Completion of sale of US Life

RNS Number : 4628E

Old Mutual PLC

07 April 2011

 



Ref 39/11

7 April 2011

Old Mutual plc

Completion of sale of US Life

Old Mutual plc is pleased to announce that, following receipt of the remaining regulatory approval from the New York State Insurance Department, completion of the sale of its US Life business to Harbinger Group Inc. has now taken place.

As previously announced, the sale price was US$350 million.  

Commenting today, Julian Roberts, Group Chief Executive of Old Mutual plc, said:

"I am delighted that we have now completed the transaction. This is an important step in simplifying the Old Mutual Group."

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 

 

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