Wrap Text
OML - Old Mutual Plc - Old Mutual Plc Interim Management Statement for the
three months ended 31 March 2011
OLD MUTUAL plc
Issuer code: OLOML
JSE Share code: OML
NSX share code: OLM
ISIN: GB0007389926
Old Mutual plc
12 May 2011
Old Mutual plc Interim Management Statement
For the three months ended 31 March 2011
Steady operational performance
(Core operations only. All percentage movements are quoted in constant
currency versus Q1 2010)
- Continued momentum in retail NCCF leading to Long-Term Savings Division
NCCF of GBP0.9 billion with US Asset Management net outflows of GBP3.7
billion
- Funds under management up 1% from 31 December 2010 to GBP303.1 billion
- APE sales down 4% to GBP369 million, reflecting lower sales in Italy;
unit trust sales up 20% to GBP2.7 billion
- Emerging Markets APE sales up strongly by 13% to GBP115 million
- UK Platform gross inflows up 6% to GBP1.4 billion
Julian Roberts, Group Chief Executive, commented:
"This has been a quarter of steady operational performance by the Group,
building on the momentum we established in 2010. We are continuing to see
strong growth in Emerging Markets, particularly the Mass Foundation cluster,
and in our UK Platform business.
"We are continuing to make good progress in delivering the Group strategy,
with initiatives underway at each business unit to reduce costs, improve
margins and deliver improved returns on equity in line with our stated
targets.
"We announced the completion of the sale of US Life on 7 April 2011. This
represents another significant step in simplifying the Group and results in a
substantial improvement to our risk profile."
Interim Management Statement
GROUP RESULTS
Group highlights Q1 2011 Q1 2010 % of Q1 2010
for the three (constant opening (as
months to 31 March currency FUM reported)
2011 (GBPm) basis)
Net client cash
flow (NCCF)
Long-Term Savings 0.9 1.3 1% 1.4
Nedbank 0.2 0.4 2% 0.4
US Asset (3.7) (2.1) (2%) (2.1)
Management
NCCF (2.6) (0.4) (1%) (0.3)
Bermuda - non core (0.3) (0.1) (10%) (0.1)
operations
Total NCCF (2.9) (0.5) (1%) (0.4)
Group highlights 31-Mar- 31/12/2010 % change 31/12/2010 % change
as at 31 March 11 (constant (as
2011 (GBPbn) currency reported)
basis)
Funds under
management (FUM)
Long-Term Savings 129.7 129.2 0% 131.8 (2%)
Nedbank 10.3 10.1 2% 10.7 (4%)
Mutual & Federal 0.2 0.2 - 0.2 -
US Asset 162.9 160.8 1% 166.6 (2%)
Management
FUM 303.1 300.3 1% 309.3 (2%)
Bermuda - non core 2.6 2.8 (7%) 2.9 (10%)
operations
Total FUM 305.7 303.1 1% 312.2 (2%)
Group highlights Q1 2011 Q1 2010 % Q1 2010 %
for (constant change (as change
the three months currency reported)
to basis)
31 March 2011
(GBPm)
Life assurance
sales (APE)
Emerging Markets 115 102 13% 97 19%
Nordic 61 58 5% 54 13%
Retail Europe 18 16 13% 17 6%
Wealth Management 175 210 (17%) 210 (17%)
Long-Term Savings 369 386 (4%) 378 (2%)
Life assurance 369 386 (4%) 378 (2%)
sales (APE)
Unit trust /
mutual fund sales
Emerging Markets 803 743 8% 711 13%
Nordic 166 172 (3%) 160 4%
Retail Europe 5 7 (29%) 7 (29%)
Wealth Management 1,163 1,078 8% 1,078 8%
Long-Term Savings 2,137 2,000 7% 1,956 9%
US Asset 545 237 130% 243 124%
Management
Unit trust / 2,682 2,237 20% 2,199 22%
mutual fund sales
Note all percentage changes in the above table are based on rounded sterling
balances.
Overview
Unless otherwise stated, the figures given throughout this document are for
the three months to 31 March 2011 (the "period") and comparative figures are
for the same period in 2010 (the "comparative period"). Comparative figures
presented in GBP sterling are on a constant currency basis.
