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| Date/Time | Headline | Source |
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| 1 | 2 | 3 | ||
| Thu 14:30 | RNS |
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RNS Number : 7945C Old Mutual PLC 19 November 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
of existing shares to which voting rights are
attached: ii
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of qualifying financial instruments which may result in the
acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial
instruments
An event changing the breakdown of voting rights
Other (please specify):
notification obligation: iii
which the threshold is crossed or
reached: v
reached: vi, vii
8. Notified details:
A: Voting rights attached to shares viii, ix
if possible using
the ISIN CODE
ISIN GB0007389926
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction
Total (A+B+C)
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi
Legal & General Group Plc (Direct and Indirect)
(Group)
Legal & General Investment Management (Holdings)
Limited (LGIMH) (Direct and Indirect)
Legal & General Investment Management Limited
(Indirect) (LGIM)
Legal & General Group Plc (Direct) (L&G) (210,938,693 -3.9964% = LGAS,
Management (Holdings) Limited (Direct) (LGIH)
(Direct) (LGIMHD) (189,891,502
-3.59 % = PMC)
(PMC) (189,891,502 -3.59 % = PMC)
(LGPL)
Proxy Voting:
to hold:
voting rights:
13. Additional information:
020 7002 7440 This information is provided by RNS The company news service from the London Stock Exchange END
HOLZKLFFKFBLFBB More |
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| 13-11-09 | BZN |
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ZAR 550000000
12-Aug-2010
PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD 12-Nov-2009 TO 12-Feb-2010 HAS BEEN FIXED AT 11.646000 PCT DAY BASIS: ACTUAL/365(FIX) INTEREST PAYABLE VALUE 12-Feb-2010 WILL AMOUNT TO: ZAR 29354.3 PER ZAR 1000000 DENOMINATION More |
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| 13-11-09 | BZN |
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ZAR 550000000
12-Aug-2010
PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD 12-Nov-2009 TO 12-Feb-2010 HAS BEEN FIXED AT 11.646000 PCT DAY BASIS: ACTUAL/365(FIX) INTEREST PAYABLE VALUE 12-Feb-2010 WILL AMOUNT TO: ZAR 29354.3 PER ZAR 1000000 DENOMINATION More |
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| 13-11-09 | BZN |
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ZAR 100000000
12-Feb-2011
PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD 12-Nov-2009 TO 12-Feb-2010 HAS BEEN FIXED AT 11.646000 PCT DAY BASIS: ACTUAL/365(FIX) INTEREST PAYABLE VALUE 12-Feb-2010 WILL AMOUNT TO: ZAR 29354.3 PER ZAR 1000000 DENOMINATION More |
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| 13-11-09 | BZN |
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ZAR 100000000
12-Feb-2011
PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD 12-Nov-2009 TO 12-Feb-2010 HAS BEEN FIXED AT 11.646000 PCT DAY BASIS: ACTUAL/365(FIX) INTEREST PAYABLE VALUE 12-Feb-2010 WILL AMOUNT TO: ZAR 29354.3 PER ZAR 1000000 DENOMINATION More |
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| 13-11-09 | RNS |
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RNS Number : 4480C Old Mutual PLC 13 November 2009 Ref 83/09 13 November 2009
NEDBANK SHOWCASE Old Mutual plc will be holding a business showcase on Nedbank Group Limited, Old Mutual's 55.4% owned South African banking subsidiary, for the investment community today, Friday 13 November 2009. A presentation will be made by members of the Nedbank management team focused on the Group's strategy and business clusters, as well as providing an overview of the South African banking environment. It will take place in Old Mutual's offices in London starting at 09.30 GMT / 11.30 SA time and will also be webcast from: http://www.oldmutual.com/nedbankpresentation. The slides will be available on Old Mutual's corporate website www.oldmutual.com from 08.30 am GMT / 10.30 am SA time on 13 November 2009. An audio recording of the presentation will be available from close of business on Wednesday, 18 November 2009. For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com Enquiries
Investor Relations
Media
Notes to Editors Old Mutual Old Mutual plc is a leading international long-term savings Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others. In the year ended 31 December 2008, the Group reported adjusted operating profit of £1.0 billion (on an IFRS basis) and had £265 billion of funds under management at the year end. The Group has approximately 57,000 employees. This information is provided by RNS The company news service from the London Stock Exchange END
MSCDGMMMRZFGLZM More |
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| 06-11-09 | RNS |
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RNS Number : 1426C Old Mutual PLC 06 November 2009
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached: ii OLD MUTUAL PLC
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
notification obligation: iii OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED
(if different from 3.):iv
which the threshold is crossed or reached: v 5 NOVEMBER 2009
6 NOVEMBER 2009
reached: vi, vii
8. Notified details:
A: Voting rights attached to shares viii, ix
if possible using
the ISIN CODE
ISIN GB0007389926
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi
Resulting situation after the triggering transaction
Total (A+B+C)
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights:
13. Additional information:
14. Contact name: 020 7002 7440 15. Contact telephone number: This information is provided by RNS The company news service from the London Stock Exchange END
HOLEQLFBKFBFFBX More |
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| 05-11-09 | AFX UK Focus |
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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.
