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Old Mutual profits jump after 145% increase in UK platform sales

Old Mutual has reported IFRS profits before tax of £443m for the six months to June 30, up 176 per cent from £160m for the same period last year.

The firm, which owns Skandia, will pay out an interim dividend to shareholders of 1.1p a share. It did not pay a dividend in H1 2009.

It has also announced the sale of its US life business to Harbinger Capital Partners for £220m. The firm says the transaction lowers the group’s risk profile.

Overall sales on an annual premium equivilent basis were up 28 per cent to £814m during the period. This was boosted by a 145 per cent increase in sales on the Skandia UK platform and a 66 per cent jump in pension sales in Britain.

The firm has also reported mutual funds sales doubling and Isa business up 116 per cent on the first half of 2009.

Group chief executive Julian Roberts says: “We are very pleased with our performance in the first half of 2010.

“We are driving change throughout the group and are making good progress on our strategy to simplify and improve financial performance. We are today announcing the sale of US life to Harbinger and we are also on track to deliver on our cost reduction and return on equity targets.

“We are confident about the outlook for the full year although market uncertainties remain.”


Zurich first half profits fall 10%

Zurich has reported a 10 per cent drop in business operating profit to £1.43bn for the first six months of 2010 compared with £1.5bn for the same period last year. The firm has also announced the appointment of Christian Orator as chief administrative officer and member of the group executive committee, succeeding Richard P. Kearns […]

Moneysupermarket flawed research angers brokers

Brokers have attacked after a press release said borrowers should think twice before using mortgage brokers because 90 per cent of products are now direct-only. It said the company’s research showed that anyone using a broker needed to be made aware the advice was limited. The release has been retracted after the firm admitted […]


Talks on private sector replacing Nest

The Government is holding talks with product providers to investigate the possibility of scrapping the National Employment Savings Trust and making it profitable for the private sector to fill the gap. Money Marketing understands the talks are taking place as part of the Government’s review of Nest, which is due to report next month. The […]

Barclays posts £3.95bn profit

Barclays has announced a £3.95bn pre-tax profit for the first half of 2010, a rise of 44 per cent from the same period last year. Much of the gains came from Barclays investment banking arm, which posted a £3.4bn return. The bank also announced that it lent £18bn to UK households and businesses in the […]

Parental leave and pensions

Fiona Hanrahan  – Senior Product Insight and Technical Support Analyst We are often asked how parental leave impacts workplace pension schemes in terms of funding in general, auto enrolment and salary exchange. This article will explain each of these. How does parental leave impact the funding of workplace pension schemes? A member of a defined […]


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