Fin24

Emerging markets boost Old Mutual sales

2011-11-03 10:29

London - Insurer Old Mutual [JSE:OML] posted third-quarter life sales at the top end of expectations, lifted by growth at its emerging markets business.

Life insurance sales rose 8% to £358m, coming in at the top end of analyst expectations which ranged between £314m and £373m with consensus at £340m, according to a forecast calculated by the company.

Old Mutual, an Anglo-South African financial conglomerate with operations in over 30 countries, also reported unit trust sales of £3.4bn, up 1%.

"Despite very turbulent market conditions, this has been another quarter of strong operational performance... with sales growth driven primarily by our emerging markets business," said CEO Julian Roberts in a statement on Thursday.

Earlier this year, he said the group is committed to selling its majority stake in South African lender Nedbank and has not ruled out smaller disposals before the end of 2012 to hit debt reduction targets.

Shares in Old Mutual closed at 109.7 pence on Wednesday, valuing the company at £5.8bn.