(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. More |
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| 05-11-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 9941B
Old Mutual PLC
05 November 2009
05 November 2009
Old Mutual plc Interim Management Statement
Third quarter sales momentum in improved investment market
* Long-Term Savings (Q3 2009 against Q3 2008) life APE sales down 4% to £326m and unit trust sales up 47% to £1.7bn
* UK life APE sales up 6% to £72m and unit trust sales up 53% to £536m
* Europe life APE sales down 3% to £208m and unit trust sales up 63% to £945m
* Emerging Markets life APE sales up 6% to £104m and unit trust sales up 30% to £754m
* US Asset Management funds under management at 30 September 2009 up 8% to $260bn (31 December 2008: $240bn)
* Nedbank third quarter net interest income flat at R4.1bn and like-for-like non-interest revenue up 38% to R3.0bn in tough market conditions, with impairments tightly managed
* Group funds under management up 6% to £281bn (31 December 2008: £265bn)
Further progress in delivering on strategic priorities
* FGD surplus increased to £1.4bn (30 June 2009: £1.0bn)
* £500m bond issued in October
* Improvement in US Life net unrealised investment loss position to $614m (31 December 2008: $2.3bn)
* Sale of Skandia Chile and Bankhall, and acquisition of ACSIS completed
* Proposed acquisition of remaining minority shareholding in Mutual & Federal
Julian Roberts, Group Chief Executive, commented:
"The Group has delivered a good sales performance during the third quarter, a marked improvement on the first half of the year, as the pick-up in the investment market has led to increased equity allocation by our clients. This trend has continued into the fourth quarter, although consumers and asset allocators remain cautious. We expect market conditions to remain volatile.
"We have made further strategic progress. We have resolved our capital and liquidity issues, we are successfully managing the risks in US Life, and we continue to simplify the portfolio. As recently announced, we have made an offer to acquire the remaining ordinary shares in Mutual & Federal, which we expect to complete before the end of the year.
"We remain focused on managing risk and capital tightly and on driving further underlying operating efficiencies in order to capitalise on further recovery in our markets."
Business Update
GROUP RESULTS
Group Highlights for the 3 Q3 2009 Q3 2008 % Change
months to 30 September 2009
(£m)
Long-Term Savings life 326 341 (4%)
assurance sales (APE)
Emerging Markets1 104 98 6%
Europe2 208 214 (3%)
US 14 29 (52%)
Long-Term Savings unit trust / 1,699 1,158 47%
mutual fund sales
Emerging Markets1 754 580 30%
Europe2 945 578 63%
US Asset Management 308 216 43%
Group Highlights at 30 Q3 2009 FY 2008 % Change
September 2009 (£bn)
Funds under management 280.9 264.8 6%
Q3 2009 Q3 2008 Annualised % of
opening FUM
Net Client Cash Flow (NCCF) (0.5) (3.2) (1%)
1. Nedlife sales are excluded from current and prior year totals. Including Nedlife sales,
Emerging Market sales were £104m in Q3 2008 and Long-Term Savings total sales were £347m in Q3
2008.
2. The Europe total is an aggregation of Wealth Management, European Retail and Nordic
sales.
Group Highlights for the 9 Q3 2009 YTD Q3 2008 YTD % Change
months to 30 September 2009
(£m)
Long-Term Savings life 960 1,083 (11%)
assurance sales (APE)
Emerging Markets1 269 252 7%
Europe2 639 739 (14%)
US 52 92 (43%)
Long-Term Savings unit trust / 4,449 3,981 12%
mutual fund sales
Emerging Markets1 2,072 1,828 13%
Europe2 2,377 2,153 10%
US Asset Management 750 814 (8%)
Group Highlights at 30 Q3 2009 YTD Q3 2008 YTD Annualised % of
September 2009 (£bn) opening FUM
Net Client Cash Flow (NCCF) (0.3) 0.0 0%
1. Nedlife sales are excluded from current and prior year totals. Including Nedlife sales,
Emerging Market sales were £271m for Q3 2008 YTD and Long-Term Savings total sales were £1,102m
for Q3 2008 YTD.
2. The Europe total is an aggregation of Wealth Management, European Retail and Nordic sales.
Overview
The Long-Term Savings division delivered a good sales performance for the third quarter. Life sales were down 4% to £326 million compared to Q3 2008. Excluding the US business, where the sales decline was in line with our strategic plan, sales were broadly flat. Emerging Markets life sales were steady, with OMSA life sales flat for the quarter, an encouraging result given South Africa's later entry into recession. In the UK, life sales were at their highest level since the second quarter of 2008. Unit trust sales were very strong during the quarter, up 47% to £1.7bn. In Emerging Markets, these were particularly buoyant, up 30% on the third quarter of 2008, and in Europe overall up 63% to £945 million in the quarter. In Europe, the recovery in equity markets generally helped drive renewed sales of equity-based products and positive client cash flow, notably in Wealth Management. Conditions for the Retail business in continental Europe remain tough. Overall, LTS had a positive net client cash flow of £0.6 billion, compared to an outflow of £1.2 billion in the same quarter last year.
The issues in US Life have largely been addressed, with operational and product risks having been brought in line with the strategic plan for this business. Continuing improvement in the credit markets has meant that the unrealised loss position in aggregate at the end of the quarter was $664 million, being $614 million for US Life and $50 million for Bermuda. This is a significant improvement on the aggregate unrealised loss position at the end of December last year of $2.6 billion.
US Asset Management funds under management increased to over $260 billion as at 30 September, up 5% during the quarter and up 8% from 31 December 2008 as equity and fixed income markets improved. At Nedbank, net interest income grew by 1.1% to R12,198 million for the nine months to 30 September 2009 and remained flat at R4,063 million for the third quarter. Non-interest revenue grew by 19.6% to R8,542 million year-to-date and by 45% to R3,168 million for the quarter. The business and impairments are being tightly managed in difficult market conditions. Net interest margins are stable. Interest rates across all the regions in which we operate are at much lower levels than in the comparative period last year.
Total funds under management at 30 September 2009 were £281 billion, an increase of 6% since 31 December 2008, and of 10% compared to 30 September 2008. On a constant currency basis, funds under management have increased by 10% since 31 December 2008. Overall, average funds under management levels for the 2009 year-to-date are still some 1% below average 2008 levels. In the year-to-date, the economic realities faced by our corporate customers and private individuals in a number of our markets resulted in an increase in surrenders of policies to fund redundancies and their cash needs. We believe that this increase in surrenders is temporary. In aggregate across all of our businesses, the effect of this has been a small net client cash outflow of £0.5 billion in the quarter, and £0.3 billion in the year-to-date.
