Interim Results - Part 3

Old Mutual PLC
4 September 2001

PART 3
                                                                              
Notes to the financial statements continued                                     
for the six months ended 30 June 2001                                           
                     
  5      Segmental                              £m                          Rm
         analysis                                                             
                           South   Rest of            South   Rest of         
  5(a)   Life assurance   Africa     world   Total   Africa     world    Total
  (i)    Gross                                                                
         premiums                                                             
         written                                                              
         6 months to                                                          
         30 June 2001                                                         
         Single              661        66     727    7,549       754    8,303
         Recurring           550        66     616    6,282       754    7,036
                           1,211       132   1,343   13,831     1,508   15,339
         6 months to                                                          
         30 June 2000                                                         
         Single              702       101     803    7,255     1,044    8,299
         Recurring           619        78     697    6,398       807    7,205
                           1,321       179   1,500   13,653     1,851   15,504
         Year to 31                                                           
         December 2000                                                        
         Single            1,393       219   1,612   14,656     2,304   16,960
         Recurring         1,187       166   1,353   12,489     1,747   14,236
                           2,580       385   2,965   27,145     4,051   31,196
  (ii)   New business                                                         
         premiums                                                             
         6 months to                                                          
         30 June 2001                                                         
         New business                                                         
         premiums on a                                                        
         statutory                                                            
         basis                                                                
         Single              661        66     727    7,549       754    8,303
         Recurring            82         8      90      937        91    1,028
                             743        74     817    8,486       845    9,331
         Annual              148        15     163    1,692       166    1,858
         premium                                                              
         equivalent                                                           
         6 months to                                                          
         30 June 2000                                                         
         New business                                                         
         premiums on a                                                        
         statutory                                                            
         basis                                                                
         Single              702       101     803    7,255     1,044    8,299
         Recurring           109        11     120    1,125       113    1,238
                             811       112     923    8,380     1,157    9,537
         Annual              180        21     201    1,852       218    2,070
         premium                                                              
         equivalent                                                           
         Year to 31                                                           
         December 2000                                                        
         New business                                                         
         premiums on a                                                        
         statutory                                                            
         basis                                                                
         Single            1,393       219   1,612   14,656     2,304   16,960
         Recurring           227        21     248    2,388       221    2,609
                           1,620       240   1,860   17,044     2,525   19,569
         Annual              366        43     409    3,854       451    4,305
         premium                                                              
         equivalent  
                                                         
Annual premium equivalent is defined as one tenth of single premiums plus
recurring premiums.

                                                                              
Notes to the financial statements continued                                     
for the six months ended 30 June 2001                                           
                    
  5       Segmental                              £m                         Rm
          analysis                                                            
          (continued)                                                         
                            South   Rest of            South   Rest of        
  5(a)    Life             Africa     world   Total   Africa     world   Total
          assurance                                                           
          (continued)                                                         
  (iii)   Analysis of                                                         
          life                                                                
          operating                                                           
          profit                                                              
          6 months to                                                         
          30 June 2001                                                        
          Individual           95       (2)      93    1,085      (23)   1,062
          business                                                            
          Group business       42         1      43      480        11     491
          Life                137       (1)     136    1,565      (12)   1,553
          assurance                                                           
          technical                                                           
          result                                                              
          Long term            78         4      82      891        46     937
          investment                                                          
          return                                                              
          Life                215         3     218    2,456        34   2,490
          assurance                                                           
          operating                                                           
          profit                                                              
          6 months to                                                         
          30 June 2000                                                        
          Individual           88       (1)      87      909      (10)     899
          business                                                            
          Group business       47         1      48      486        10     496
          Life                135         -     135    1,395         -   1,395
          assurance                                                           
          technical                                                           
          result                                                              
          Long term           110         4     114    1,137        41   1,178
          investment                                                          
          return                                                              
          Life                245         4     249    2,532        41   2,573
          assurance                                                           
          operating                                                           
          profit                                                              
          Year to 31                                                          
          December 2000                                                       
          Individual          165         4     169    1,736        42   1,778
          business                                                            
          Group business       85         3      88      894        32     926
          Life                250         7     257    2,630        74   2,704
          assurance                                                           
          technical                                                           
          result                                                              
          Long term           215         6     221    2,262        63   2,325
          investment                                                          
          return                                                              
          Life                465        13     478    4,892       137   5,029
          assurance                                                           
          operating                                                           
          profit              
                                                
For the year ended 31 December 2000, the Life assurance operating result of
£478 million (R5,029 million) presented above and Other shareholders' income
/ (expenses) of £62 million (R652 million) presented in note 5(e) are
disclosed gross of intragroup interest of £6 million (R63 million). The
results for the six months ended 30 June 2001 are presented after intragroup
interest eliminations.

