Results for the quarter ended 31 March 2007


Results for the quarter ended 31 March 2007

Good operating performance and positioning for further sustainable growth

• Excellent investment performance driving continued strong net inflows of £4.5

• Funds under management increased 5% to £249 billion and are on track to reach
£300 billion by the end of 2008

• APE sales up 9% with contributions from investment in retail and offshore
distribution channels in life businesses, strong bancassurance results, as well
as the continued success of Skandia's open architecture platform

• On a local currency basis, all geographic segments achieved increases in
adjusted operating profits: Africa up 33%; US up 11%; Europe up 38%

• Group adjusted operating profit increased 5% and adjusted earnings reached
4.2p per share

Jim Sutcliffe, Chief Executive, commented:
“The overall start to 2007 has been positive, with good increases in life sales
in South Africa, continued growth in our US asset management business and strong
performance by Nedbank. The Skandia results continue to exceed our acquisition
plans and will be accretive this year as forecast. We are on track to achieve
our target of £300 billion of funds under management by the end of 2008 with a
satisfying 5% growth during the first quarter.

While we still expect exchange rates and synergy and infrastructural costs to
hold back earnings growth this year, the operating delivery from the Group is
good and we are well positioned to grow strongly in 2008.”

Financial highlights

•  Adjusted operating profit* (IFRS basis) up 5% to £398 million (Q1 2006: £380

•  Profit for the quarter attributable to equity holders of the parent (IFRS
basis) £248 million (Q1 2006: £170 million)

•  Adjusted operating earnings per share* (IFRS basis) unchanged at 4.2p (Q1
2006: 4.2p)

•  Basic earnings per share (IFRS basis) 4.9p (Q1 2006: 3.8p)

•  Net cash flow in relation to funds under management of £4.5 billion (Q1 2006:
£4.2 billion) representing 1.9% of opening funds under management

•  Funds under management of £249 billion at 31 March 2007 (31 December 2006:
£237** billion), an increase of 5.1%

•  Total life assurance sales, on an Annual Premium Equivalent (APE) basis, of
£421 million, an increase of 8.8% (Q1 2006: £387 million)

•  PVNBP of £3,325 million, an increase of 9.3% (Q1 2006: £3,041 million)

•  Adjusted embedded value per share (EEV basis) 159.0p at 31 March 2007 (31
December 2006: 157.2p)


Investor Relations
Malcolm Bell UK +44 (0)20 7002 7166
Deward Serfontein SA +27 (0)21 509 8709

James Crampton UK +44 (0)20 7002 7133
Nad Pillay SA +27 (0)21 504 8026

College Hill (UK)
Tony Friend UK +44 (0)20 7457 2020
Gareth David UK

Wherever the terms asterisked in the Financial highlights are used, whether in
the Financial highlights, the Chief Executive's Statement, the Group Finance
Director's Review or the Business Review, the following definitions apply:

* For long-term and general insurance business, adjusted operating profit is
based on a long-term investment return, includes investment returns on life
funds' investments in Group equity and debt instruments and is stated net of
income tax attributable to policyholder returns. For all businesses, adjusted
operating profit excludes goodwill impairment, the impact of acquisition
accounting, initial costs of Black Economic Empowerment schemes, the impact of
closure of unclaimed shares trusts, profit / (loss) on disposal of subsidiaries,
associated undertakings and strategic investments and dividends declared to
holders of perpetual preferred callable

Adjusted operating earnings per ordinary share is calculated on the same basis
as adjusted operating profit. It is stated after tax attributable to adjusted
operating profit and minority interests. It excludes income attributable to
Black Economic Empowerment trusts of listed subsidiaries. The calculation of the
adjusted weighted average number of shares includes own shares held in
policyholders' funds and Black Economic Empowerment trusts.

** 2006 restated due to sale of Spanish business

Forward-looking statements

This announcement contains forward-looking statements with respect to certain of
Old Mutual plc's plans and its current goals and expectations relating to its
future financial condition, performance and results. By their nature, all
forward-looking statements involve risk and uncertainty because they relate to
future events and circumstances that are beyond Old Mutual plc's control,
including, among other things, UK domestic and global economic and business
conditions, market-related risks such as fluctuations in interest rates and
exchange rates, policies and actions of regulatory authorities, the impact of
competition, inflation, deflation, the timing and impact of other uncertainties
or of future acquisitions or combinations within relevant industries, as well as
the impact of tax and other legislation and other regulations in territories
where Old Mutual plc or its affiliates operate.

As a result, Old Mutual plc's actual future financial condition, performance and
results may differ materially from the plans, goals and expectations set forth
in Old Mutual plc's forward-looking statements. Old Mutual plc undertakes no
obligation to update any forwardlooking
statements contained in this announcement or any other forward-looking
statements that it may make.

Notes to Editors:
A conference call for analysts and investors will take place at 9.00 a.m. (UK
time) and 10.00 a.m. (Swedish and South African time)today. Analysts and
investors who wish to participate in the call should dial the following toll
free numbers:

UK 0800 953 1444
Sweden 0200 895 350
South Africa 0800 994 090

Copies of these results together with high-resolution images (at and biographical details of the
executive directors of Old Mutual plc, are available in electronic format to
download from the Company's website.
A Financial Disclosure Supplement relating to the Company's Q1 results can be
found on the website. This contains a summary of key financial data for the
first quarters of 2007 and 2006.

For further information on Old Mutual plc, please visit our website at