We have continued to simplify the structure and portfolio of businesses in the Group in line with our five strategic priorities. We sold Skandia's Chilean business, and, since the end of the quarter, have announced the completion of the sale of Bankhall. On 14 October 2009, we announced our firm intention to make an offer to acquire the balance of the ordinary shares in Mutual & Federal. On 19 October 2009, the Board of Mutual & Federal confirmed their intention to vote in favour of the offer in respect of directors' own shareholdings in Mutual & Federal and their recommendation that Mutual & Federal shareholders should do likewise. Subject to approval by Mutual & Federal shareholders on 23 November 2009, we expect the transaction to complete before the end of the year. Full ownership of Mutual & Federal will allow us to leverage additional capabilities across the Group's African operations.
Capital and Liquidity
Our capital position has further improved, with a pro-forma Financial Groups Directive ("FGD") surplus at 30 September 2009 of £1.4 billion, compared to £1.0 billion at 30 June 2009. The increase is attributable to the improvements of equity markets in the period, the strengthening of the rand and the earnings achieved in the quarter. All our individual businesses remain well capitalised.
We remain committed to supporting the US Life Risk Based Capital ("RBC") ratio at around 300%. Although the unrealised loss position has improved during the quarter, statutory capital is affected by impairments and credit rating migration. To maintain the target RBC ratio, we expect to make a cash injection into the business in early 2010, as we did at the beginning of this year. The amount of the injection will depend on a wide range of factors, including possible changes to NAIC accounting rules that are under consideration. Our expectation currently is that this injection will be at the lower end of the range of $200 million to $300 million previously indicated.
Since the end of the quarter, we have successfully placed a £500 million seven-year 7.125% fixed rate senior bond. This debt issue will provide increased financial flexibility, meet the maturing Euro note facility of EUR100 million due at the end of 2009, enable partial repayment of the revolving credit facility and provide greater liquidity at the holding company level. At the end of October, after the proceeds of the debt issue were received, the Group had cash and access to committed facilities of £1.3 billion.
LONG-TERM SAVINGS: Emerging Markets (South Africa, Rest of Africa, Asia, Latin America)
Q3 sales maintained despite slowing economy
Sales
Emerging Markets life sales for the quarter increased by 6% relative to the third quarter of 2008, to £104 million from £98 million. On a rand basis, they showed a decline of 5% (excluding Nedlife from the 2008 balances), principally made up of an increase in single premium sales of 1%, offset by a decline in life recurring premiums of 9% for the third quarter 2009 compared to the third quarter of 2008.
Recurring premium protection product sales increased by 15% in both the Retail Mass and Corporate segments for the quarter. In Retail Mass this was attributable to its enlarged sales force, and in Corporate this was driven by improved Group Assurance product sales. In the savings market, sales of recurring premium products in the quarter are 30% and 10% below the comparable period in 2008 in OMSA's Retail Affluent and Retail Mass segments respectively. Clients are still reluctant to commit to long-term products in the current economic environment, and intermediaries are still adjusting to the new commission regulations introduced at the beginning of the year.
In the single premium market, there was an increase in Retail Affluent of 6%, where sales have started to pick up in the second half of the year following a price enhancement of certain products and the continued equity market recovery. The effects of the Nedlife transactions completed in the first half have been removed from the year-to-date and comparative data.
The excellent growth in Emerging Markets unit trust sales, up 30%, was driven by strong money market inflows, as well as the inclusion of Futuregrowth unit trusts in the OMIGSA range during the year. OMSA money market rates were also very competitive for most of the period.
Our joint ventures in China (Skandia:BSAM) and India (Kotak Mahindra Old Mutual Life Insurance) delivered strong performance in the quarter. Gross written premiums in India of £75 million were 19% higher than the comparative period, although year-to-date premiums of £193 million were 9% lower than prior year. Gross written premiums in China of £23 million for the quarter were also substantially higher than prior year and year-to-date premiums of £46 million were twice the volume of the prior year. The business in India is benefiting from its focus on enhancing efficiencies, and changes in distribution channel management in China are starting to show positive results.
Client cash flow
During the quarter there was a net outflow due to higher benefit payments in the corporate segment despite the recovery in equity markets. OMIGSA net flows were also lower than the prior year due to a net outflow from Futuregrowth and higher benefit payments. We see this as an industry-wide trend as corporates withdraw benefits as a result of job losses in the corporate sector. There were higher net inflows in Latin America due to strong unit trust sales, higher net flows in the Retail Affluent segment and a greater focus on business retention and continuing growth in the Retail Mass segment. Net client cash flow for the year-to-date in South Africa, excluding the previously announced net outflow of R16.2 billion of funds formerly managed for the Public Investment Corporation of South Africa, is slightly below that of the same period in 2008.
Funds under Management and Investment Management
Funds under management in Emerging Markets were R462 billion, up R27 billion in the quarter, the negative net client cash flow being offset by the recovery in equity markets and the acquisition of ACSIS.
The OMIGSA boutique structure has been fully bedded down and the merger of the OMIGSA Fixed Income and Futuregrowth teams has been completed. We have set strong foundations in place over the past two years and are seeing improving levels of acceptance and confidence in individual boutique investment philosophies and processes. A number of the OMIGSA boutiques are well positioned to benefit from the equity market recovery, which has been driven primarily in the more cyclical, less defensive sectors. As a result, investment performance over the last six months has improved.
Outlook
While there are signs of economic recovery, as evidenced by the slowdown in the contraction of the economy, we expect restoration of consumer confidence to lag behind technical economic recovery by a few months. Despite the challenging trading environment, the South African business has continued to invest in its distribution capability and is well positioned to benefit from a recovery in consumer confidence. Economic conditions in Latin America improved during the quarter and our priority is to enhance the efficiency of our financial planner sales force while selectively exploring third party channels, including cross-sale opportunities into the corporate base. During the third quarter we sold Skandia Chile, but retained distribution agreements for our investment products in the country.
