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Old Mutual gross sales up 24% to €6.2bn

20 May 2014

London and JSE-listed insurer Old Mutual reported a 24% increase in first-quarter gross sales to €6.2bn on a constant currency basis.

Old Mutual's Julian Roberts says he is very pleased with the positive sales growth in South Africa. Image: Old Mutual.

It said funds under management were up 2% at €297.1bn on a constant currency basis. Group Chief Executive Julian Roberts said Old Mutual Wealth and emerging markets both produced very strong sales in the quarter.

"We are very excited about the opportunities for Old Mutual Wealth following the announced changes to the annuitisation rules and we are well positioned to help customers in the UK meet their retirement needs.

"In emerging markets‚ I am delighted with the excellent sales in South Africa despite the challenging environment for consumers and we are making good progress towards our ambition to become Africa's financial services champion‚" said Roberts.

Gross sales in emerging markets were up 8% while sales in Old Mutual Wealth increased 28%. Group net client cash flow was at €0.5bn compared to the first-quarter of 2013 were it was at €3.9bn.

"The affluent in South Africa performed well‚ with gross sales up 32% benefiting in particular from strong growth of the new single premium product propositions introduced in 2013‚ and positive retail affluent net flows of R2bn.

"Following the successful launch of Old Mutual Wealth in South Africa last year‚ it has continued to perform strongly attracting R1.1bn in net flows in the first three months of the year‚" the company said.

Source: I-Net Bridge

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