                                                                              
Notes to the financial statements continued                                     
for the six months ended 30 June 2001                                           
                     
  5      Segmental                               £m                         Rm
         analysis                                                             
         (continued)                                                          
                            South   Rest of            South   Rest of        
  5(b)   Financial         Africa     world   Total   Africa     world   Total
         services                                                             
  (i)    Analysis of                                                          
         revenue and                                                          
         operating                                                            
         profit                                                               
         6 months to 30                                                       
         June 2001                                                            
         Gross fees and        32       382     414      365     4,363   4,728
         commissions                                                          
         Asset                 13        65      78      149       742     891
         management                                                           
         worldwide*                                                           
         Private client         -        10      10        -       114     114
         UK - gross                                                           
         profit                                                               
         - integration          -       (6)     (6)        -      (69)    (69)
         costs                                                                
         Other                  5         3       8       57        34      91
         financial                                                            
         services                                                             
         Financial             18        72      90      206       821   1,027
         services                                                             
         operating                                                            
         profit before                                                        
         goodwill                                                             
         amortisation                                                         
         6 months to 30                                                       
         June 2000                                                            
         Gross fees and        46       121     167      475     1,250   1,725
         commissions                                                          
         Asset                 20         8      28      206        83     289
         management                                                           
         worldwide*                                                           
         Private client         -         2       2        -        21      21
         UK                                                                   
         Other                  3         3       6       31        31      62
         financial                                                            
         services                                                             
         Financial             23        13      36      237       135     372
         services                                                             
         operating                                                            
         profit before                                                        
         goodwill                                                             
         amortisation                                                         
         Year to 31                                                           
         December 2000                                                        
         Gross fees and       100       396     496    1,053     4,166   5,219
         commissions                                                          
         Asset                 39        58      97      410       610   1,020
         management                                                           
         worldwide*                                                           
         Private client         -        26      26        -       274     274
         UK - gross                                                           
         profit                                                               
         - integration          -      (14)    (14)        -     (147)   (147)
         costs                                                                
         Other                  7         8      15       74        84     158
         financial                                                            
         services                                                             
         Financial             46        78     124      484       821   1,305
         services                                                             
         operating                                                            
         profit before                                                        
         goodwill                                                             
         amortisation         
                                                
* includes the results of Old Mutual (US) Holdings which are further analysed
in note 5(b)(ii).

                                                                              
Notes to the financial statements continued                            
for the six months ended 30 June 2001                                  

  5    Segmental                                                              
       analysis                                                               
       (continued)                                                            
  5(b) Financial services (continued)                                         
                                          £m                                Rm
 (ii)  Old Mutual  OMAM Pilgrim Other  Total   OMAM  Pilgrim    Other    Total
      (US)                                     (US)   Baxter      UAM         
       Holdings    (US)  Baxter   UAM                                         
                                                                             
       6 months                                                               
       to 30 June                                                             
       2001                                                                   
       Revenue       76      48   114    238    868      548    1,302    2,718
       Expenses    (54)    (28)  (92)  (174)  (617)    (320)  (1,051)  (1,988)
                                                                             
       Operating     22      20    22     64    251      228      251      730
       profit                                                                 
       before                                                                 
       goodwill                                                               
       amortisation                                                            
       12 months                                                              
       to 31                                                                  
       December                                                               
       2000*                                                                  
       Revenue       41      29    58    128    431      305      610    1,346
       Expenses    (26)    (18)  (40)   (84)  (274)    (189)    (421)    (884)
                                                                             
       Operating     15      11    18     44    157      116      189      462
       profit                                                                 
       before                                                                 
       goodwill                                                               
       amortisation                                                            

*The results of Old Mutual (US) Holdings are included in the Group's Asset
management worldwide result, from the date of acquisition, for the last three
months of 2000.