Funds under management and net client cash flow
Funds under management ("FUM") were up 1% from 31 December 2010 to GBP303.1
billion. Equity markets ended the period flat but were volatile due to events
in Japan, the Middle East and North Africa as well as continued sovereign
debt concerns in Europe. Our Long-Term Savings division ("LTS") achieved
positive net client cash flow ("NCCF") of GBP0.9 billion, driven by strong
retail flows and flows in our non-South African Emerging Markets businesses.
Our South African asset management business, OMIGSA, secured significant
commitments into alternative funds, including R4.0 billion into its Housing
Fund and R0.4 billion into its Agri Fund. Responsible funds are an important
part of our commitment to helping build South African infrastructure and
increase jobs for all parts of society.
At a Group level, we experienced net client cash outflows of GBP2.6 billion,
driven by net outflows of GBP3.7 billion ($6.0 billion) at US Asset
Management ("USAM"). Although USAM increased total gross inflows to $7.7
billion (comparative period: $5.9 billion), with inflows into long-term fixed
income and non-US equity strategies, this was more than offset by total gross
outflows of $13.7 billion (comparative period: $9.2 billion) from short-term
products, primarily stable value funds, and US equity products.
Sales
Group sales on an Annual Premium Equivalent (APE) basis decreased by 4% to
GBP369 million, Excluding Italy, however, sales were up 2%. As expected,
sales in Italy were down 51% on the comparative period which benefited from a
temporary tax concession from the Italian government. Group unit trust sales
increased by 20% to GBP2,682 million.
APE sales in Emerging Markets increased by 13% to GBP115 million. In South
Africa we achieved strong growth in regular premium sales, with a 48%
increase in the Mass Foundation cluster. Unit trust sales in South Africa
were up 14% on the comparative period. In our other Emerging Markets
businesses, APE sales in Namibia were up 37% and our Colombian and Mexican
operations benefited from increased productivity from their tied sales forces
with APE sales up 25%.
In Nordic, APE sales were up 5%. Excellent sales in Denmark, reflected the
development of our tied agency force and a shift in consumer demand to unit-
linked products. In Retail Europe, APE sales were up 13% on the comparative
period, as we continued to build more productive relationships with new and
existing business partners.
Wealth Management APE sales were down 17% to GBP175 million reflecting the
Italian sales impact and curtailment of UK legacy products. The UK Platform
continued to grow, with gross sales up 6% on the comparative period to GBP1.4
billion. The sales momentum continued beyond the period end with platform
gross sales of GBP2 billion for the four months ended 30 April 2011. Wealth
Management unit trust sales increased by 8% to GBP1,163 million.
Nedbank and Mutual & Federal
Nedbank maintained the earnings momentum established in the second half of
2010. Net interest income grew by 6% to R4,284 million and non-interest
revenue increased 16% to R3,531 million. The credit loss ratio from
impairments improved from 1.51% in the comparative period to 1.15%. Nedbank`s
capital ratios remained well above current and expected Basel III regulatory
minima and continued to increase, reaching a Core Tier 1 ratio of 10.8% at 31
March 2011.
At Mutual & Federal gross written premiums for the period were flat at R2.2
billion underwriting conditions were good but the trading environment was
highly competitive.
Bermuda
Our Bermuda business continues to deliver against its run-off strategy,
reducing risk and managing for value.
Capital and liquidity
The pro-forma Financial Groups Directive ("FGD") surplus of GBP2.1 billion at
31 March 2011 was unchanged from the position at 31 December 2010.
Anticipating the effect of the disposal of our US Life business reduced the
Group FGD surplus at 31 March 2011 by approximately GBP0.1 billion. However,
the sale will materially reduce the future volatility in the surplus,
particularly in extreme stress events. All our businesses remained
individually well capitalised at 31 March 2011.
At 31 March 2011, the holding company had total liquidity headroom of GBP1.0
billion (31 December 2010: GBP1.4 billion). At the end of April the Group`s
liquidity headroom increased to GBP1.2 billion due to the consideration
received for the US Life business. On 21 April 2011 the Group renewed its
bank facilities by negotiating a five-year, GBP1.2 billion, syndicated
revolving credit facility, which was strongly supported by 17 relationship
banks.
The US Life transaction significantly reduced our exposure to credit risk in
our LTS division. Our exposure to debt of the Euro peripheral sovereign
nations - collectively known as `PIIGS` - is less than GBP5 million.
Material events and transactions
We announced the completion of the sale of our US Life business to Harbinger
Group Inc on 7 April 2011. The consideration paid was $350 million.
