6th Nov 2013 07:33
LONDON (Alliance News) - Insurance company Old Mutual PLC. reported that its third-quarter total gross sales increased 11% to 6.506 billion pounds from last year's 5.853 billion pounds.
Funds under management or FUM at 30 September 2013 increased 14% to 287.5 billion pounds in constant currency, up from 262.2 billion pounds at 31 December 2012, due to positive market movements and net client cash flows or NCCF in the year to date. NCCF for third-quarter of 2013 was 2.6 billion pounds across the Group.
Julian Roberts, Group Chief Executive, said, "Our strong momentum continued with a third consecutive quarter of positive net client cash flow in all our businesses...We remain confident that our strategy and our geographic focus underpinned by our financial discipline leaves us well positioned for future growth."
In a separate press release, Old Mutual announced its invitations to the holders of its outstanding 500.00 million euros Fixed to Floating Rate Step-Up Option B Undated Subordinated Notes and 350.00 million pounds Perpetual Preferred Callable Securities to tender their Securities for repurchase by Old Mutual for cash for aggregate consideration of up to 175.00 million pounds.
Copyright RTT News/dpa-AFX
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