LONG-TERM SAVINGS: Wealth Management (UK, Italy, France, Spain, International)
Improving market conditions supporting sales
Sales
The continued recovery in the markets saw a movement back into equities, which helped drive sales growth during the period, notably in the UK where quarterly sales of covered and non-covered business were at their highest level since the second quarter of 2008. Our businesses in the UK and Italy achieved strong sales despite the traditional slowdown during the summer holiday season. UK APE sales and mutual funds gross premiums for the quarter were up 6% and 53% respectively on the third quarter of 2008 as a result of strengthened distributor relationships. In the UK, platform sales increased further on the back of improved equity markets and our enhanced promotional activity in the quarter. We have announced a reorganisation of our UK sales effort designed to further enhance the service we provide to IFAs, and improve efficiency. Italian covered business APE sales were 116% higher than Q3 last year. The International business continued to find the markets challenging, particularly in single premiums. In France, sales were at a similar level to the previous quarter.
Client cash flow
The increase in sales, a large proportion of them single premiums, coupled with stabilising persistency, has supported net client cash flow growth in the quarter, which was equivalent to 7% of opening funds under management on an annualised basis. Net client cash flow has been particularly strong in our UK and Continental European businesses.
Surrender activity was below the levels seen during the equivalent period in 2008. Surrender rates show a stabilising trend, reflecting the impact of our persistency programmes, coupled with improving market sentiment.
Funds under management and Investment Management
Funds under management, 15% above December 2008 levels and 16% above the half-year position, benefited from net client inflows as well as sustained growth in equity markets. We have started to see a gradual return to equities from cash and fixed interest funds as investors adjust their risk appetites. At the quarter-end, 8% of Wealth Management's total funds under management were invested in Skandia Investment Group funds (Q3 2008: 9%).
Outlook
Our outlook is cautiously optimistic on the basis of improving sentiment and continued equity market recoveries. If current trends continue, we expect to see further improvements in sales and persistency. We believe that the work we have done to provide innovative products to meet market needs has positioned us well for a recovery in our markets. We also expect to benefit from changing competitor landscapes in France and Italy, while there are a number of business development activities underway aimed at further sales growth.
Improved rebate negotiations, a shift away from cash towards other asset classes and higher funds under management are expected to improve income in due course. At the same time, we continue to focus on reducing expense levels in all our businesses as we migrate our business model towards the less capital-intensive platform business.
LONG-TERM SAVINGS: Nordic
Continued strong net client cash flow and strengthened relations with distributors
Sales
During the third quarter, the positive trend in new sales continued, up 5% compared to the same period last year, and for the year-to-date this was up 18%. The main driver was the successful Skandia Dep?roduct sold through SkandiaBanken direct sales, the internal advisory channel and brokers. However, during the period there was a softening in growth in the Swedish corporate sector, caused by redundancies as a consequence of the economic downturn.
Client cash flow
Net client cash flow was strong during the first nine months of the year at SEK8.3 billion, equivalent to 12% of opening funds under management on an annualised basis. This was up 80% year-to-date and up 67% for the quarter compared to the equivalent periods in 2008. The positive performance was largely driven by a combination of strong Life sales, lower outflows related to maturities and surrenders as well as positive flows in mutual funds.
Funds under management and Investment Management
Funds under management at 30 September 2009 were SEK116 billion (£10.4 billion), up 26% from the level at 31 December 2008, and up 9% from 30 June 2009. The increase was mainly due to strong net client cash flow and improved equity markets.
SkandiaBanken
Lending growth in SkandiaBanken continued in the quarter, with generally higher market activity in Sweden, although in Norway it declined as a result of management applying more cautious liquidity limits. Deposits have increased compared to the end of 2008 mainly due to new high interest accounts and SkandiaBanken Norway enjoying higher guarantees as it is now included in the Norwegian Bank Guarantee Fund. Reduced spreads continued to affect the net interest margin.
Outlook
The focus over the balance of this year and into early 2010 will be to address changes in commission structure, stopping the sale of unprofitable products, improving underwriting conditions and pricing of our healthcare products, and continued cost control. We expect all of these to have a positive impact on margins for 2010.
LONG-TERM SAVINGS: European Retail (Poland, Germany, Austria and Switzerland)
Strong net client cash flow while sales conditions remain subdued
Sales
APE sales on covered business were EUR16 million for the quarter (EUR23 million for Q3 2008), while mutual fund sales reached EUR9 million for the quarter (EUR13 million for Q3 2008). Consumer confidence in our European retail markets continues to be impacted by the economic conditions of the preceding quarters. Sales levels for the period continued to be well below those of the comparable period in 2008, although Germany saw a small uplift, most notably in regular premium products.
Client cash flow
Persistency remained strong, owing to proactive and reactive retention programmes. The stability of our regular premium businesses resulted in good net client cash flow of nearly EUR0.2 billion in Q3 despite market conditions, the same as in Q3 2008, reaching over EUR0.4 billion for the year-to-date. Annualised net client cash flow were above the 10% mark of opening funds under management.
Funds under management and Investment Management
Funds under management nearly reached EUR4.5 billion, which represents an increase of 21% compared to 31 December 2008 and growth of 8% compared to the end of the third quarter last year, reflecting good investment performance of our equity-weighted portfolios.
Outlook
We expect sales growth in our European Retail businesses in the fourth quarter as business development measures take effect, although external market conditions are still difficult to predict.
The European Retail business now operates under a new management structure, and is working to achieve the planned benefits of the Long-Term Savings model. We are aligning our products and structure in order to drive growth, efficiencies and scale gains, and in addition improve capital management.
