Old Mutual Continues to Attract New Business; 1Q Life APE Sales +4%
May 24 2019 - 8:47AM
Dow Jones News
By Ian Walker
Old Mutual Ltd. (OMU.LN) said Friday that despite the
challenging economic environment the business continues to attract
new business from customers, with Life APE sales up 4% in the first
quarter.
The financial-services company said Life annual premium
equivalent sales in the quarter ended March 31 were 2.95 South
African Rand ($0.2 billion).
However, it said gross flows were 10% behind the first quarter
of 2018 at ZAR39.3 billion due to lower flows in Wealth and
Investments and lower single premium sales in Old Mutual
Corporate.
Funds under management at March 31 stood at ZAR1,084 billion in
line with equity market returns in South Africa, Old Mutual
said.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
May 24, 2019 08:32 ET (12:32 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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