Old Mutual sells Finnish branch

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Insurer Old Mutual has completed the sale of the Finnish branch of Skandia Life Assurance Company to OP-Pohjola osk‚ Old Mutual Plc said in a statement on Friday.

The counter was trading eight cents stronger at R22.20 today and reached an all-time high of R26.73 in February 2007.

As at June 30‚ the Finnish branch had gross assets of EUR1.3 billion.

Old Mutual‚ originated in SA in 1845‚ and the group provides life assurance‚ asset management‚ banking and general insurance to more than 12 million customers in Africa‚ the Americas‚ Asia and Europe.

In the year ended December 31 last year‚ the group reported adjusted operating profit before tax of GBP1.5 billion and had GBP267 billion of funds under management from core operations. Old Mutual has been listed on the London and Johannesburg Stock Exchanges‚ among others‚ since 1999. - I-Net Bridge

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