                                                                              
Notes to the financial statements continued                                     
for the six months ended 30 June 2001                                           
                     
  5      Segmental                              £m                          Rm
         analysis                                                             
         (continued)                                                          
                            South  Rest of             South    Rest          
                                                                  of          
  5(c)   Banking           Africa    world   Total    Africa   world     Total
         operating                                                            
         profit                                                               
         6 months to 30                                                       
         June 2001                                                            
         Net interest         240     (10)     230     2,741   (114)     2,627
         income                                                               
         Non-interest         181       22     203     2,067     251     2,318
         revenue                                                              
         Total                421       12     433     4,808     137     4,945
         operating                                                            
         income                                                               
         Specific and        (43)        -    (43)     (491)       -     (491)
         general                                                              
         provisions                                                           
         Net income           378       12     390     4,317     137     4,454
         Operating          (220)     (11)   (231)   (2,513)   (126)   (2,639)
         expenses                                                             
         Operating            158        1     159     1,804      11     1,815
         profit before                                                        
         goodwill                                                             
         amortisation,                                                        
         exceptional                                                          
         items and                                                            
         share of                                                             
         associated                                                           
         undertakings'                                                        
         profit                                                               
         Share of               5        4       9        57      46       103
         associated                                                           
         undertakings'                                                        
         profit                                                               
         Banking              163        5     168     1,861      57     1,918
         operating                                                            
         profit before                                                        
         goodwill                                                             
         amortisation                                                         
         and                                                                  
         exceptional                                                          
         items                                                                

         6 months to 30                                                       
         June 2000                                                            
         Net interest         207       20     227     2,139     205     2,344
         income                                                               
         Non-interest         182       12     194     1,881     123     2,004
         income                                                               
         Total                389       32     421     4,020     328     4,348
         operating                                                            
         income                                                               
         Specific and        (50)      (1)    (51)     (517)    (10)     (527)
         general                                                              
         provisions                                                           
         Net income           339       31     370     3,503     318     3,821
         Operating          (213)     (10)   (223)   (2,201)   (103)   (2,304)
         expenses                                                             
         Operating            126       21     147     1,302     215     1,517
         profit before                                                        
         goodwill                                                             
         amortisation,                                                        
         exceptional                                                          
         items and                                                            
         share of                                                             
         associated                                                           
         undertakings'                                                        
         profit                                                               
         Share of               9        -       9        93       -        93
         associated                                                           
         undertakings'                                                        
         profit                                                               
         Banking              135       21     156     1,395     215     1,610
         operating                                                            
         profit before                                                        
         goodwill                                                             
         amortisation                                                         
         and                                                                  
         exceptional                                                          
         items                                                                

         Year to 31                                                           
         December 2000                                                        
         Net interest         421       43     464     4,430     452     4,882
         income                                                               
         Non-interest         382       25     407     4,019     263     4,282
         income                                                               
         Total                803       68     871     8,449     715     9,164
         operating                                                            
         income                                                               
         Specific and        (90)      (4)    (94)     (947)    (42)     (989)
         general                                                              
         provisions                                                           
         Net income           713       64     777     7,502     673     8,175
         Operating          (452)     (22)   (474)   (4,757)   (231)   (4,988)
         expenses                                                             
         Operating            261       42     303     2,745     442     3,187
         profit before                                                        
         goodwill                                                             
         amortisation,                                                        
         exceptional                                                          
         items and                                                            
         share of                                                             
         associated                                                           
         undertakings'                                                        
         profit                                                               
         Share of               8       16      24        84     169       253
         associated                                                           
         undertakings'                                                        
         profit                                                               
         Banking              269       58     327     2,829     611     3,440
         operating                                                            
         profit before                                                        
         goodwill                                                             
         amortisation                                                         
         and                                                                  
         exceptional                                                          
         items                                                                
                                                                              
Notes to the financial statements continued                                     
for the six months ended 30 June 2001                                           
                   
