CGU Holdings Ltd-Replcmt

Old Mutual PLC
15 August 2000


The issuer has made the following amendment to the 'Re CGU Holdings Ltd'
announcement released today at 10:20 under RNS No 4690P.

The offer is valued at R1206.5 million (£115.5 million) and not R1026.5 million
(£98.2 million) as previously stated. 

The following paragraph has been included:

Further  undertakings  have also   been   secured   by  Mutual  &  Federal  
resulting   in approximately 93% of the CGUH shares in issue having undertaken
to accept the offer.

All other details remain unchanged.

The full corrected version is shown below.


                        OLD MUTUAL PLC
                               
            Mutual & Federal Insurance Company Ltd.
          Offer for CGU Holdings Ltd. (South Africa)

Mutual   &   Federal  Insurance  Company  Limited  ('Mutual   &
Federal'), the South African general insurance group, in  which
Old Mutual plc ('Old Mutual') has an interest of 51%, has today
announced  an offer valued at R1206.5 million (£115.5  million)
for  the issued share capital of CGU Holdings Ltd, a subsidiary
of CGNU plc of the UK.

Undertakings to accept the offer have been received  from  CGNU
plc  in respect of approximately 51% of the shares of CGUH, and
by  Metropolitan  Life  Ltd  of  South  Africa  in  respect  of
approximately  28%  of the shares.  Further  undertakings  have
also   been   secured   by  Mutual  &  Federal   resulting   in
approximately 93% of the CGUH shares in issue having undertaken
to accept the offer.

In  commenting  on  the  offer Mutual and  Federal  state  that
substantial  areas of synergies are expected  between  the  two
businesses and that the acquisition also offers efficiencies in
operations  and technology to facilitate future expansion  into
the Southern African Region.


ENQUIRIES:

Old Mutual London                       Tel: + 44 20 75690100
James Poole, Director Investor Relations

College Hill London                     Tel: + 44 20 74572020
Nicholas Williams

Old Mutual Cape Town                    Tel: + 27 21 5092732
Bruce Allen, Manager, Group Media Communications

College Hill Johannesburg               Tel: + 27 11 4473030
Kim Milnes