For reporting purposes the effective disposal date was 31 March 2011. The
financial impact of the transaction on MCEV was an increase in 2011, to
reverse the negative value previously reported for US Life and to recognise
the consideration net of disposal costs. For IFRS in 2011, there will be
recycling of the available-for-sale reserve and translation reserve through
the income statement, but there should be no significant change in
shareholders` funds following completion as the anticipated effects of the
transaction were already included in the 2010 audited results.
Under the sale contract Old Mutual agreed to continue to finance the
redundant reserves of US Life that had previously been ceded to OM Re after
closing. Arrangements for the replacement of this financing by Harbinger
Group Inc remain as previously announced.
Enquiries
External communications
Patrick Bowes UK +44 (0)20 7002 7440
Investor relations
Deward Serfontein SA +27 (0)82 810 5672
Aleida White UK +44 (0)20 7002 7287
Media
William Baldwin-Charles +44 (0)20 7002 7133
Sponsor:
Merrill Lynch SA (Pty) Limited
Interim Management Statement - Appendix
LONG-TERM SAVINGS: Emerging Markets
Excellent regular premium life sales
Net client cash flow
Emerging Markets had net client cash outflows of R3.8 billion (comparative
period: R1.4 billion outflow) during the period.
Both Mass Foundation and Retail Affluent continued their strong NCCF
performance with inflows of R0.8 billion and R0.7 billion respectively.
Corporate NCCF, although remaining negative (an outflow of R1.2 billion),
improved by R0.6 billion as a result of better Absolute Growth Portfolio
inflows, lower benefit payments and terminations.
We experienced a further R2.4 billion outflow of funds managed for the Public
Investment Corporation of South Africa occurred during the period and R2.6
billion of net outflows were spread across several OMIGSA boutiques. While
not included in NCCF, OMIGSA secured some significant commitments into
alternative funds, with R4.0 billion committed to its Housing Fund and R0.4
billion to its Agri Fund.
Namibian NCCF improved significantly over the period - up R1.1 billion to
R0.2 billion. Outflows in the comparative period were caused by the
restructuring of the mandates by the Government Institutions Pension Fund.
Latin America and Asia NCCF decreased to R0.7 billion due to higher
surrenders as a result of market volatility and a large institutional
withdrawal in Colombia. We have enhanced our retention efforts in Latin
America.
Funds under management
FUM of R583.7 billion at 31 March 2011 were flat compared to the 31 December
2010 level, with net client cash outflows in the period offsetting small
market gains.
The investment positioning of equity managers resulted in improved overall
short-term performance against benchmark and peer group funds. Relative to
peer group funds, our three-year performance remained stable and benchmark
funds showed moderate improvement relative to 31 December 2010.
Sales
Emerging Markets life APE sales increased by 13% to R1,287 million.
Particularly strong growth in regular premium sales continued in South
Africa, Namibia and Mexico. Single premium sales in South Africa slowed from
the seasonal high seen in the fourth quarter of 2010.
APE sales - South Africa
Regular premium sales
South African regular premium sales increased by 17% to R770 million. This
increase was driven by excellent growth in protection and savings sales in
the Mass Foundation cluster, where sales were up 48%. The strong momentum at
the end of 2010 was maintained as sales benefited from an increased number of
advisers, improved adviser productivity, lower cancellation rates and higher
average premiums. Retail Affluent sales were 6% ahead, with both savings and
protection 6% ahead. Corporate savings sales were broadly unchanged and
Corporate protection sales decreased during the period as 2010`s large scheme
wins were not repeated.
Single premium sales
South African single premium APE sales increased by 3% to R420 million.
Retail Affluent sales were flat overall with savings sales growth limited to
7%, following deliberate action to limit sales of guaranteed products,
further offset by a 24% decrease in annuity sales. Corporate sales increased
by 16% due mainly to improved savings sales as a result of favourable market
conditions. This was partially offset by lower annuity sales in an
environment of continuing low interest rates.
APE sales - other Emerging Markets
Namibian first quarter sales increased by 37% to R67 million. Management
efforts to improve productivity helped to drive strong growth in regular
premium sales in the Retail Affluent and Retail Mass businesses. Single
premium sales rose as clients responded to a tax efficient product offered
under the Max Investments brand.
