OM: No exposure to eurozone debt

Johannesburg - Wealth management group Old Mutual [JSE:OML] said on Thursday that it has no exposure to sovereign debt in Portugal, Ireland, Greece, or Spain, and less than £1m exposure to Italy.

Releasing its March quarter operational update, the group said the pro-forma Financial Groups Directive (FGD) surplus at end March 2010 was £1.7bn compared with £1.5bn at end December 2009.

The increase was due to the strengthening of the rand, the improvement in equity markets in the period, and the earnings achieved in the period.

"All our businesses remain individually well capitalised," it said. 

During the period the group has broadly maintained its liquidity headroom. At end March 2010, the group holding company had total liquidity headroom of £1.1bn compared with £1.2bn at the end of 2009, comprising cash of £0.4bn and undrawn facilities of £0.7bn.

 - I-Net Bridge