| Wed 21 Dec 2011, 9:00 | | OML - Old Mutual plc - Old Mutual agrees sale of Finnish branch of Skandia Life |
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OML
OLOML
OML - Old Mutual plc - Old Mutual agrees sale of Finnish branch of Skandia Life
Assurance Company Ltd
OLD MUTUAL plc
Issuer code: OLOML
JSE Share code: OML
NSX share code: OLM
ISIN: GB0007389926
Ref 242/11
OLD MUTUAL AGREES SALE OF FINNISH BRANCH OF SKANDIA LIFE ASSURANCE COMPANY LTD
Old Mutual plc ("Old Mutual" or "the Group") announces today that it has agreed
terms to sell the Finnish branch of Skandia Life Assurance Company Ltd to OP-
Pohjola osk ("OP-Pohjola Group"). As at 30 September 2011, the Finnish branch
had gross assets of Euro1.3 billion. (1)
The transaction is part of Old Mutual`s commitment to streamlining its business.
Net proceeds after tax will be applied to reduce debt in accordance with the
Group`s stated debt reduction target. The transaction is subject to regulatory
approvals and other customary conditions and is anticipated to close by the end
of Q2 2012.
(1) Unaudited. Gross assets as at 31 December 2010 of Euro1.5 billion.
Enquiries
External Communications / Investor Relations
Patrick Bowes +44 (0)20 7002 7440
Media
William Baldwin-Charles +44 (0)20 7002 7133
Macquarie Capital (Europe) Limited (financial adviser to Old Mutual)
Jonny Allison +44 (0)20 3037 2000
Kavita Choitram
21 December 2011
Sponsor
Merrill Lynch South Africa (Pty) Limited
Notes to Editors
Old Mutual
Old Mutual plc is an international long-term savings, protection and investment
Group. Originating in South Africa in 1845, the Group provides life assurance,
asset management, banking and general insurance to more than 15 million
customers in Europe, the Americas, Africa and Asia. Old Mutual plc is listed on
the London Stock Exchange and the Johannesburg Stock Exchange, among others.
In the year ended 31 December 2010, the Group reported adjusted operating profit
before tax of GBP1.5 billion (on an IFRS basis) and had GBP309 billion of funds
under management, from core operations.
For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com
OP-Pohjola Group
OP-Pohjola Group is a leading Finnish financial services group providing a
unique range of banking, investment and insurance services. The Group has the
mission of promoting the sustainable prosperity, well-being and security of its
owner-members, customers and operating regions through its local presence. OP-
Pohjola Group consists of some 200 Group member banks and the Group`s central
institution OP-Pohjola Group Central Cooperative with its subsidiaries and
closely related companies, the largest of which is the listed company Pohjola
Bank plc.
Forward-Looking Statements
This statement may contain certain `forward-looking statements` with respect to
certain of Old Mutual`s plans and its current goals and expectations relating to
its future financial condition, performance, results, strategy and objectives.
Statements containing the words `believes`, `intends`, `expects`, `plans`,
`seeks` and `anticipates`, and words of similar meaning, are forward-looking. By
their nature, all forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances which are beyond Old
Mutual`s control including among other things, economic and business conditions,
market related risks such as fluctuations in interest rates and exchange rates,
and the performance of financial markets generally; the policies and actions of
regulatory authorities, the impact of competition, inflation, and deflation;
experience in particular with regard to mortality and morbidity trends, lapse
rates and policy renewal rates; the timing, impact and other uncertainties of
future acquisitions or combinations within relevant industries; and the impact
of changes in capital, solvency or accounting standards, and tax and other
legislation and regulations in the jurisdictions in which Old Mutual and its
affiliates operate. This may for example result in changes to assumptions used
for determining results of operations or re-estimations of reserves for future
policy benefits. As a result, Old Mutual`s actual future financial condition,
performance and results may differ materially from the plans, goals, and
expectations set forth in Old Mutual`s forward-looking statements. Old Mutual
undertakes no obligation to update the forward-looking statements contained in
this statement or any other forward-looking statements it may make.
This announcement is for information purposes only and does not constitute an
offer or invitation to acquire or dispose of any securities or investment advice
in any jurisdiction.
Macquarie Capital (Europe) Limited ("Macquarie Capital"), which is authorised
and regulated in the United Kingdom by the Financial Services Authority, is
acting as financial adviser to Old Mutual and no one else in connection with the
transaction and will not be responsible to any person other than Old Mutual for
providing the protections afforded to the clients of Macquarie Capital, nor for
providing advice in relation to the transaction, the contents of this
announcement or any other matters referred to herein.
Date: 21/12/2011 09:00:04 Produced by the JSE SENS Department.
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