Sales in Latin America had a good start to the year, driven by strong
recurring premium saving sales as a result of increased productivity in the
tied sales force. Close co-operation with the South African teams continue as
we broaden the product offering and increase the scale of distribution. The
launch of Greenlight and smoothed bonus products into Latin America is
planned for the second half of 2011.
Life APE sales more than doubled in our Chinese joint venture, Old Mutual-
Guodian, benefiting from a new product and distribution strategy and
increased focus on sales. We are seeing encouraging growth in telemarketing
sales.
Unit trust sales
South African unit trust sales maintained the strong upward trend from the
second half of 2010. Overall, sales rose 14%, driven by higher platform sales
and reinvested distributions. Sales in Namibia declined by 11%, due mainly to
a large inflow of funds from a single corporate client during the comparative
period which was not repeated. Increased sales in Colombia were driven by
improved adviser productivity and strong flows into both voluntary and
mandatory pension funds. Sales in Mexico showed moderate growth.
Outlook
We are intent on maintaining the excellent sales growth achieved this quarter
through increasing our distribution capacity and continuing to improve our
long-term persistency. We are managing the impact of potential new regulatory
requirements on our sales force, especially in South Africa, and continue to
develop products that meet our customers` needs. We have restructured our
leadership team to help us achieve our ambitions and will continue to seek
growth opportunities, building on the strength of our South African base.
LONG-TERM SAVINGS: Nordic
Sales increase driven by strong performance in Denmark
Net client cash flow
NCCF was SEK 2.4 billion in the period, a reduction of 20% over the
comparative period. Increased gross outflows were primarily due to changing
product demand, competitive pressure, clients taking advantage of significant
investment returns earned over the past two years and customer switches to
deposits in SkandiaBanken.
Funds under management
FUM at 31 March 2011 totalled SEK 142.8 billion. This 2% decrease from 31
December 2010 was due primarily to lower stock markets and the divestment of
Lararfonder, an unprofitable part of Skandia mutual funds, partially offset
by positive NCCF in the period.
Clients have generally reduced their risk exposure, but the majority of net
investments are still held in equities.
Sales
APE sales in Nordic increased by 5% to SEK634 million, as excellent sales in
Denmark more than offset lower Corporate sales in Sweden. The Danish business
won good client transfers and strong sales from tied agents, increasing its
share of total Nordic APE sales to 28%. In Sweden market conditions favoured
guarantee-type products and there was intense competition in corporate sales.
Mutual fund sales continued their downward trend from Q4 2010 and reduced 3%
to SEK 1,726 million. Funds were seen to move to attractive savings accounts
in SkandiaBanken as interest rates in Sweden rose.
We have organised our sales structure to adapt to the new environment with
increased focus on advised business and direct channels.
Outlook
The economic outlook for 2011 remains positive. Interest levels are expected
to rise as the economy grows. The Nordic savings market is expected to grow,
although the environment is competitive with significant pressure on fees.
Overall the market is splitting into an advised market with high levels of
service from financial advisers, and a "self service" market. Management
continues to focus on improving sales, creating and maintaining sustainable
margins, delivering the cost savings targets, and improving the distribution
and product offerings to enhance NCCF. Our restructuring programme with the
announced reduction of 300 roles is designed to prepare the business for a
sustainable future.
LONG-TERM SAVINGS: Retail Europe
Increased sales with improved distribution
Net client cash flow
NCCF of Euro0.1 billion was in line with the comparative period. While
persistency rates in Retail Europe were improved, the value of surrenders
increased as a result of the market driven increase in funds values since the
comparative period. Maturities showed a moderate increase, in line with our
expectations.
Funds under management
FUM at 31 March 2011 totalled Euro5.6 billion, a decrease of 3% from 31
December 2010. This was a result of lower markets and unfavourable foreign
exchange impacts, partially offset by positive NCCF.
Sales
APE sales were up 11%, with particularly strong sales in Poland and increased
sales in Switzerland. The sales volumes in Poland benefited from increased
marketing activity and new distribution partners in the IFA channels and the
newly developed bank channel. Distribution activities showed increased focus
on external events and relationship management with new and existing business
partners.
Outlook
We remain confident of reaching our 2012 targets. We have begun several
additional organic, strategic growth initiatives to further leverage our
recently opened Skandia branch in South Africa, while maintaining our
rigorous cost and capital management controls.