LONG-TERM SAVINGS: US Life
Continued progress in profitability and risk management
Management has made significant strides in addressing the three core risks in this business - operational efficiency and cost control; product and assumption risk; and the ongoing effort to de-risk the company's fixed income investment portfolio. Specifically, a near 50% operational efficiency gain has been achieved, including a $5 million saving per annum from a new outsourcing agreement. Unrealised losses in the US Life business were $0.6 billion at 30 September 2009, a $1.7 billion reduction in the portfolio's unrealised loss position from $2.3 billion at 31 December 2008.
Sales
Total gross sales for the third quarter were $203 million and $623 million for the year-to-date. Fixed indexed annuity sales with attractive margins, a key product line, were $146 million for the quarter and $421 million year-to-date, contributing 52% of total APE for the first nine months of 2009. This product line meets the needs of customers who seek fixed interest guarantees during times of market volatility and economic instability. Immediate annuity sales (which do not include any life-contingent products) remain an important offering as they contribute to capital in the year of sale, and were $49 million for the quarter and $138 million for the first nine months of 2009. Controlling sales volume and capital usage via our product offering, we have maintained our core distribution relationships and the value of the reshaped business.
Client cash flow
As expected, there was a small negative client cash flow in the quarter of $0.4 billion. Together with the improving US economy, our conservation initiatives have reduced policyholder termination activity. In the third quarter, surrender experience was markedly down from average first-half levels, and was in line with long-term assumptions. Index Annuity policyholders are expected to benefit in the near term from participation in recent equity market performance and this should assist in maintaining persistency.
Funds under management and Investment Management
Funds under management ended the period at $16.9 billion, up 7% from the end of H1 2009, primarily due to a $1.0 billion increase in the market value (approximately 6%) of the investment portfolio in the third quarter.
Potential higher risk-based capital charges, from credit rating migration of the portfolio due to investment downgrades, have been extensively modelled. Migration risk is closely monitored and requires a case-by-case analysis rather than a broad sector-based approach. As expected, credit rating migration in the quarter mainly took place within the corporate bond and structured security portfolio. Impairments for the third quarter were $41 million1, included in this there was a default of $8 million, the first default this year. Overall, net unrealised losses decreased by $1,031 million for the quarter.
Assets and liabilities remain within our duration-matching tolerances and our cash flow projections demonstrate our ability to meet future obligations under expected scenarios without the need for early sales of assets. Given the improvement in the bond market and our surrender experience, we have now commenced selective and carefully monitored investment of our cash balances. This is spread across highly liquid and highly rated credit classes. General account cash and short term investments at the end of the third quarter were $841 million.
Outlook
During 2009, we have tightly managed overall sales volumes on a capital utilisation basis, with the full year expected to be in the region of $800 million. We expect 2010 sales levels to show an increase on 2009 levels, but within the parameters we have set down for the business. We remain on target to achieve our expense goals for 2009, which should also lower the expense base for future years.
1 Impairments for the four previous quarters were as follows: Q3 2008: $367 million; Q4 2008: $209 million; Q1 2009: $12 million; Q2 2009: $187 million
Nedbank Group (Nedbank)
Tightly managed in tough markets
The full text of Nedbank's business update for the nine months ended 30 September 2009, released today, can be accessed on Nedbank's website: http://www.nedbankgroup.co.za
The South African domestic recovery is expected to lag international economies and global markets, with consumer spending remaining slow and confidence weak. Uncertainty about potential job losses and property prices, as well as the effect of increases in domestic utility costs, continue to restrict consumer spending. As local conditions stabilise and confidence builds, the lower interest rate environment and improved consumer debt-servicing ability should see a slow improvement in household credit demand. Local banking institutions have also started to ease lending criteria where appropriate.
Similarly, with businesses remaining cautious, corporate credit demand and private sector capital investment have continued to contract, albeit at a slower rate. The level of planned public sector infrastructure spending remains encouraging and should provide support for modest GDP growth in 2010, although the main impetus is likely to be from the recovery in the global economic environment.
Net interest income grew by 1.1% to R12,198 million for the nine months ended September 2009 (Q3 2008: R12,069 million), and remained flat at R4,063 million for Q3, compared to the third quarter of 2008. The net interest margin reduced from 3.44% for the six months ended June 2009 to 3.40% for the Q3 2009 period (Q3 2008: 3.75%). This reduction can be attributed mainly to non-repricing current and savings accounts as average interest rates for the period have been lower than the comparative period, as well as the effect of lower endowment on capital. These were partially offset by ongoing advances in pricing initiatives which will take some time to filter through to the net interest margin.
Nedbank's credit loss ratio improved from 1.57% for the six months to June 2009 to 1.48% for the Q3 2009 period (Q3 2008: 1.02%), driven largely by improvements in the wholesale banking areas. Although no large corporate defaults were experienced in the quarter, we remain vigilant to credit risk in the wholesale banking businesses while recessionary operating conditions persist. Caution remains appropriate given the propensity for further insolvencies which may follow the recession. Trends in retail impairments remain volatile.
Non-interest revenue (NIR) grew by 19.6% to R8,542 million for the year-to-date (Q3 2008: R7,141 million), and by 45% to R3,168 million for Q3, compared to the third quarter of 2008. This growth includes the consolidation of the Bancassurance & Wealth joint ventures with Old Mutual with effect from June 2009. Like-for-like NIR growth for the nine months was 14.4%, and 38% for the quarter, driven by trading income, private equity income, electronic banking fees, cash handling volumes and increases in commission and fee income.
Expenses remain tightly controlled, despite Nedbank continuing to invest for the future. Underlying inflation in the South African economy is currently at 6.4% and the Nedlife acquisition has brought in higher cost/income business.
Nedbank remains focused on the South African domestic market and 91% of its assets are based there. Total assets at 30 September 2009 decreased by 0.4% (annualised) from December 2008 to R565 billion. The 11.7% increase in average interest-earning banking assets for the quarter (Q3 2008: 23.1%) was offset by a decrease in trading assets. Advances in the quarter grew by 2.8% (annualised) to R443 billion and growth is expected to remain modest across most of the banking asset classes.
