LONDON, Sept. 4, 2001 (PRIMEZONE) - Old Mutual plc (LSE:OML)
Highlights:
-- Operating profit* of 455 million pounds (2000: 457 million
pounds), a 10% increase in Rand terms to R5,195 million (2000:
R4,721 million)
-- Operating earnings per share* of 7.8p (2000: 9.0p) decreased 13%,
a 3% decrease in Rand terms to 89.3c (2000: 92.4c)
-- Underlying life assurance operating profit before long term
investment return of 145 million pounds (2000: 135 million pounds)
increased 7%, a 19% increase in Rand terms to R1,656 million
(2000: R1,395 million)
-- Banking operating profit of 168 million pounds (2000: 156 million
pounds) increased 8%, a 19% increase in Rand terms to R1,918
million (2000: R1,610 million)
-- Positive net fund inflows from major US asset managers, with
retained Group funds under management increasing 2% over the
period
-- Embedded value of 5.7 billion pounds (31 December 2000: 5.6
billion pounds) increased 3%, the same increase in Rand terms to
R64.7 billion (31 December 2000: R62.8 billion)
-- Interim dividend of 1.7p (2000: 1.6p), an increase of 6%
-- *Operating profit and operating earnings per share are stated
before goodwill amortization and exceptional items and have been
calculated using a long term rate of return.
Mike Levett, Chairman and Chief Executive, commented:
"These results are positive against a background of declining international equity markets and a further fall in the value of the Rand. Our focus continues to be on delivering value from our recently acquired international businesses, and our core South African operations, to build a strong base for future growth."
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