LONG-TERM SAVINGS: Wealth Management
Good performance in our markets
Net client cash flow
NCCF for the period was GBP0.9 billion, 18% lower than the very strong
performance seen in the comparative period. Surrender rates were better than
expected. SIS platform net inflows were GBP1.0 billion, up 5% on the
comparative period as a result of good sales performance. UK Legacy net
outflows were GBP0.4 billion, 9% higher than the comparative period.
NCCF as a percentage of opening FUM was 6% on an annualised basis.
Funds under management
FUM benefited from the positive NCCF, despite market volatility during the
period. FUM ended the period at GBP56.9 billion, up GBP1.0 billion on 31
December 2010. FUM included UK assets of GBP34.5 billion, of which GBP17.7
billion related to SIS platform assets.
Sales
Total gross inflows during the period were GBP2,740 million (comparative
period: GBP3,003 million), including mutual fund and unit trust sales of
GBP1,163 million (comparative period: GBP1,078 million).
SIS platform gross sales of GBP1,394 million were 6% higher than the
comparative period. Within this, mutual fund (non-covered business) gross
sales totalled GBP766 million, up 3% on the comparative period. As planned,
in anticipation of the Retail Distribution Review we are amending our UK
product portfolio. We have curtailed our UK Legacy bond products and as a
consequence covered business sales in UK Legacy reduced markedly over the
comparative period.
Life APE sales totalled GBP175 million compared with GBP210 million in the
comparative period. Included in this total, APE sales of International
offshore products were GBP53 million, 12% below the comparative period and
APE sales in Continental Europe were GBP30 million, 42% below the comparative
period. The lower Continental Europe sales primarily reflected the boost to
2010 sales from the tax shield in Italy. Italian sales of GBP22 million in
the period (comparative period: GBP45 million) were better than expected,
reflecting increased breadth of distribution. Sales in France were up 20%
over the comparative period and we are starting to see some momentum in this
market as IFA`s recover from the effects of the financial services crisis and
we make progress in developing distribution relationships in the private
banking sector.
Outlook
The outlook for the remainder of 2011 continues to be positive, based on
continuing favourable investor sentiment and our increasingly attractive
market proposition.
Nedbank Group (Nedbank)
The full text of Nedbank`s business update for the three months ended 31
March 2011, released on 6 May 2011 and also announced by Old Mutual plc on
the same day, can be accessed on Nedbank`s website at:
http://www.nedbankgroup.co.za/pdfs/quarterlyResults/nedbankGroupLimitedQ12011
TradingUpdate.pdf
Mutual & Federal
Steady premiums in a highly competitive market
Gross written premiums for the period remained flat over the comparative
period at R2.2 billion. Premiums were lower than anticipated, reflecting the
highly competitive trading environment since the exceptionally good industry
results in 2010. This environment prompted a number of insurers to reduce
rates in an attempt to gain market share. Sales at iWYZE made encouraging
progress in its first year of operation. We are increasing co-operation with
the Emerging Markets Mass Foundation distribution team to create further
opportunities and are implementing plans for new distribution mechanisms.
Although heavy rainfall in January caused substantial weather-related losses,
Mutual & Federal benefited from a relatively low level of large commercial
and industrial fire claims. Underwriting conditions continued to be
favourable.
US Asset Management (USAM)
Funds under management growth driven by equity market appreciation
FUM grew 1% from 31 December 2010 to $261.7 billion (GBP162.9 billion), as
positive equity market returns offset net client cash outflows. Gross inflows
during the period totalled $7.7 billion (comparative period: $5.9 billion),
of which $2.2 billion came from new client accounts. Inflows into long-term
fixed income and non-US equity strategies were offset by outflows from short-
term products, primarily stable value funds and US equity products. Gross
outflows totalled $13.7 billion (comparative period: $9.2 billion). Overall
net outflows were $6.0 billion (comparative period: $3.3 billion outflow), of
which $4.5 billion were in short-term products (comparative period: $0.1
billion outflow) and $1.5 billion were in long-term strategies (comparative
period: $3.2 billion outflow).
Investment performance across long-term products was generally positive, as
both US and international equity strategies outperformed while fixed income
strategies performed largely in line with benchmarks. Over the one-, three-
and five-year periods ended 31 March 2011, 51%, 49% and 54% of long-term
assets performed better than benchmark. Short-term products, in particular
stable value funds, underperformed during the period. In aggregate, 43% of
FUM across all strategies outperformed their respective benchmarks for the
year ended 31 March 2011, while 42% and 61% of FUM outperformed over three-
and five-year time periods. This compared to 54%, 57% and 58% at 31 March
2010. Management remains confident that the multi-boutique model, which
encourages investment conviction and retention of investment talent, will
deliver investment outperformance over full market-cycles.