The bank's funding and liquidity remain strong. During September 2009, Nedbank successfully placed R5.4 billion of JSE-listed unsecured notes, thereby further diversifying and lengthening its funding maturity profile.
The economic environment is likely to remain weak for the balance of the year. In this tough climate consumers and corporates are likely to remain under pressure, which is expected to impact on transaction volumes and asset growth. The credit loss ratio is expected to continue to improve slowly, as affordability improves and impairments slow.
Earnings forecasts remain within the ranges communicated at the interim stage, but being closer to the financial year end Nedbank has narrowed these ranges. Nedbank diluted headline earnings per share and diluted earnings per share for 2009 are currently expected to be between 25% and 35% lower than the 1,401 cents per share and 1,558 cents per share respectively reported for the comparative period to December 2008.
Nedbank continues to be cautious about prospects and its forecasts for the rest of the year.
Following the completion of the Nedlife, BoE and Fairbairn Private Bank transactions the Group's shareholding in Nedbank at 30 September 2009 was 55%.
Mutual & Federal
Difficult trading conditions
Mutual & Federal's trading update for the nine months ended 30 September 2009, released today, can be accessed on Mutual & Federal's website: http://www.mf.co.za
Trading conditions in the third quarter of 2009 continued to reflect the difficult economic conditions in South Africa, which have resulted in subdued levels of consumer expenditure.
As a result of these pressures, there was a marginal 2% decline in premiums, both for the third quarter 2009 compared to the third quarter 2008, and for 2009 year-to-date compared to 2008 year-to-date, in the corporate, commercial and conventional personal portfolios. Premiums within the personal group schemes portfolio declined by approximately 40% for the year-to-date due to the cancellation of a number of unprofitable schemes during 2008.
Investment returns for the nine months have been most satisfactory following the adverse experience of 2008. Although interest rates have fallen to low levels, returns on equity shares have been highly positive in line with improvements in international equity markets and this has positively impacted both profitability and solvency.
US Asset Management
Recovery in funds under management
At 30 September 2009 funds under management were $260.3 billion, up 5% from 30 June 2009, and 8% from 31 December 2008, as equity and fixed income markets continued to rally. Net client cash outflow for the quarter was $1.2 billion. Negative outflows at Acadian, Dwight and Rogge were offset by positive flows generated by Barrow Hanley, Heitman and Campbell.
Despite the difficult economic environment of the last 12 months, long-term investment performance of our member firms remains strong. At 30 September 2009, 58% of assets had outperformed their benchmarks over the trailing three-year period and 53% of assets were ranked above the median of their peer group over the trailing three-year period. Our bottom-up stock-picking member firms, regardless of style, either quantitative or fundamental, have been more challenged in this rally which has been particularly pronounced in certain sectors and stocks.
Management fees for the quarter reflected lower average funds under management for this period compared to the equivalent quarter in 2008. Transaction and performance fees for the period were broadly in line with the comparative period last year.
With capital markets having stabilised and investor confidence being restored, improving investment performance and positioning the business to capitalise on the market recovery continue to be key areas of focus for management. Work continues on streamlining our retail operation, and we remain on track to meet or exceed the annual run-rate costs savings targets set out in the interims results announcement.
Bermuda
Run-off continues
The business is in run-off, and, as all written policies have passed their first anniversary date, no policyholder is permitted to pay in additional premiums. Hedge effectiveness (in respect of hedged components) stabilised at 95% as at 30 September 2009.
Management is focused on de-risking and simplifying the business, and has already delivered significant planned reductions in the business expense base. Overall, surrender activity remains in line with expectations. Ultimately, surrender activity will determine the speed of run-off and the extent and timing of any associated capital or cash release. Within the Bermuda bond portfolio, the net unrealised loss position further improved to $50 million as at 30 September 2009 ($118 million at 30 June 2009) as spreads continued to narrow across key sectors. No impairments or defaults were reported during the quarter. During the quarter the market value of the fixed income portfolio increased by 5.5%.
Given the improvement in the capital position of the Group and the stabilisation of the hedge effectiveness, combined with management's improved understanding and management systems for tracking the underlying risks, a process of selective and progressive release of the hedge position has commenced since the period end. This process is being conducted under strict oversight and within risk parameters agreed with the Group Risk and Capital Committee. The control systems in place mean that the reinstatement of effective hedges could be made in very short order if required by the Committee.
Material Events and Transactions
Other than as disclosed in this Interim Management Statement, there have been no material events and transactions since 30 September 2009.
