JOHANNESBURG--Old Mutual PLC (OML.LN), the global insurer with a
strong focus on South Africa, reported increased sales in the third
quarter as conditions in the U.S. and U.K. improved.
Gross sales for the three months ended Sept. 30 totaled 6.51
billion pounds ($10.42 billion), up from GBP5.85 billion a year
earlier. Funds under management rose to GBP287.5 billion in the
third quarter from GBP262.2 billion at the end of December
2012.
Old Mutual said its net client cash flow rose to GBP2.6 billion
in the quarter, reversing an outflow of GBP800 million in the
corresponding period in the previous year.
The company said the global market remains volatile but "signs
of recovery" in the U.S. and U.K. have helped buoy the market in
South Africa, which is still constrained after strike disruptions
and a further weakening in the exchange rate.
The insurance firm completed the acquisition of Provident Life
Assurance Company in Ghana and received final regulatory approval
for the acquisition of Oceanic's Nigerian property and casualty
business from Ecobank.
Old Mutual has undergone a reorganization in the past few years,
divesting assets in the U.S. and Europe. In 2011, it announced a
deal to sell its Nordic long-term savings and banking business,
Skandia Insurance Co. Ltd., for GBP2.1 billion.
Old Mutual has a 51% stake in South African bank Nedbank Group
Ltd. (NED.JO).
Write to Devon Maylie at devon.maylie@wsj.com
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