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OLD MUTUAL PLC - Old Mutual Completes the Sale of its Stake in Kotak Mahindra Old Mutual Life Insurance Ltd

Release Date: 13/10/2017 14:30
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Old Mutual Completes the Sale of its Stake in Kotak Mahindra Old Mutual Life Insurance Ltd



   OLD MUTUAL PLC
   ISIN CODE: GB00B77J0862
   JSE SHARE CODE: OML
   NSX SHARE CODE: OLM
   ISSUER CODE: OLOMOL
   Old Mutual


   Ref 219/17

   13 October 2017


   OLD MUTUAL COMPLETES THE SALE OF ITS STAKE IN KOTAK MAHINDRA OLD MUTUAL
   LIFE INSURANCE LTD

   Old Mutual plc (“Old Mutual”) today announces that it has completed the sale of its 26% stake in Kotak
   Mahindra Old Mutual Life Insurance Limited to its joint venture partner Kotak Mahindra Bank Limited.
   The sale was announced on 27 April 2017.

   The consideration for the transaction, net of hedging and tax, was £138 million. Old Mutual will use the
   proceeds from the transaction for general corporate purposes.


   Enquiries
   External communications
   Patrick Bowes                                        +44 20 7002 7440
   
   Investor relations
   Dominic Lagan                                        +44 20 7002 7190

   Media
   William Baldwin-Charles                              +44 20 7002 7133
                                                        +44 7834 524833


   Notes to Editors

   About Old Mutual plc

   Old Mutual plc is a holding company for several financial services companies. In March 2016, it announced a new
   strategy of managed separation entailing the separation of its underlying businesses into independently-listed,
   standalone entities.

   The managed separation strategy seeks to preserve and release the value currently trapped within the group
   structure. The managed separation will be materially complete by the end of 2018.

   OM Asset Management, a US based institutional asset manager, is now independent from the Old Mutual. The
   remaining underlying businesses are:

   Old Mutual Emerging Markets: A South African based leading provider of financial services in sub-Saharan
   Africa.

   Nedbank: One of South Africa’s our largest banks, with a 20% stake in pan-African Ecobank Transational Inc.
   Old Mutual Wealth: a leading, integrated, advice-led wealth management business focused on the UK upper and
   middle market.

   For the year ended 31 December 2016, Old Mutual reported an adjusted operating profit before tax of £1.7 billion
   and had £395 billion of funds under management. For further information on Old Mutual plc and the underlying
   businesses, please visit the corporate website at www.oldmutualplc.com.

   Sponsor:
   Merrill Lynch South Africa (Pty) Ltd


   Joint Sponsor:
   Nedbank Corporate and Investment Banking




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