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Old Mutual posts steady results for 2003

South African based insurer Old Mutual has reported a slight
increase in operating profit for 2003 posting a result of £475m for 2003, up from £473m in the year previous. The insurer owns UK-based Selestia and Old Mutual Asset Managers UK.

Chief executive Jim Sutcliffe says: “Good results were achieved in five of our six businesses in 2003 and important steps were taken towards our strategic goals. Our capital position remains strong and our clients showed their approval of our products and skills by giving us significantly more assets to manage. We have announced our plans to lead Nedcor to recovery.”

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