Enquiries
Investor Relations
Patrick Bowes UK +44 (0)20 7002 7440
Deward Serfontein SA +27 (0)82 810 5672
Media
Matthew Gregorowski UK / SA +44 (0)20 7002 7133
+44 (0)7748 183 834
Don Hunter (Finsbury) UK +44 (0)20 7251 3801
Notes to Editors:
A conference call for analysts and investors will take place at 09.30am (UK time), 10.30am (Central European) and 11.30am (South African time) today. Analysts and investors who wish to participate in the call should dial the following toll-free numbers quoting conference ID 6042876:
UK (free call) 0800 028 1243
South Africa (free call) 0800 982 479
Sweden (free call) 020 795 893
US (free call) 1888 935 4575
International +44 (0)20 7806 1953
Playback (available until midnight on 18 November 2009), access code: 6042876¿:
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 to 4 November 2009. 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 nine months of 2009 and 2008.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSCKQKPCBDDQDK
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| 05-11-09 | AFX UK Focus |
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JOHANNESBURG, Nov 5 (Reuters) - Nedbank Group:
2009 to 3.40% for the period June 2009 to 1.47% wholesale banking businesses remains high
remain modest across most banking asset classes year impact on transaction volumes, asset growth affordability improves and impairments slow stage expected to be between 25% and 35% lower ((Johannesburg newsroom, +27 11 775 3155)) (For more information, click on)
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. More |
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| 04-11-09 | RNS |
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RNS Number : 9912B Old Mutual PLC 04 November 2009 Ref 80/09 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
1. Identity of the issuer or the underlying issuer of
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
4. Full name of shareholder(s) (if different from 3.):
date on which the threshold is crossed or reached:
notified:
crossed or reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or
the
financial instruments are effectively held, if applicable:
Direct
__________________________________________________________
Direct
__________________________________________________________
Indirect
__________________________________________________________
Direct
__________________________________________________________
Indirect
__________________________________________________________
Indirect
__________________________________________________________
Indirect
__________________________________________________________
Direct
__________________________________________________________
Indirect
__________________________________________________________
Direct
__________________________________________________________
Indirect
__________________________________________________________
0.66410
___________________________________________________________
___________________________________________________________ Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 04-11-09 | RNS |
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RNS Number : 9912B Old Mutual PLC 04 November 2009 Ref 80/09 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
1. Identity of the issuer or the underlying issuer of
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
4. Full name of shareholder(s) (if different from 3.):
date on which the threshold is crossed or reached:
notified:
crossed or reached: 8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or
the
financial instruments are effectively held, if applicable:
Direct
__________________________________________________________
Direct
__________________________________________________________
Indirect
__________________________________________________________
Direct
__________________________________________________________
Indirect
__________________________________________________________
Indirect
__________________________________________________________
Indirect _ Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information:
This information is provided by RNS The company news service from the London Stock Exchange END
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| 30-10-09 | AFX UK Focus |
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LONDON, Oct 30 (Reuters) - Old Mutual PLC:
federal management ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
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. More |
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| 30-10-09 | RNS |
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RNS Number : 6613B Old Mutual PLC 30 October 2009 30 October 2009 TIMETABLE FOR PROPOSED ACQUISITION OF THE REMAINING MINORITY SHAREHOLDING IN MUTUAL & FEDERAL Further to today's announcement by Mutual & Federal Insurance Company Limited ("Mutual & Federal"), Old Mutual plc ("Old Mutual") sets out below some selected salient dates and times in relation to Old Mutual's offer to acquire those Mutual & Federal shares not currently beneficially owned by Old Mutual and/or its subsidiaries. Old Mutual continues to progress the proposed acquisition and is working with Mutual & Federal management on all aspects of the transaction. The full announcement made today by Mutual & Federal is available on the Mutual & Federal website at www.mf.co.za Selected Salient Dates and Times for Mutual & Federal Shareholders:
2009
and NSX in order to be recorded in the share register November
on the voting record date in order to be eligible to
vote at the General Meeting and Scheme meeting (see
note 1 below) on
minutes after adjournment of the General Meeting
which precedes the Scheme meeting, whichever is
later, on
commences
of business on
from the JSE and NSX on Notes:
For further information on Old Mutual, please visit the corporate website at www.oldmutual.com Enquiries
Old Mutual plc Investor Relations
Old Mutual plc Media
Old Mutual Old Mutual plc is a leading international long-term savings Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others. In the year ended 31 December 2008, the Group reported adjusted operating profit of £1.0 billion (on an IFRS basis) and had £265 billion of funds under management at the year end. The Group has approximately 57,000 employees. This information is provided by RNS The company news service from the London Stock Exchange END
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| 27-10-09 | RNS |
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RNS Number : 4721B Old Mutual PLC 27 October 2009 Ref: 78/09 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
1. Identity of the issuer or the underlying issuer of
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
4. Full name of shareholder(s) (if different from 3.):
date on which the threshold is crossed or reached:
notified:
8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or
the
financial instruments are effectively held, if applicable:
share capital
0.03365
Direct
Direct
0.00257
Indirect
Direct Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights:
13. Additional information:
15. Contact telephone number: 020 7002 7440 This information is provided by RNS The company news service from the London Stock Exchange END
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| 27-10-09 | RNS |
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RNS Number : 4721B Old Mutual PLC 27 October 2009 Ref: 78/09 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
1. Identity of the issuer or the underlying issuer of
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
4. Full name of shareholder(s) (if different from 3.):
date on which the threshold is crossed or reached:
notified:
8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or
the
financial instruments are effectively held, if applicable:
share capital
0.03365
Direct
Direct
0.00257
Indirect
Direct
0.0049224
Indirect
2.23
Indirect
Indirect
Direct
Indirect
Direct
Indirect
0.66410
4.52620 Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights:
13. Additional information:
15. Contact telephone number: 020 7002 7440 This information is provided by RNS The company news service from the London Stock Exchange END
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| 22-10-09 | RNS |
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RNS Number : 2464B Old Mutual PLC 22 October 2009 Ref 77/09 22 October 2009
