| Thu 21 Jun 2007, 9:00 | | OML - Old Mutual Plc - Skandia - Investor presenta |
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OML
OLOML
OML - Old Mutual Plc - Skandia - Investor presentation
OLD MUTUAL PLC
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Skandia - Investor presentation
Old Mutual plc ("Old Mutual"), the international savings and wealth management
group, will present a detailed overview of Skandia, Europe`s leading open-
architecture investment provider, to analysts and investors at 08.30a.m. today
at Old Mutual Place, 2 Lambeth Hill, London EC4V 4GG.
The presentation will outline progress at Skandia since its acquisition by Old
Mutual in February 2006 and prospects for the business going forward. Skandia
has identified a further GBP10 million of annualised revenue synergies in
addition to its previous cost savings targets outlined on 20 June 2006 and it
will also reconfirm financial targets for 2008. No other new financial
information will be disclosed.
Skandia UK announces today the pricing structure for Selestia Investment
Solutions, its new integrated investment platform. The new offering, which
brings together the `best of both` from Skandia MultiFunds and Selestia and will
launch in July, is designed to cater for increasing customer demand for product
access, choice and flexibility, and the growing trend of intermediaries offering
open-architecture solutions. Together with its sister businesses, Skandia Life
and Skandia International, it is the largest investment platform in the UK with
GBP39 billion of assets under management.
Julian Roberts, Chief Executive of Skandia and Old Mutual Executive Director for
Europe, said:
"Over the last 12 months we have worked hard to create a solid foundation from
which to drive sustainable value growth. Both the management team structure and
the operational framework are now in place, and we will further leverage the
product and administration capability to drive operational efficiencies and
revenue opportunities. This has led us to outline a further GBP10 million in
revenue synergies on an annual basis.
"As part of the continuing assessment of both market place and internal
capabilities, we are confident that we can grow funds under management at 15%
per annum while increasing distributable profits. Achievement of this will be
through a series of value-creating initiatives that aim to share the best of the
Skandia and Old Mutual operating models.
"Our core strength, however, remains understanding the needs of our customers
and delivering outstanding service levels and access to funds. The launch of
Selestia Investment Solutions in the UK is a prime example of where a
combination of product and market knowledge will deliver benefits for advisers,
customers and, ultimately, shareholders."
The full presentation will be available from 8.20 a.m. today on the Company`s
website, www.oldmutual.com. For those unable to attend the presentation, a
conference call facility is available, for which the details are listed below.
Time: 8.30 a.m. UK time
UK dial-in: 0500 10 16 30
US dial-in: +1 877 491 0064
SA dial-in: 0800 99 14 68
Sweden dial-in: 0200 88 76 51
Conference title: Old Mutual
Ends
Enquiries
Investor Relations
Malcolm Bell UK +44 (0)20 7002 7166
Deward Serfontein SA +27 (0)21 509 8709
Media
James Crampton UK +44 (0)20 7002 7133
Nad Pillay SA + 27 (0)21 504 8026
Sponsor
Merrill Lynch
21 June 2007
About Skandia
Skandia, a 99.1% subsidiary of Old Mutual plc, is one of the world`s leading
independent providers of quality solutions for long-term savings. Founded in
Sweden in 1855, Skandia currently operates in over 20 countries, with the United
Kingdom and Sweden as its largest markets.
Skandia UK focuses on long-term savings. It offers unit-linked investments
through an open-architecture `fund platform` enabling access to a wide range of
funds from external managers as well as Skandia`s own multi-manager funds
provided by Skandia Investment Management. Skandia solutions are distributed via
independent financial advisers only, targeting affluent customers. Investments
in Skandia are unit-linked, backed by over 900 external funds selected by
advisers and their clients. With over a million customers and GBP39 billion
under management, Skandia is one of the fastest growing UK savings companies.
Headquartered in Stockholm, Skandia Nordic, which principally comprises Skandia
and its mutual subsidiary, Skandia Liv, holds a leading position in the Swedish
life assurance market measured by new business, with a combined customer base of
1.9 million customers. Skandia has been in the Swedish market for over 150 years
and its business in Sweden offers a full set of financial products. It also has
a growing unit-linked and life business in Denmark, as well as healthcare. In
Norway, it has a successful banking operation and offers healthcare products.
Skandia Europe and Latin America has operations in 11 European countries
(Germany, Austria, Italy, Spain, Switzerland, Liechtenstein, France, Poland,
Portugal, the Czech Republic and Hungary) and three Latin American countries
(Colombia, Mexico and Chile). The business focuses on being a market-leading
niche player by providing unit-linked and mutual products through open-
architecture platforms.
Further information and photos of management are available on www.skandia.com
About Old Mutual
Old Mutual plc is an international savings and wealth management company based
in the UK. Originating in South Africa in 1845, the group has a balanced
portfolio of businesses offering asset management, life assurance, banking and
general insurance services in over 40 countries, primarily South Africa, Europe
and the United States. Old Mutual is listed on the London, Johannesburg and
Stockholm stock exchanges, among others.
In the year ended 31 December 2006, the group reported an increase in adjusted
operating profit of 16% to GBP1.4 billion (IFRS basis). Old Mutual had GBP249
billion of funds under management at 31 March 2007, and 53,000 employees.
For further information on Old Mutual plc, please visit its website at
www.oldmutual.com
Date: 21/06/2007 09:00:01 Produced by the JSE SENS Department.
