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Old Mutual shines on Nedbank strength

Aug 08 2012 09:32
Reuters

Company Data

NEDBANK GROUP LIMITED [JSE:NED]

Last traded 215
Change -1
% Change -1
Cumulative volume 1997739
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

OLD MUTUAL PLC [JSE:OML]

Last traded 34
Change 0
% Change 1
Cumulative volume 5289414
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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London - Insurer Old Mutual [JSE:OML] reported a 12% rise in first-half profit, helped by a strong performance at its South African banking business, and said it was pressing ahead with plans to expand across sub-Saharan Africa.

Old Mutual, which runs insurance, banking and asset management businesses in about 30 countries, made an adjusted pretax operating profit of £791m in the first six months of the year, it said on Wednesday.

The improvement partly reflected a 27% jump in profit at Nedbank Group [JSE:NED], its majority-owned South African banking business.

Old Mutual, which in March announced plans to bolster its presence in fast-growing African markets, said it was considering a move into Nigerian non-life insurance.

The company, which has said it aimed to sell its Nedbank stake as part of a plan to refocus on life insurance and asset management, also said it had paid off £603m of debt this year.

That brought it within £450m of its target of reducing borrowing by £1.5bn by the end of 2012.

Old Mutual shares closed at 170 pence on Tuesday, valuing it at about £8bn.

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