USAM mutual fund sales of $873 million improved over the comparative period
mainly due to sales into global bonds, cash funds and UK small- and mid-cap
funds.
The USAM business continues to expand its client base and product offering to
non-US assets markets. International and global equity products now account
for 22% of FUM and non-US clients account for 28%. During the period, Copper
Rock Capital Partners won a $100+ million mandate from Australia-based
AUSCOAL to manage a global small cap equity portfolio, and Acadian Asset
Management won a $100 million mandate to create a low-volatility emerging
market strategy for a US pension plan. The Old Mutual Dwight High Yield Fund
managed by Dwight Asset Management was recognised by Lipper for having the
best risk-adjusted returns of any high yield mutual fund for the three-year
period ended 31 December 2010. The Global Bond Feeder Fund operated by OMAM
UK contributed to the Emerging Markets Unit Trust Morning Star Performance
award.
Notes to Editors:
A conference call for analysts and investors will take place at 9.00am (UK
time), 10.00am (Central European time and South African time) today. Analysts
and investors who wish to participate in the call should dial the following
numbers quoting conference ID 7437679:
UK 020 7806 1950
South Africa +27 11 019 7016
Sweden +46 (0) 8 5352 6408
US +1 212 444 0412
International participants (outside the above regions) +44 (0) 20 7806 1950
Please dial in 10 minutes before the scheduled start time of the call to
avoid excess holding. A replay facility will be available until midnight on
26 May 2011 on the following numbers, quoting access code 7437679#:
UK / standard international +44 (0)20 7111 1244
US +1 347 366 9565
Copies of this update, together with high-resolution images and biographical
details of the Executive Directors of Old Mutual plc, are available in
electronic format to download from the Company`s website at
http://www.oldmutual.com.
This Interim Management Statement has been prepared in accordance with
section 4.3 of the Disclosure and Transparency Rules (DTR) and covers the
period 1 January 2011 to 12 May 2011. The business update is included in this
Interim Management Statement. A Disclosure Supplement relating to the
Company`s business update can be found on our website. This contains key
financial data for the first three months of 2011 and 2010.
Life assurance APE sales are calculated as the sum of (annualised) new
regular premiums and 10% of the new single premiums written in an annual
reporting period. Our joint ventures in India and China are not consolidated
for APE purposes.
Foreign exchange rates used for constant currency calculations
Q1 2011 Q1 2010 Appreciation / FY 2010 Appreciation /
(depreciation) (depreciation)
of local of local
currency currency
Rand Average 11.20 11.71 (4%) 11.31 (1%)
Rate
Closing 10.87 11.04 (2%) 10.28 6%
Rate
USD Average 1.60 1.56 3% 1.55 3%
Rate
Closing 1.61 1.52 6% 1.55 4%
Rate
SEK Average 10.39 11.22 (7%) 11.14 (7%)
Rate
Closing 10.13 10.94 (7%) 10.42 (3%)
Rate
Euro Average 1.17 1.13 4% 1.16 1%
Rate
Closing 1.13 1.12 1% 1.16 (3%)
Rate
As announced in the Company`s Annual Report, a final dividend of 2.9p (or its
equivalent in other applicable currencies) for the year ended 31 December
2010 will be paid on 31 May 2011, subject to approval by shareholders at
today`s AGM. The record date for this dividend payment was the close of
business on 15 April 2011 for all the exchanges where the Company`s shares
are listed, and the shares are now trading ex-dividend on all exchanges.
Further information about the dividend was included in the Company`s
announcements Ref 25/11 dated 8 March 2011 and Ref 32/11 dated 1 April 2011.
Cautionary statement
This announcement has been prepared solely to provide additional information
to shareholders to assess the Group`s strategies and the potential for those
strategies to succeed. It should not be relied on by any other party or for
any other purpose.
This announcement contains forward-looking statements with respect to certain
of Old Mutual plc`s and its subsidiaries` 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 subsidiaries 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 any other forward-looking statements that it may
make.
Date: 12/05/2011 08:00:01 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
