SkandiaBanken Bilfinans

Old Mutual PLC
23 October 2007


                                 Old Mutual plc

Ref: 67/07


23 October 2007


             SKANDIABANKEN SELLS NORDIC VEHICLE FINANCING BUSINESS

SkandiaBanken, Skandia's Nordic banking operation, announces the sale of its
SkandiaBanken Bilfinans business to DnB NOR. The decision to sell the vehicle
financing business is part of SkandiaBanken's focus on being a market-leading
direct bank in Sweden and Norway. The total consideration of the transaction is
SEK 2.3 billion and is expected to complete in early 2008.


SkandiaBanken Bilfinans provides lending and leasing credits in co-operation
with general agents and car dealerships in Sweden and Norway. The business today
comprises some 115,000 customer contracts and includes an aggregate credit
portfolio of approximately SEK 13 billion. Completion of the deal is conditional
upon regulatory approvals in Sweden and Norway.


Fredrik Sauter, chief executive of SkandiaBanken, said:

'SkandiaBanken is continuing to concentrate on its principal business of banking
and insurance, and on gradually introducing a range of new customer offers. The
decision to sell the vehicle financing business is in line with this strategy,
and we are convinced that it will develop favorably under DnB NOR's ownership,
to the benefit of customers and business partners.'


Julian Roberts, chief executive of Skandia and Old Mutual Director for Europe,
said:

'This transaction not only represents good value for shareholders but also
clearly demonstrates Old Mutual's focus on its core business of asset gathering
and asset management.'


Ends

Enquiries

Media
James Crampton            Old Mutual           [phone]
Gunilla Svensson          Skandia              [phone]


Investor Relations
Aleida van Herel             UK        [phone]
Deward Serfontein            SA        + 27 (0) 21 509 8709

Notes to editors

Skandia

Skandia, a wholly owned subsidiary of Old Mutual plc, is one of the world's
leading independent providers of quality solutions for long-term savings.
Founded in Sweden in 1855, Skandia currently operates in over 20 countries, with
the United Kingdom and Sweden as its largest markets.


Skandia UK focuses on long-term savings. It offers unit-linked investments
through an open-architecture 'fund platform' enabling access to a wide range of
funds from external managers as well as Skandia's own multi-manager funds
provided by Skandia Investment Management. Skandia solutions are distributed via
independent financial advisers only, targeting affluent customers. Investments
in Skandia are unit-linked, backed by over 900 external funds selected by
advisers and their clients. With over a million customers and £39 billion under
management, Skandia is one of the fastest growing UK savings companies.


Headquartered in Stockholm, Skandia Nordic, which principally comprises the
Swedish business and its mutual subsidiary, Skandia Liv, holds a leading
position in the Swedish life assurance market measured by new business, with a
combined customer base of 1.9 million customers. Skandia has been in the Swedish
market for over 150 years and its business in Sweden offers a full set of
financial products. It also has a growing unit-linked and life business in
Denmark, as well as healthcare. In Norway, it has a successful banking operation
and offers healthcare products.


Skandia Europe and Latin America has operations in 11 European countries
(Germany, Austria, Italy, Spain, Switzerland, Liechtenstein, France, Poland,
Portugal, the Czech Republic and Hungary) and three Latin American countries
(Colombia, Mexico and Chile). The business focuses on being a market-leading
niche player by providing unit-linked and mutual products through
open-architecture platforms.

Further information and photos of management are available on www.skandia.com

Old Mutual

Old Mutual plc is an international savings and wealth management company based
in the UK. Originating in South Africa in 1845, the group has a balanced
portfolio of businesses offering asset management, life assurance, banking and
general insurance services in over 40 countries, primarily South Africa, Europe
and the United States. Old Mutual is listed on the London Stock Exchange and the
JSE Limited, among others.


In the year ended 31 December 2006, the group reported adjusted operating profit
of £1.4 billion (IFRS basis). Old Mutual had £263 billion of funds under
management and 53,000 employees at 30 June 2007.

For further information on Old Mutual plc, please visit the corporate website at

www.oldmutual.com



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