Commenting on the results, Jim Sutcliffe, Chief Executive, said:
"It has been a good first half, with encouraging growth across our business and we have been able to declare a significant increase in the dividend. Skandia's results are ahead of our expectations and the integration is progressing well. Currency movements always affect our results, but Old Mutual is now a significantly bigger and more diverse organisation than in the past and we are well placed in some very attractive markets."
Wherever the items asterisked in the Highlights are used, whether in the Highlights, the Chief Executive's Statement or the Group Finance Director's Review, the definitions set out on page 2 apply.
|Old Mutual plc UK|
Miranda Bellord (UK)
Tel: +44 (0) 20 7002 7133
|Nad Pillay (SA)||Tel: +27 (0) 21 504 8026|
|Malcolm Bell (UK)||Tel: +44 (0) 20 7002 7166|
|Deward Serfontein (SA)||Tel: +27 (0) 21 509 8709|
|College Hill (UK)|
Tel: +44 (0) 20 7457 2020
Notes to Editors:
A webcast of the analysts presentation and Q&A will be broadcast live at 9.30 a.m. (UK time), 10.30 a.m. (South African and Swedish time), today on our website, www.oldmutual.com. High-resolution images of Jim Sutcliffe are available at www.oldmutual.com/vpage.jsp?page_id=7004. Copies of these results and the associated analysts presentation, together with photographs and biographical details of the executive directors of Old Mutual plc, are available in electronic format to download from the Company's website. (An interview with Jim Sutcliffe, Chief Executive, Old Mutual in video/audio and text is now available on the Company's website and on http://www.cantos.com).
The full 2006 interim results release, together with the Financial Disclosure Supplement, can be found on the website at www.oldmutual.com.
14 September 2006
* For long-term assurance and general insurance business, adjusted operating profit is based on a long-term investment return, includes investment returns on life funds' investments in Group equity and debt instruments and is stated net of income tax attributable to policyholder returns. For all businesses, adjusted operating profit excludes goodwill impairment, the impact of acquisition accounting, initial costs of Black Economic Empowerment schemes, profit / (loss) on disposal of subsidiaries, associated undertakings and strategic investments and dividends declared to holders of perpetual preferred callable securities. Adjusted operating earnings per ordinary share is calculated on the same basis as adjusted operating profit, but is stated after tax and minority interests and excludes income attributable to Black Economic Empowerment Trusts. The calculation of the adjusted weighted average number of shares includes own shares held in policyholders' funds and Black Economic Empowerment Trusts.
** The financial information has been prepared on the basis of the recognition and measurement requirements of International Financial Reporting Standards as set out in the basis of preparation note.
*** Indicative only, being the Rand equivalent of 2.1p converted at the exchange rate prevailing on 30 June 2006. The actual amount to be paid by way of interim dividend to holders of shares on the South African branch register will be calculated by reference to the exchange rate prevailing at the close of business on 5 October 2006, as determined by the Company, and will be announced on 6 October 2006.
**** The 2005 comparative financial information does not include Skandia, 2006 includes 5 months from 1 February 2006.