British insurer Old Mutual Plc. (ODMTY.PK,OML.L) reported Thursday that its first-quarter gross sales climbed 18 percent to 7.35 billion pounds from last year's 6.25 billion pounds. At constant currency, gross sales increased 17 percent.
Old Mutual Emerging Markets' sales climbed 20 percent to 2.77 billion pounds and Old Mutual Wealth sales went up 16 percent to 4.58 billion pounds.
In its trading update for the three months ended March 31, the company noted that net client cash flow or NCCF was 0.5 billion pounds, compared to last year's negative 0.5 billion pounds.
In the quarter, funds under management or FUM grew 10 percent to 351.4 billion pounds.
Julian Roberts, Group Chief Executive, said, "This has been a very good start to the year, with all of our businesses performing well with continued strategic progress. … "While economic growth remains relatively weak in South Africa, our businesses continue to deliver good performance. We believe our vertically-integrated UK model is well positioned to take advantage of the changes to the UK pension regime. Overall we expect continued sound performance for the current year."
For comments and feedback contact: editorial@rttnews.com
Business News