Statement on exposure to AIG

RNS Number : 7585D

Old Mutual PLC

18 September 2008

 



Ref 144/08

18 September 2008

Old Mutual releases details of exposure to American International Group 

As at close of business on 15 September 2008, Old Mutual Group ('Old Mutual') had exposure of $237 million to American International Group, Inc ('AIG') and related subsidiaries. In relation to shareholder funds:

• Old Mutual does not hold common equity in AIG.

• Old Mutual US Life ('US Life') has exposure of $76 million to senior debt, $84 million to Insurance policies, and $77 million to subordinated and hybrid debt. Old Mutual has no derivative exposure to AIG.

• Old Mutual has minimal reinsurance exposure with AIG.

Old Mutual continues to monitor developments in the markets closely, with risk management procedures, credit and capital controls continuing to ensure Old Mutual has a strong balance sheet and sound capital position.

Enquiries

Investor Relations
Mary Jackets	UK	[phone]
Aleida White	UK	[phone]
Deward Serfontein	SA	[phone]
Media
Matthew Gregorowski	UK	[phone]
Mike Smith	UK (Finsbury)	[phone]
Brian Cattell	UK (Finsbury)	[phone]
Nad Pillay	SA	[phone]

Notes to Editors

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 portfolio of businesses offering asset management, life assurance, banking and general insurance services in over 40 countries in Europe, the Americas, Africa and Asia-Pacific. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others.

In the year ended 31 December 2007, the group reported adjusted operating profit of £1.62 billion (on an IFRS basis) and had £279 billion of funds under management at the year end. The Company has approximately 53,000 employees.

For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com 

Forward-looking statements

This announcement or presentation may contain certain forward-looking statements with respect to certain of Old Mutual plc's plans and its current goals and expectations relating to its future financial condition, performance and results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond Old Mutual plc's control, including, among other things, UK domestic and global economic and business conditions, market-related risks such as fluctuations in interest rates and exchange rates, policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing and impact of other uncertainties or of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in territories where Old Mutual plc or its affiliates operate. 

As a result, Old Mutual plc's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Old Mutual plc's forward-looking statements. Old Mutual plc undertakes no obligation to update any forward-looking statements contained in this announcement or presentation or any other forward-looking statements that it may make.

 

END

 

 

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