Old Mutual: Skandia Poland sold to Vienna

Old Mutual had reached an agreement with Austrian long-term insurer Vienna Insurance Group to sell its Skandia Poland business, the Anglo-South African insurer said yesterday. Skandia Poland, which has e414 million (R5.7 billion) in funds under management, is being disposed of as part of Old Mutual’s strategy to simplify its wealth operations in Europe and to focus on core growth markets. Old Mutual did not disclose the value of the Skandia Poland sale. The transaction is still subject to regulatory approvals and the insurer expected it would take approximately six months to fulfil these. – Londiwe Buthelezi