   United States Dollars ('USD')

4.  Aggregate Nominal Amount;

    - Tranche:                          USD 10,000,000
    - Series:                           USD 10,000,000

5. (i) Issue Price:                     100.00 per cent of the Aggregate Nominal Amount

(ii) Net proceeds:                      USD 9,951,700 

6. Specified Denominations:             USD 10,000

7. Issue Date and Interest Commencement 
   Date:                                3 September 2004

8. Maturity Date:                       Interest Payment Date falling on or 
                                        nearest to 20 September 2009

9. Interest Basis:                      For the first Interest Period from and including 3
                                        September 2004 to but excluding 20 December 2004; 
                                        interpolated 3 and 4 month USD-LIBOR + 0.35 per cent. 
                                        Floating Rate 

                                        Thereafter; 3 month USD-LIBOR + 0.35 per cent.
                                        Floating Rate
                                        (further particulars specified below)

10. Redemption/Payment Basis:           Redemption at par
                   
11. Change of Interest Basis or         Not Applicable 
    Redemption/ Payment Basis:  

12. Put/Call Options:                   Not Applicable

13. Status of the Notes:                Senior

14. Listing:                            London

15. Method of distribution:             Non-syndicated

PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE

16. Fixed Rate Note Provisions          Not Applicable

17. Floating Rate Note Provisions       Applicable

(i)  Specified                          Payable quarterly on 20 March, 20 June, 
     Period(s)/Specified Interest       20 September and 20 December in each year, 
     Payment Dates:                     commencing on 20 December 2004 (first long coupon)
     
(ii) Business Day Convention:           Modified Following Business Day Convention

(iii)Additional Business Centre(s):     London and New York

(iv) Manner in which the Rate of 
     Interest and Interest Amount 
     is to be determined:               Screen Rate Determination

(v)  Party responsible for calculating 
     the Rate of Interest and Interest 
     Amount (if not the Agent):         N/A


(vi) Screen Rate Determination:

        - Reference Rate:               For the first Interest Period from 
                                        and including 3 September 2004 to
                                        but excluding 20 December 2004; 

                                        interpolated 3 and 4 month USD-LIBOR

                                        Thereafter: 
                                        3 month USD LIBOR

        - Interest Determination 
          Date(s):                      Second London business day prior to the start 
                                        of each Interest Period

        - Relevant Screen Page:         Moneyline Telerale page 3750

(vii) ISDA Determination:

        - Floating Rate Option:         N/A
        - Designated Maturity:          N/A
        - Reset Date:                   N/A

(viii) Margin(s):                       + 0.35 per cent. per annum

(ix)   Minimum Rate of Interest:        N/A

(x)    Maximum Rate of Interest:        N/A

(xi)   Day Count Fraction:              Actual/360 - adjusted

(xii) Fall back provisions, rounding 
      provisions and any other terms
      relating to the method of 
      calculating interest on Floating 
      Rate Notes, if different from 
      those set out in the Conditions:  N/A

18. Zero Coupon Note Provisions         Not Applicable

19. Index Linked Interest Note          Not Applicable
    Provisions

20. Dual Currency Note Provisions       Not Applicable

  
                 PROVISIONS RELATING TO REDEMPTION

21. Issuer Call                         Not Applicable

22. Investor Put                        Not Applicable  
 
23. Final Redemption Amount of each
    Note                                USD 10,000 per Note of USD 10,000

24. Early Redemption Amount of each 
    Note payable On redemption for
    taxation reasons or on event 
    of default and/or the method of
    calculating the same (if required 
    or if different from that set out 
    in Condition 7(e)):                 Not Applicable
    
 
GENERAL PROVISIONS APPLICABLE TO THE NOTES
                         
25. Form of Notes:                      Bearer Notes:

                                        Temporary Global Note exchangeable 
                                        for a Permanent Global Note which
                                        is exchangeable for definitive 
                                        Bearer Notes only upon an Exchange
                                        Event.                                        

26. Additional Financial Centre(s) 
    or other special provisions
    relating to Payment Dates:          Not Applicable

27. Talons for future Coupons or 
    Receipts to be attached to 
    Definitive Regulation S Bearer 
    Notes (and dates on which such 
    Talons mature):                     No

28. Details relating to Partly Paid 
    Notes; amount of each payment
    comprising the Issue Price and date 
    on which each payment is to be
    made and consequences of failure to 
    pay, including any right of the
    Issuer to forfeit the Notes and interest 
    due on late payment:                Not Applicable

29. Details relating to Instalment
    Notes;

(i) Instalment Amount(s):               Not Applicable

(ii)Instalment Date(s):                 Not Applicable

30. Redenomination applicable:          Redenomination not applicable

31. U.S. Taxation:                      Not Applicable

32. Other terms or special conditions:  Not Applicable

DISTRIBUTION

33.(i)If syndicated, names of 
      Managers:                         Not Applicable
      
  (ii)Stabilising Manager (if any):     Not Applicable

34. If non-syndicated, name of 
    relevant Dealer:                    Dresdner Bank AG London Branch
       

35. Whether TEFRA D or TEFRA C 
    rules applicable or TEFRA rules 
    not applicable:                     TEFRA D

36. Additional selling restrictions:    Not Applicable

OPERATIONAL INFORMATION
     
37.Any clearing system(s) other 
   than Euroclear, Clearstream,
   Luxembourg and DTC and the 
   relevant identification number(s):   Not Applicable

38. Delivery:                           Delivery against payment

39. Additional Paying Agent(s) 
   (if any):                            Not Applicable      

40. In the case of Registered
    Notes, specify the location 
    of the Registrar if other 
    than New York:                      Not Applicable


ISIN:                                   XS 020 014 644 6 
Common Code:                            20 014 644

LISTING APPLICATION

This Pricing Supplement comprises the final temis required to list the
issue of Notes described herein pursuant to the £2,500,000,000 Global
Medium Tisrm Note Programme of Old Mutual pic.

RESPONSIBILlTY
   
The Issuer accepts responsibility for the information contained in
this Pricing Supplement.

Signed on behalf of the Issuer.


If the applicable Pricing Supplement specifies any modification ro the
Terms and Conditions of the Notes as described herein, it is envisaged
that, to the extent that such modification relates only to Conditions
1, 5, 6, 7 (except Condition 7(b)), 11, 12, 13, 14 (insofar as such
Notes are not listed or admitted to trade on any stock exchange) or
17, they will not necessitate the preparation of a supplement to this
Offering Circular, If the Terms and Conditions of the Noies of any
Series are to be modified in any other respect, supplementary Listing
Particulars will be prepared, if appropriate.