Asia Pacific Headquarters
Old Mutual PLC
16 January 2008
Old Mutual
Ref 12/08
16 January 2008
OLD MUTUAL ESTABLISHES ASIA PACIFIC HEADQUARTERS
Old Mutual plc ('Old Mutual') today announces the establishment of its Asia
Pacific headquarters, based in Hong Kong. This will form the base from which
Old Mutual intends to expand its existing operations throughout the region.
Old Mutual is also pleased to announce the appointment of Steffen Gilbert as
Regional Head of Asia Pacific. Mr Gilbert, formerly Chief Executive of South
Africa's short-term insurer Santam, will lead the team in building the regional
business and in particular developing new market entities. Mr Gilbert will
report to Jim Sutcliffe, Chief Executive of Old Mutual.
Within the region, Old Mutual Asia Pacific currently operates in China, India
and Australia. In China, the joint venture between Skandia and Beijing State
Asset Management has grown to the seventh largest life assurance company in
China by gross premiums, of the 25 foreign-affiliated insurance companies. The
Indian joint venture with the Kotak Mahindra Group, in which Old Mutual has a
26% stake, has increased its exposure to the India market rapidly with a direct
salesforce of 27,500 and representation in 55 cities. Australian Skandia
Limited offers retail mutual and institutional investment funds.
Commenting on Old Mutual's development in Asia Pacific, Jim Sutcliffe said:
'Asia Pacific is becoming an increasingly significant part of our business.
Strong equity markets and favourable demographics offer a great opportunity for
us to expand further and I am delighted to welcome Steffen, whose wealth of
experience in building businesses will be invaluable as we develop our presence
in the region.'
Enquiries
Investor Relations
Aleida van Herel UK +44 (0)20 7002 7287
Deward Serfontein SA +27 (0)21 509 8709
Media
James Crampton UK +44 (0)20 7002 7133
Nad Pillay SA +27 (0)82 553 7980
Notes to Editors
Steffen Gilbert
Steffen Gilbert was born in 1962. He matriculated at King Edward VII High
School in 1980 and is a Fellow of the Institute of Actuaries. Mr Gilbert
started his career in the Life/Pensions area of Ned-Equity (which later became
Sage Life), after which he moved into reinsurance with the Munich Reinsurance
Company of Africa. He held various management positions in Life and Property &
Casualty, including the role of Appointed Actuary. In 1999, Mr Gilbert assumed
the role of CEO for the company, looking after the group's interests in
Sub-Saharan Africa and the Indian Ocean Islands. In 2003, he joined Santam as
CEO and also played a leading role in the local insurance industry during that
time.
Pictures of Mr Gilbert are available at http://www.oldmutual.com/vpage.jsp?
page_id=9166
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 (on an IFRS basis). Old Mutual had £270 billion of funds under
management and 53,000 employees at 30 September 2007.
Australia
At 30 September 2007, Skandia Group Australia had funds under management of
AUD15.0 billion (£6.6 billion) up 6% from AUD14.2 billion (£5.8 billion) at 31
December 2006. This was made up of institutional funds of AUD9.1 billion and
retail funds of AUD5.9 billion.
China
Skandia:BSAM, a 50:50 joint venture with the Beijing State-owned Asset
Management Company (BSAM), is now in its fourth year of operation and continues
to show strong sales growth. The business sells unit-linked products and has
licences to operate in Beijing, Shanghai and Jiangsu Province (Nanjing). Gross
premium income for nine months to 30 September 2007 totalled RMB1.6 billion
(£103 million), an increase of 329% over the comparative period and almost
triple Gross Premium Income for 2006.
India
Kotak Mahindra Old Mutual Life Insurance Ltd (KMOM), a joint venture with the
Kotak Mahindra Group, continues to show steady progress. Gross premiums for the
six months to 30 September 2007 (since its 31 March year end) were INR3.6
billion (£44 million) against INR2.3 billion (£28 million) for the comparative
period. In September Old Mutual agreed to a capital injection of INR1.5 billion
(approximately £19 million) in order to extend its office network to 150
locations and increase its workforce by 35% by its year-end.
For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com
This information is provided by RNS
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