LONDON, Feb. 25, 2002 (PRIMEZONE) -- Old Mutual plc (LSE:OML):
-- Group smoothed operating profit* increased 11% in Rand to R10,601
million, but decreased 6% in Sterling to 856 million pounds
-- Operating earnings per share*, at 13.2p, were 22% lower than
in 2000
-- South African life business operating profit, before long term
investment return, up 17% to R3,085 million
-- Value of life assurance new business 84 million pounds
-- Nedcor headline earnings up 26% at R3,794 million
-- Best net cash inflows in US asset management since 1993
-- Fidelity & Guaranty Life performance ahead of expectations
-- Gerrard integration complete
-- Final dividend unchanged at 3.1p (up over 40%** in Rand)
* Smoothed operating profit is based on a long term investment
return, and is stated before tax, goodwill amortisation and
impairment, write-down of the Group's investment in Dimension
Data Holdings plc, and short term fluctuations in investment
return. Operating earnings per share are stated on the same
basis, but after tax and minority interests.
** The dividend recommended (final 3.1 p per share, making 4.8 p
per share for the year) will be converted, for payment to
shareholders on the branch registers and the Namibian section
of the principal register, into local currency at exchange rates
ruling on 4 April 2002. References in this announcement to the
Rand equivalent of the final dividend have been based on the
exchange rate of R16.293:1 pound prevailing on Thursday
February 21, 2002 and are for indicative purposes only.
"Our South African team continued to achieve world class standards and our new US life business exceeded our expectations. We were able to deliver a big recovery in cashflow from our US asset management affiliates and we completed the integration of our UK stockbroking businesses. However, our earnings were heavily affected by poor stock markets and exchange rates. We remain well positioned for the future." Jim Sutcliffe, Group Chief Executive.
A full copy of these results and the associated presentation to analysts, together with photographs and biographical details of the Executive Directors of Old Mutual plc, are available in electronic format. Please call the numbers below, or alternatively they are available for download from the company website at www.oldmutual.com
To view this release in its entirety, please click the link: http://reports.huginonline.com/849698/99933.doc