Possible Offer for Gerrard at 670p per Share

Old Mutual PLC
14 January 2000


                          Old Mutual plc
                                 

Old  Mutual  plc ('Old Mutual') confirms that it is in discussions
with Gerrard Group plc ('Gerrard') which may lead to a recommended
cash  offer  by Old Mutual for Gerrard of 670p per Gerrard  share,
valuing Gerrard at approximately £540million.   The acquisition of
Gerrard is consistent with the strategy stated at the time of  Old
Mutual's listing in July 1999.


Enquiries:

Old Mutual                                 Tel: [phone]
Eric Anstee, Group Finance Director


College  Hill                              Tel: [phone]
Alex Sandberg
Gareth David