| Fri 22 Jun 2007, 9:00 | | OML - Old Mutual South Africa - Investor presentat |
|
OML
OLOML
OML - Old Mutual South Africa - Investor presentation
OLD MUTUAL PLC
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Old Mutual South Africa - Investor presentation
Old Mutual plc ("Old Mutual"), the international savings and wealth management
group, will present a detailed overview of Old Mutual South Africa, its life and
asset management business in South Africa, to analysts and investors at 8.30a.m.
today at Old Mutual Place, 2 Lambeth Hill, London EC4V 4GG.
South Africa`s healthy economy and rapidly growing black middle class will be
major growth drivers for Old Mutual South Africa to build on its market-leading
position in life assurance, and to grow its share of the wider wealth management
market. In its chosen market segments, Old Mutual South Africa will compete
through further expanding its distribution reach, introducing new era products
and providing specialised asset management options for investors. This is
expected to result in net client cash flow of 2.5% of funds under management
from 2009, while maintaining return on capital above 20%.
Paul Hanratty, Managing Director, Old Mutual South Africa, said:
"South Africa has had unprecedented period of growth over recent years, and
while inflationary pressures could curb short-term economic momentum, prospects
in South Africa over the medium to long term remain excellent. This has
translated into increased disposable income, particularly in the black middle
class.
"Old Mutual has strong positions in the South African retail savings market. Our
well-respected brand and reputation for providing innovative and sophisticated
investment solutions for the steady growth high-end market, supported by the
introduction of the new boutique asset management model, means that we can
maintain competitive advantage. While the mass retail market is expanding at a
rapid rate, it remains under-penetrated. Old Mutual`s community relationships,
distribution network and simple and focused product offering not only support
its leadership in this market, but also represent a huge opportunity to grow our
customer base.
"Our breadth of services in the corporate market provides a strong foundation
for further growth. Here, our multi-boutique asset management model will attract
new flows, as will our drive into the small and medium-sized business market. We
are also making strides in obtaining retail sales through our corporate
relationships.
"Overall, our leadership in product innovation, our boutique approach to asset
management, our extensive distribution, and greater synergies with Nedbank, mean
we can grow significantly our assets under management. We are confident that we
will extend our number one position in the life sector into success in other
wealth management areas."
The full presentation will be available from 08.20a.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: 08.30 UK time
UK dial-in: 0500 55 10 88
US dial-in: +1 866 779 1135
South Africa dial-in: 0800 99 14 61
Sweden dial-in: 0200 89 01 86
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
22 June 2007
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.
By conducting its business worldwide under its core values of integrity, respect
and accountability, Old Mutual aspires to push beyond boundaries to drive value
for all its stakeholders.
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: 22/06/2007 09:00:03 Produced by the JSE SENS Department.
