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Old Mutual reports a "very good" quarter

Keith Bowman | 4 November 2015 | A A A
Old Mutual reports a

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Old Mutual Plc ORD 11 3/7P

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The Anglo-South African financial services firm summarised its third quarter trading period as "very good." The Chief Executive noted that "Old Mutual Wealth had record quarterly sales of £5.5 billion as it benefited from its integrated strategy of owning distribution, an investment platform, discretionary fund and asset management as well as the recent changes to the UK pension regime. Old Mutual South Africa recorded strong sales growth of 28% and our Rest of Africa business grew sales by 32%."

Total company gross sales grew by 31% to £8.1 billion (Q3 2014: £6.2 billion), with gross sales for its Old Mutual Emerging Markets (OMEM) up 22% despite weak economic conditions in South Africa. Old Mutual Wealth's pension sales rose by 71% compared to Q3 2014, with its Nedbank division flagged as delivering "a resilient performance."

The Chief Executive went on to note that "Although we expect exchange rate movements to temper sterling reported growth and conditions for emerging markets to remain challenging, we are confident that if we continue to focus on meeting our customers' needs and improving operating efficiencies we can continue to deliver sustainable growth." The share price rose by over 1% in mid-morning UK stock market trading.

This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information.