Old Mutual plc : Old Mutual Wealth Management and Retail Europe update

24 January 2012

Old Mutual today announces that it will be combining its Wealth Management Continental Europe business (France and Italy) with the Skandia Retail Europe business unit (Germany, Austria, Poland and Switzerland).

This follows a strategic review of the businesses due to macro-economic and regulatory developments in the European long-term savings and investment markets and changes in customer preferences.

Paul Hanratty, Chief Executive of Old Mutual's Long-Term Savings business, said: 'We concluded that the affluent long-term savings and investment market in Europe is attractive for Old Mutual. As a result, we have decided to combine the Wealth Management Continental Europe business and the Skandia Retail Europe business to create Wealth Management Europe.'

Hein Donders has been appointed CEO of the new business unit, which will sit within Old Mutual Wealth Management, with immediate effect. Jonas Jonsson, currently CEO of Retail Europe, will work with Hein for several months to establish the new business unit, before assuming a new strategic role within Old Mutual.

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Notes to Editors

Old Mutual

Old Mutual 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 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, and shareholders' equity of £9.0 billion.