  5   Segmental                                                               
      analysis                                                                
      (continued)                                                               
                                            £m                              Rm
  5(d)Analysis    Premiums     Claims  Operati   Premiums     Claims  Operating
      of           written   incurred       ng    written   incurred         
      general       net of     net of   result     net of     net of    result
      insurance reinsurance reinsurance       reinsurance reinsurance          
      result                                                          
      by class                                                                
      of                                                                      
      business                                                                
      6 months                                                                
      to 30                                                                   
      June 2001                                                               
      Motor             86         73      (4)        986        834      (46)
      Fire              32         18        2        365        206        23
      Accident          66         46        2        754        525        23
      Other              4          3        1         46         34        11
                       188        140        1      2,151      1,599        11
      Long               -          -       23          -          -       263
      term                                                                    
      investment                                                               
      return                                                                
      Total            188        140       24      2,151      1,599       274

      6 months                                                                
      to 30                                                                   
      June 2000                                                               
      Motor             60         51      (3)        628        527      (27)
      Fire              59         41      (3)        609        424      (28)
      Accident           9          7        3         89         72        28
      Other              6          5        -         61         52       (4)
                       134        104      (3)      1,387      1,075      (31)
      Long               -          -       26          -          -       269
      term                                                                    
      investment                                                               
      return                                                                
      Total            134        104       23      1,387      1,075       238

      Year to                                                                 
      31                                                                      
      December                                                                
      2000                                                                    
      Motor            141        113      (3)      1,484      1,189      (32)
      Fire             131         96        -      1,378      1,010         -
      Accident          11          5        2        116         53        21
      Other             22         12        1        231        126        11
                       305        226        -      3,209      2,378         -
      Long               -          -       44          -          -       463
      term                                                                    
      investment                                                               
      return                                                                
      Total            305        226       44      3,209      2,378       463
                                                                              
Notes to the financial statements continued                                     
for the six months ended 30 June 2001                                           
                 
  5     Segmental                            £m                             Rm
        analysis                                                              
        (continued)                                                           
                            6        6     Year        6   6 months       Year
                       months   months            months                      
                        to 30    to 30    to 31    to 30      to 30  to 31 Dec
                         June     June      Dec     June       June           
  5(e)  Other            2001     2000     2000     2001       2000       2000
        shareholders'                                                         
        income /                                                              
        (expenses)                                                            
        Long term           9        9       17      103         93        179
        investment                                                            
        return                                                                
        credited to                                                           
        operating                                                             
        result                                                                
        Interest         (35)      (3)     (28)    (400)       (31)      (295)
        payable to                                                            
        external                                                              
        sources of                                                            
        finance                                                               
        Other            (19)     (13)     (51)    (217)      (134)      (536)
        shareholders'                                                         
        income /                                                              
        (expenses)                                                            
                         (45)      (7)     (62)    (514)       (72)      (652)

                                             £m                             Rm
  5(f)  Funds under     South  Rest of    Total    South    Rest of      Total
        management     Africa    world            Africa      world           
        At 30 June                                                            
        2001                                                                  
        Investments    15,763    7,229   22,992  179,121     82,146    261,267
        including                                                             
        assets held                                                           
        to cover                                                              
        linked                                                                
        liabilities                                                           
        Unit Trusts                                                           
        Asset                                                                 
        Management                                                            
        worldwide                                                             
        Old Mutual      1,237      646    1,883   14,057      7,341     21,398
        Asset                                                                 
        Managers                                                              
        Private             -    1,174    1,174        -     13,341     13,341
        client UK                                                             
        Other               -      182      182        -      2,068      2,068
        financial                                                             
        services                                                              
                        1,237    2,002    3,239   14,057     22,750     36,807
        Third party                                                           
        Asset                                                                 
        management                                                            
        worldwide                                                             
        Old Mutual      4,470      469    4,939   50,794      5,329     56,123
        Asset                                                                 
        Managers                                                              
        OMAM (US)           -   53,091   53,091        -    603,294    603,294
        Pilgrim             -   10,684   10,684        -    121,407    121,407
        Baxter                                                                
        Other UAM           -   52,136   52,136        -    592,442    592,442
                        4,470  116,380  120,850   50,794  1,322,472  1,373,266
        Private             -   18,104   18,104        -    205,723    205,723
        client UK                                                             
        Other              10      401      411      114      4,557      4,671
        financial                                                             
        services                                                              
                        4,480  134,885  139,365   50,908  1,532,752  1,583,660
        Total funds    21,480  144,116  165,596  244,086  1,637,648  1,881,734
        under                                                                 
        management                                                            
 
END



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