(OML.L) Old Mutual PLC Buy/Sell

JOHANNESBURG, Nov 5 (Reuters) - South African insurer Mutual & Federal (M&F) reported a two percent decline in premiums in its for the third quarter on Thursday as trading conditions remained tough due to a drop in consumer spending.
M&F, majority-owned by South Africa's largest insurer Old Mutual, said gross written premiums for the nine months to end-September fell 8 percent to 6.454 billion rand ($831.5 million), compared to 7.029 billion rand in the year-ago period.
Premiums within its personal group schemes portfolio dropped 40 percent year-to-date due a the cancellation of a number of unprofitable schemes during 2008.
However, the insurer said returns for the third-quarter had been satisfactory.
M&F posted a 17 percent fall in first-half headline earnings per share in July, following a number of large commercial and industrial claims in its first quarter.
The firm swung to a full-year headline loss per share last year due to volatile market conditions.
Its shares were flat at 0718 GMT.
(Reporting by Serena Chaudhry) (For more Reuters Africa coverage and to have your say on the top issues, visit: http://af.reuters.com) ($1=7.761 Rand) Keywords: MUTUAL&FEDERAL/

(serena.chaudhry@thomsonreuters.com; +27 11 775 3153; Reuters Messaging: serena.chaudhry.reuters.com@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.