TOTAL VOTING RIGHTS AND SHARES IN ISSUE The Company's issued ordinary share capital currently comprises 5,517,378,231 ordinary shares of 10p each including 239,434,888 shares that are being held in treasury. Therefore, in accordance with Rule 5.6.1R of the Disclosure and Transparency Rules, the total number of voting rights for the purposes of calculating disclosable interests in the Company's ordinary share capital is 5,277,943,343. At 30 September 2009, African life subsidiaries of the Company held a total of 230,981,053 ordinary shares in the Company in their policyholders' funds and these shares cannot be voted while they are held by subsidiaries of Old Mutual plc because of applicable provisions of UK company law. However, for the purposes of disclosure in accordance with Rule 5.6.1R of the Disclosure and Transparency Rules, the shares held by African life subsidiaries of the Company are included in the total voting rights for the purposes of calculating disclosable interests. The Company is making a block listing return to the UK Listing Authority covering the period from 24 July 2008 to 21 October 2009. Changes to the number of shares in issue since 24 July 2008 were made up as follows: Number of shares in issue at 24 July 2008: 5,514,607,717 Shares issued during the period on exercise of executive share options: 2,617,591 Shares issued during the period on exercise of sharesave options: 152,923 Shares in issue at 21 October 2009: 5,517,378,231 For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com Enquiries
Investor Relations
Media
Notes to Editors Old Mutual Old Mutual plc is a leading international long-term savings Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others. In the year ended 31 December 2008, the Group reported adjusted operating profit of £1.0 billion (on an IFRS basis) and had £265 billion of funds under management at the year end. The Group has approximately 57,000 employees. This information is provided by RNS The company news service from the London Stock Exchange END
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| 21-10-09 | RNS |
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RNS Number : 1765B Old Mutual PLC 21 October 2009 Ref 76/09 21 October 2009
NOTICE OF RESULTS - Q3 2009 INTERIM MANAGEMENT STATEMENT Old Mutual plc will release its third quarter Interim Management Statement for the three months ended 30 September 2009, on Thursday 5 November 2009 at 07:00 am GMT (08:00 am CET / 09:00 am South African time). Julian Roberts, Group Chief Executive, and Philip Broadley, Group Finance Director, will host a conference call for investors and analysts at 09.30 am GMT (10.30 am CET / 11.30 am South African time) on 5 November 2009. Investors and analysts who wish to participate in the conference call should dial the following numbers quoting conference ID 6042876:
International participants (outside the above regions) +44 (0)20 7806 1953 Please dial in 10 to 15 minutes prior to the scheduled start time of the call to avoid excess holding. A replay facility will be available until midnight on 18 November 2009 on the following numbers, quoting access code 6042876¿:
UK / Standard international +44 (0)20 7111 1244
For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com Enquiries
Investor Relations
Media
Notes to Editors Old Mutual Old Mutual plc is a leading international long-term savings Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others. In the year ended 31 December 2008, the Group reported adjusted operating profit of £1.0 billion (on an IFRS basis) and had £265 billion of funds under management at the year end. The Group has approximately 57,000 employees. This information is provided by RNS The company news service from the London Stock Exchange END
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| 19-10-09 | RNS |
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RNS Number : 9933A Old Mutual PLC 19 October 2009 Ref 75/09 19 October 2009 PROPOSED ACQUISITION OF THE REMAINING MINORITY SHAREHOLDING IN MUTUAL & FEDERAL Old Mutual plc ("Old Mutual") welcomes today's announcement by the board of directors of Mutual & Federal Insurance Company Limited ("Mutual & Federal") confirming their intention to vote in favour of the Offer in respect of their own shareholdings in Mutual & Federal and their recommendation that Mutual & Federal shareholders do likewise. Old Mutual continues to progress the proposed acquisition and is working with Mutual & Federal management on all aspects of the transaction. A separate announcement regarding the Offer has been released today on the JSE Limited by Mutual & Federal and can be found on Mutual & Federal's website at www.mf.co.za For further information on Old Mutual, please visit the corporate website at www.oldmutual.com Enquiries
Old Mutual plc Investor Relations
Old Mutual plc Media
Note "Offer" refers to Old Mutual's firm intention to make an offer, in terms of the South African Securities Regulation Code on Takeovers and Mergers, to acquire all the ordinary shares in Mutual & Federal that it or its subsidiaries do not currently beneficially own, to be implemented by way of a scheme of arrangement in terms of section 311 of the South African Companies Act, 1973 as announced on 14 October 2009. Old Mutual Old Mutual plc is a leading international long-term savings Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others. In the year ended 31 December 2008, the Group reported adjusted operating profit of £1.0 billion (on an IFRS basis) and had £265 billion of funds under management at the year end. The Group has approximately 57,000 employees. This information is provided by RNS The company news service from the London Stock Exchange END
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| 16-10-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 8997A Old Mutual PLC 16 October 2009 Ref 74/09 16 October 2009 Euro Note Programme - Publication of Final Terms The following Final Terms are available for viewing: Final Terms for Old Mutual plc (the "Issuer") £500,000,000 7.125 per cent. Notes due 19 October 2016 (the "Notes") issued under the £3,500,000,000 Euro Note Programme of the Issuer (the "Programme"). The Final Terms contain the final terms of the Notes and must be read in conjunction with the Prospectus dated 11 June 2009 as supplemented by the Supplementary Prospectuses dated 6 August 2009 and 9 October 2009 (together, the "Prospectus") relating to the Programme, which constitutes a base prospectus for the purposes of the Prospectus Directive (Directive 2003/71/EC). To view the full document, please paste the following URL into the address bar of your browser. http://www.rns-pdf.londonstockexchange.com/rns/8997A_-2009-10-16.pdf A copy of the Final Terms and the Prospectus to which they relate are also available to the public for inspection at the UK Listing Authority's Document Viewing Facility, 25 The North Colonnade, Canary Wharf, London E14 5HS. For further information, please contact: Rashmin Shah Group Treasurer, Old Mutual plc Tel: +44 20 7002 7125 For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com. Notes to Editors Old Mutual Old Mutual plc is a leading international long-term savings Group. Originating in South Africa in 1845, the Group provides life assurance, asset management, banking and general insurance in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others. In the year ended 31 December 2008, the Group reported adjusted operating profit of £1.0 billion (on an IFRS basis) and had £265 billion of funds under management at the year end. The Group has approximately 57,000 employees. DISCLAIMER - INTENDED ADDRESSEES Please note that the information contained in the Prospectus may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Prospectus) only and is not intended for use and should not be relied upon by any person outside these countries and/or to whom the offer contained in the Prospectus is not addressed. Prior to relying on the information contained in the Prospectus you must ascertain from the Prospectus whether or not you are part of the intended addressees of the information contained therein. This information is provided by RNS The company news service from the London Stock Exchange END PDICKAKKOBDKBKD More |
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