South African and London-listed financial services and insurance group Old Mutual on Tuesday reported an adjusted operating profit of £1,058-billion — equating to R12,676-billion — for the nine months to the end of September.
This translated into basic earnings per share of 10,4 pence (124,6 cents) or adjusted operating earnings per share of 11,5 pence (137,8 cents).
Funds under management for the nine months reflected an increase of 1,8% to £222-billion or R3 218-billion from £218-billion or R2 891-billion in June.
Total unit life assurance sales, on an annual premium equivalent (APE) basis, reflected a 7% increase from £1,075-billion to £1 152-billion, while total unit trust sales were up 60% from £3,258-billion to £5,215-billion.
The net client cash flow for the nine months was £14,7-billion.
Old Mutual chief executive Jim Sutcliffe said: “We made steady progress in the third quarter, driven by strong sales and net cash flows from an increasingly international spread of businesses.
“Skandia is on track to deliver its targets for 2008. We are confident that we will continue to increase our client base and assets under management, the foundations for our future growth.” – I-Net Bridge