Skandia - Investor presentation

Skandia - Investor presentation

Old Mutual plc (“Old Mutual”), the international savings and wealth
management group, will present a detailed overview of Skandia, Europe's
leading open-architecture investment provider, to analysts and investors
at 08.30a.m. today at Old Mutual Place, 2 Lambeth Hill, London EC4V 4GG.
The presentation will outline progress at Skandia since its acquisition
by Old Mutual in February 2006 and prospects for the business going
forward. Skandia has identified a further £10 million of annualised
revenue synergies in addition to its previous cost savings targets
outlined on 20 June 2006 and it will also reconfirm financial targets
for 2008. No other new financial information will be disclosed.
Skandia UK announces today the pricing structure for Selestia Investment
Solutions, its new integrated investment platform. The new offering,
which brings together the 'best of both' from Skandia MultiFunds and
Selestia and will launch in July, is designed to cater for increasing
customer demand for product access, choice and flexibility, and the
growing trend of intermediaries offering open-architecture solutions.
Together with its sister businesses, Skandia Life and Skandia
International, it is the largest investment platform in the UK with £39
billion of assets under management.  
Julian Roberts, Chief Executive of Skandia and Old Mutual Executive
Director for Europe, said:
“Over the last 12 months we have worked hard to create a solid
foundation from which to drive sustainable value growth.  Both the
management team structure and the operational framework are now in
place, and we will further leverage the product and administration
capability to drive operational efficiencies and revenue opportunities.
This has led us to outline a further £10 million in revenue synergies on
an annual basis.
“As part of the continuing assessment of both market place and internal
capabilities, we are confident that we can grow funds under management
at 15% per annum while increasing distributable profits. Achievement of
this will be through a series of value-creating initiatives that aim to
share the best of the Skandia and Old Mutual operating models.
“Our core strength, however, remains understanding the needs of our
customers and delivering outstanding service levels and access to funds.
The launch of Selestia Investment Solutions in the UK is a prime example
of where a combination of product and market knowledge will deliver
benefits for advisers, customers and, ultimately, shareholders.”
The full presentation will be available from 8.20 a.m. today on the
Company's website, www.oldmutual.com. For those unable to attend the
presentation, a conference call facility is available, for which the
details are listed below.
Time: 8.30 a.m. UK time
UK dial-in: 0500 10 16 30
US dial-in: +1 877 491 0064
SA dial-in: 0800 99 14 68
Sweden dial-in: 0200 88 76 51
Conference title: Old Mutual
Ends
Enquiries

Investor Relations     
Malcolm Bell       UK +44 (0)20 7002 7166
Deward Serfontein  SA +27 (0)21 509 8709
Media                  
James Crampton     UK +44 (0)20 7002 7133
Nad Pillay         SA + 27 (0)21 504 8026
About Skandia
Skandia, a 99.1% 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 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 as well as Skandia's own
multi-manager funds provided by Skandia Investment Management. Skandia
solutions are distributed via independent financial advisers only,
targeting affluent customers. Investments in Skandia are unit-linked,
backed by over 900 external funds selected by advisers and their
clients. With over a million customers and £39 billion under management,
Skandia is one of the fastest growing UK savings companies.
Headquartered in Stockholm, Skandia Nordic, which principally comprises
Skandia and its mutual subsidiary, Skandia Liv, holds a leading position
in the Swedish life assurance market measured by new business, with a
combined customer base of 1.9 million customers. Skandia has been in the
Swedish market for over 150 years and its business in Sweden offers a
full set of financial products. It also has a growing unit-linked and
life business in Denmark, as well as healthcare. In Norway, it has a
successful banking operation and offers healthcare products.
Skandia Europe and Latin America has operations in 11 European countries
(Germany, Austria, Italy, Spain, Switzerland, Liechtenstein, France,
Poland, Portugal, the Czech Republic and Hungary) and three Latin
American countries (Colombia, Mexico and Chile). The business focuses on
being a market-leading niche player by providing unit-linked and mutual
products through open-architecture platforms.
Further information and photos of management are available on
www.skandia.com
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.
In the year ended 31 December 2006, the group reported an increase in
adjusted operating profit of 16% to £1.4 billion (IFRS basis). Old
Mutual had £249 billion of funds under management at 31 March 2007, and
53,000 employees.
For further information on Old Mutual plc, please visit its website at
www.oldmutual.com