16th Jan 2008 14:00
Old Mutual PLC16 January 2008 Old MutualRef 12/08 16 January 2008 OLD MUTUAL ESTABLISHES ASIA PACIFIC HEADQUARTERS Old Mutual plc ("Old Mutual") today announces the establishment of its AsiaPacific headquarters, based in Hong Kong. This will form the base from whichOld Mutual intends to expand its existing operations throughout the region. Old Mutual is also pleased to announce the appointment of Steffen Gilbert asRegional Head of Asia Pacific. Mr Gilbert, formerly Chief Executive of SouthAfrica's short-term insurer Santam, will lead the team in building the regionalbusiness and in particular developing new market entities. Mr Gilbert willreport to Jim Sutcliffe, Chief Executive of Old Mutual. Within the region, Old Mutual Asia Pacific currently operates in China, Indiaand Australia. In China, the joint venture between Skandia and Beijing StateAsset Management has grown to the seventh largest life assurance company inChina by gross premiums, of the 25 foreign-affiliated insurance companies. TheIndian joint venture with the Kotak Mahindra Group, in which Old Mutual has a26% stake, has increased its exposure to the India market rapidly with a directsalesforce of 27,500 and representation in 55 cities. Australian SkandiaLimited offers retail mutual and institutional investment funds. Commenting on Old Mutual's development in Asia Pacific, Jim Sutcliffe said: "Asia Pacific is becoming an increasingly significant part of our business.Strong equity markets and favourable demographics offer a great opportunity forus to expand further and I am delighted to welcome Steffen, whose wealth ofexperience in building businesses will be invaluable as we develop our presencein the region." Enquiries Investor RelationsAleida van Herel UK +44 (0)20 7002 7287Deward Serfontein SA +27 (0)21 509 8709 MediaJames Crampton UK +44 (0)20 7002 7133Nad Pillay SA +27 (0)82 553 7980 Notes to Editors Steffen Gilbert Steffen Gilbert was born in 1962. He matriculated at King Edward VII HighSchool in 1980 and is a Fellow of the Institute of Actuaries. Mr Gilbertstarted his career in the Life/Pensions area of Ned-Equity (which later becameSage Life), after which he moved into reinsurance with the Munich ReinsuranceCompany of Africa. He held various management positions in Life and Property &Casualty, including the role of Appointed Actuary. In 1999, Mr Gilbert assumedthe role of CEO for the company, looking after the group's interests inSub-Saharan Africa and the Indian Ocean Islands. In 2003, he joined Santam asCEO and also played a leading role in the local insurance industry during thattime. Pictures of Mr Gilbert are available at http://www.oldmutual.com/vpage.jsp?page_id=9166 Old Mutual Old Mutual plc is an international savings and wealth management company basedin the UK. Originating in South Africa in 1845, the group has a balancedportfolio of businesses offering asset management, life assurance, banking andgeneral insurance services in over 40 countries, primarily South Africa, Europeand the United States. Old Mutual is listed on the London Stock Exchange andthe JSE Limited, among others. In the year ended 31 December 2006, the group reported adjusted operating profitof £1.4 billion (on an IFRS basis). Old Mutual had £270 billion of funds undermanagement and 53,000 employees at 30 September 2007. Australia At 30 September 2007, Skandia Group Australia had funds under management ofAUD15.0 billion (£6.6 billion) up 6% from AUD14.2 billion (£5.8 billion) at 31December 2006. This was made up of institutional funds of AUD9.1 billion andretail funds of AUD5.9 billion. China Skandia:BSAM, a 50:50 joint venture with the Beijing State-owned AssetManagement Company (BSAM), is now in its fourth year of operation and continuesto show strong sales growth. The business sells unit-linked products and haslicences to operate in Beijing, Shanghai and Jiangsu Province (Nanjing). Grosspremium income for nine months to 30 September 2007 totalled RMB1.6 billion(£103 million), an increase of 329% over the comparative period and almosttriple Gross Premium Income for 2006. India Kotak Mahindra Old Mutual Life Insurance Ltd (KMOM), a joint venture with theKotak Mahindra Group, continues to show steady progress. Gross premiums for thesix months to 30 September 2007 (since its 31 March year end) were INR3.6billion (£44 million) against INR2.3 billion (£28 million) for the comparativeperiod. In September Old Mutual agreed to a capital injection of INR1.5 billion(approximately £19 million) in order to extend its office network to 150locations and increase its workforce by 35% by its year-end. For further information on Old Mutual plc, please visit the corporate website atwww.oldmutual.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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