7th Apr 2011 07:00
Ref 39/11
7 April 2011
Old Mutual plc
Completion of sale of US Life
Old Mutual plc is pleased to announce that, following receipt of the remaining regulatory approval from the New York State Insurance Department, completion of the sale of its US Life business to Harbinger Group Inc. has now taken place.
As previously announced, the sale price was US$350 million.
Commenting today, Julian Roberts, Group Chief Executive of Old Mutual plc, said:
"I am delighted that we have now completed the transaction. This is an important step in simplifying the Old Mutual Group."
Enquiries
External Communications | ||
Patrick Bowes | +44 (0)20 7002 7440 | |
Investor Relations | ||
Deward Serfontein | SA | +27 (0)82 810 5672 |
Aleida White | UK | +44 (0)20 7002 7287 |
Media | ||
William Baldwin-Charles | +44 (0)20 7002 7133 |
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 £1.5 billion (on an IFRS basis) and had £309 billion of funds under management, from core operations.
For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com
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