| Thu 24 Apr 2008, 14:00 | | OML/OML - Old Mutual Plc - To review option of dem |
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OML
OLOML
OML/OML - Old Mutual Plc - To review option of demutualising Skandia Liv
Old Mutual Plc
ISIN CODE: GB0007389926
JSE SHARE CODE: OML
NSX SHARE CODE: OLM
ISSUER CODE: OLOML
Old Mutual to review option of demutualising Skandia Liv
Old Mutual plc ("Old Mutual" or "the Group") announces that Skandia and Skandia
Liv, its Swedish life assurance company which is run on a mutual basis, are
reviewing the potential benefits to both the Group and to Skandia Liv
policyholders of demutualising the Skandia Liv business. The review is at a
very preliminary stage and a conclusion is not likely before late 2009.
Skandia and Skandia Liv will each appoint independent professional advisers to
the project.
Should the review show that a demutualisation of Skandia Liv would be beneficial
both for Old Mutual and for Skandia Liv policyholders, then a demutualisation
proposal will be placed before Skandia Liv policyholders for approval.
Julian Roberts, Old Mutual`s director for Europe, said: "The strategy for the
Nordic region has led us to the conclusion there may be significant benefit for
our customers in pursuing a demutualisation of Skandia Liv. The process will
take many months and will only be pursued if defined financial targets can be
met."
Demutualisation would also require approval from the Swedish Financial
Supervisory Authority.
Enquiries
Investor
Relations
Aleida White UK +44 (0)20 7002 7287
Deward Serfontein SA +27 (0)82 810 5672
Media
Matthew UK +44 (0)20 7002 7133
Gregorowski
Nad Pillay SA + 27 (0)21 504 8026
College Hill
Tony Friend +44 (0)20 7457 2020
Stephen Bowey +44 (0)20 7457 2020
Notes to Editors
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 portfolio of
businesses offering asset management, life assurance, banking and general
insurance services in over 40 countries in Europe, the United States, South
Africa, Latin America, Asia and Australia. Old Mutual is listed on the London
Stock Exchange and the JSE, among others.
In the year ended 31 December 2007, the Group reported adjusted operating profit
of GBP1.62 billion (IFRS basis). Old Mutual had GBP279 billion of funds under
management and 55,000 employees at 31 December 2007.
For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com
Skandia Liv
Skandia Liv is Sweden`s largest life assurance company with assets under
management as at 31 December 2007 of SEK 303 billion. It has a market share in
traditional life assurance of approximately 22% and has approximately 1,300,000
policyholders.
Following a change in Swedish legislation in 2002, demutualisation of
traditional life companies in Sweden is now permitted.
24 April 2008
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 24/04/2008 14:00:01 Produced by the JSE SENS Department.
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