24th Apr 2008 13:00
Old Mutual PLC24 April 2008 Ref 99/08 24 April 2008 Old Mutual to review option of demutualising Skandia Liv Old Mutual plc ("Old Mutual" or "the Group") announces that Skandia and SkandiaLiv, its Swedish life assurance company which is run on a mutual basis, arereviewing the potential benefits to both the Group and to Skandia Livpolicyholders of demutualising the Skandia Liv business. The review is at avery preliminary stage and a conclusion is not likely before late 2009. Skandia and Skandia Liv will each appoint independent professional advisers tothe project. Should the review show that a demutualisation of Skandia Liv would be beneficialboth for Old Mutual and for Skandia Liv policyholders, then a demutualisationproposal will be placed before Skandia Liv policyholders for approval. Julian Roberts, Old Mutual's director for Europe, said: "The strategy for theNordic region has led us to the conclusion there may be significant benefit forour customers in pursuing a demutualisation of Skandia Liv. The process willtake many months and will only be pursued if defined financial targets can bemet." Demutualisation would also require approval from the Swedish FinancialSupervisory Authority. Enquiries Investor RelationsAleida White UK +44 (0)20 7002 7287Deward Serfontein SA +27 (0)82 810 5672 MediaMatthew Gregorowski UK +44 (0)20 7002 7133Nad Pillay SA +27 (0)21 504 8026 College HillTony Friend +44 (0)20 7457 2020Stephen Bowey +44 (0)20 7457 2020 Notes to Editors 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 portfolio ofbusinesses offering asset management, life assurance, banking and generalinsurance services in over 40 countries in Europe, the United States, SouthAfrica, Latin America, Asia and Australia. Old Mutual is listed on the LondonStock Exchange and the JSE, among others. In the year ended 31 December 2007, the Group reported adjusted operating profitof £1.62 billion (IFRS basis). Old Mutual had £279 billion of funds undermanagement and 55,000 employees at 31 December 2007. For further information on Old Mutual plc, please visit the corporate website atwww.oldmutual.com Skandia Liv Skandia Liv is Sweden's largest life assurance company with assets undermanagement as at 31 December 2007 of SEK 303 billion. It has a market share intraditional life assurance of approximately 22% and has approximately 1,300,000policyholders. Following a change in Swedish legislation in 2002, demutualisation oftraditional life companies in Sweden is now permitted. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Old Mutual PLC