12th Dec 2005 16:00
Old Mutual PLC12 December 2005 Old Mutual Plc Old Mutual to align transfer option within industry solution Old Mutual plc ("Old Mutual") welcomes the announcement today by South Africa'sFinance Minister, Trevor Manuel, in respect of an industry wide solution to thechallenge of early termination values for retirement annuities and endowmentpolicies in South Africa. The industry has valued the cost of the solution atbetween R2.5 billion and R3 billion. The additional net impact for Old Mutual isexpected to be in the region of £25 - £35 million, (R290m - R410m) following theamount provided at the half year. Jim Sutcliffe, Chief Executive said: "We welcome this announcement as an equitable solution for all stakeholders. Weare pleased the industry now has clarity on this issue, which removes theuncertainty around the process and means we can now move to improve policyholder's benefits and bring the matter to a speedy conclusion". The announcement made by Old Mutual South Africa today is available atwww.oldmutual.com. 12 December 2005 Enquiries Media: Old Mutual plc South AfricaNad Pillay: 00 27 82 553 7980 Investors:Old Mutual plc South AfricaDeward Serfontein: 00 27 82 810 5672 Old Mutual plc UKMalcolm Bell: 020 7002 7166 More information about Old Mutual can be found on www.oldmutual.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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