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Mon 15 Nov 2004, 12:23 Trading Statement
Mutual & Federal - Trading Statement                                            
MUTUAL & FEDERAL INSURANCE COMPANY LIMITED                                      
(Incorporated in the Republic of South Africa)                                  
Registration number 1970/006619/06                                              
Share code: MAF     ISIN No: ZAE000010823                                       
(`Mutual & Federal`)                                                            
TRADING STATEMENT                                                               
In terms of the JSE Securities Exchange South Africa Listings Requirements, a   
listed company is required to publish a trading statement as soon as it becomes 
reasonably certain that the financial results for the period to be reported on  
next will show a 20% or more difference from those of the previous corresponding
period.                                                                         
Shareholders are advised that should the current underwriting performance and   
the general investment market conditions continue until 31 December 2004, Mutual
& Federal is expecting that headline earnings per share will be 25% to 45% above
those reported for the previous corresponding period ended 31 December 2003.    
The information in this trading statement has not been reviewed or reported on  
by Mutual & Federal`s auditors.                                                 
The results for the year ended 31 December 2004 are expected to be published on 
or about 9 February 2005.                                                       
Johannesburg                                                                    
15 November 2004                                                                
Sponsor                                                                         
Nedbank Capital
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