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Skandia boosts Old Mutual profits

Old Mutual released the first set of results since its acquisition of Skandia which saw sales of life and pension products more than double to £732m on an annual premium equivalent basis.

The acquisition of Skandia by Old Mutual was completed in February 2006 and this boosted the provider’s operating profit by 39 per cent from £638m in the first half of 2005 to £885m in the same period this year.

Funds under management increased by 38 per cent from £158bn in the first half of last year compared with £218bn over the same period in 2006.

In the chief executive’s statement Jim Sutcliffe said Skandia had exceeded Old Mutual’s expectations and said the acquisition had transformed the geographic and business profile of the company.

Sutcliffe says: “It has been a good first half, with encouraging growth across our business and we have been able to declare a significant increase in the dividend. Skandia’s results are ahead of our expectations and the integration is progressing well.”

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