ASSURANCE giant Old Mutual reported on Thursday assets under management of R317-billion, against R308-billion at the end of June 1998. The group, which has changed its year-end from June 30 to December 31, also reported that total premium income grew 14% to R31 billion. Premium income for the six months to the end of December 1998 amounted to R14,9-billion while benefits paid to policyholders and beneficiaries amounted to R13,8-billion, against R26-billion for period ending in June 1998. Free reserves, which were R30-billion in June last year, declined to R24-billion. Investment income was R5,7-billion (R10,8-billion at end June 1998) due to higher interest rates.