OLD MUTUAL PLC - Old Mutual Furthers African Expansion with Acquisition in Ghana

Old Mutual Furthers African Expansion with Acquisition in Ghana

       OLD MUTUAL PLC
       ISIN CODE: GB0007389926
       ISSUER CODE: OLOML
       JSE SHARE CODE: OML
       NSX SHARE CODE: OLM

       Old Mutual plc
       Ref 53/13
       3 June 2013


       OLD MUTUAL FURTHERS AFRICAN EXPANSION WITH ACQUISITION IN GHANA

       Old Mutual plc (“Old Mutual” or “the Group”) today announces that it will expand its African presence
       through the acquisition of a majority stake in Provident Life Assurance Company Limited (“Provident”),
       based in Ghana.
       
       Provident is the fifth largest life company in Ghana and provides life insurance and investment
       products, mainly via an agency force.
       
       The transaction is conditional on relevant regulatory approvals and is expected to complete by the
       end of 2013. The consideration for the transaction will form part of the R5 billion previously identified
       by Old Mutual as being available for expansion into Africa.
       
       Julian Roberts, Group Chief Executive commented: “This transaction is another important step in our
       strategy of expanding our emerging markets businesses.
       IC Securities Ghana Limited acted as advisors to Old Mutual in this transaction.


       Enquiries
       External communications
       Patrick Bowes                    UK      +44 20 7002 7440
       Investor relations
       Dominic Lagan                    UK      +44 20 7002 7190
       Kelly de Kock                    SA      +27 21 509 8709

       Media
       William Baldwin-Charles                  +44 20 7002 7133
                                                +44 7834 524833
       Sponsor:
       Merrill Lynch South Africa (Pty) Ltd

       Notes to Editors
       Old Mutual provides life assurance, asset management, banking and general insurance to more than
       14 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845,
       Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since
       1999.
       In the year ended 31 December 2012, the Group reported adjusted operating profit before tax of £1.6
       billion (on an IFRS basis) and had £262 billion of funds under management from core operations.
       
       For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com
       Provident provides life assurance and investment products in Ghana. Provident was started in 2006.
       www.provident-life.com


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