Skandia simplifies UK business proposition to help advisers

Skandia simplifies UK business proposition to help advisers

Skandia, a subsidiary of Old Mutual plc, today announces a new UK business
structure, which will give financial advisers a single, easy-to-understand
market proposition.  Skandia Life, Skandia MultiFunds and Selestia, Old Mutual's
UK distribution platform, will unite into one UK business, which will provide
advisers with the largest fund platform in the UK. The combined business will be
led by Brett Williams as Chief Executive Officer* and will sit alongside
Skandia's International and Asset Management Divisions. Mr Williams will report
to Nick Poyntz-Wright, Group Chief Executive Officer, Skandia UK & Offshore.

The single UK business unit will give advisers one comprehensive range of
products and one sales team with which to interact.  The breadth of the product
proposition will support all adviser businesses that have begun the journey away
from the traditional with-profits life office model towards unit-linked
investment solutions.  

To facilitate this industry change, Skandia's UK proposition provides a broad
range of products, services, charging structures and remuneration options.  This
will include Skandia Life's MultiManager pension, bond and protection products;
the new open-architecture fund supermarket combining the best elements of the
current Skandia MultiFunds and Selestia platforms; and in the future, a full
wealth management service.  

Julian Roberts, CEO Skandia, said:

“The formation of this structure is a natural step in the achieving our cost
synergy targets and to realise the full potential of integration with Old
Mutual. Brett's appointment completes our restructuring of management within our
UK business and consolidates our onshore offer so that Skandia is able to
provide an unrivalled service to its adviser network.”
Nick Poyntz-Wright, Group Chief Executive Officer of Skandia UK and Offshore,
comments: 

“I believe advisers want a single relationship with a provider that is able to
work with them through every stage of their business development.  Having one UK
business with a single focus on that relationship will ensure Skandia is
uniquely well placed to support adviser's own business development plans and to
cater for changing needs in a transitional industry”

*Brett William's appointment as CEO of Skandia Life is still subject to formal
approval by the FSA.

Old Mutual will be hosting a detailed presentation to analysts on Skandia at
which commercial plans for Skandia UK's next generation life and pensions
offering including full wrap proposition will be discussed. The meeting will
take place at 08.30 on 21 June 2007 at Old Mutual Place, 2 Lambeth Hill, London.


Enquiries

Investor Relations		
Malcolm Bell	UK +44 (0)20 7002 7166
Deward Serfontein	SA +27 (0)21 509 8709
Media		
James Crampton Old Mutual  +44 (0)20 7002 7133
Jo Gilbey	Skandia UK +44 90)23 8072 6404

About Skandia

Skandia, a wholly owned subsidiary of Old Mutual plc, is one of the world's
leading independent providers of quality solutions for long-term savings.
Founded in Sweden in 1855, Skandia currently operates in over 20 countries, with
the United Kingdom and Sweden as its largest markets. 

Skandia UK previously comprised of four business units: Skandia Life,
Selestia/Skandia Multifunds, Skandia Investment Management (SIML), and Skandia
International. With over a million customers and £35 billion under management,
Skandia is one of the fastest growing UK savings companies.

Skandia UK focuses on long-term savings. It offers unit-linked investments
through an open-architecture ‘fund platform' enabling access to a wide range of
funds from external managers and SIML. Skandia solutions are distributed via
independent financial advisers only, targeting affluent customers. Investments
in Skandia are unit-linked, backed by over 400 external funds selected by
advisers and their clients.

About Old Mutual

Old Mutual plc is an international savings and wealth management company based
in the UK. Originating in South Africa in 1845, the group has a balanced
portfolio of businesses offering asset management, life assurance, banking and
general insurance services in over 40 countries, primarily South Africa, Europe
and the United States. Old Mutual is listed on the London, Johannesburg and
Stockholm stock exchanges, among others.

By conducting its business worldwide under its core values of integrity, respect
and accountability, Old Mutual aspires to push beyond boundaries to drive value
for all its stakeholders. 

In the year ended 31 December 2006, the group reported an increase in adjusted
operating profit of 16% to £1.4 billion (IFRS basis) and had £239 billion of
funds under management. The Company has approximately 53,000 employees.

For further information on Old Mutual plc, please visit the corporate website at
www.oldmutual.com