Old Mutual sells US arm in simplicity drive
WIDE-RANGING Anglo-South African financial conglomerate Old Mutual reported forecast-beating half-year profits and said it had sold its United States life insurance business as part of a drive to simplify its structure.
The disposal is the first step in a strategic overhaul to slim down Old Mutual, an insurer, bank and fund manager operating in 35 countries.
Old Mutual is selling the US unit to hedge fund Harbinger Capital Partners for $350m (220m), it said yesterday. Investors have
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Hide Adcomplained that Old Mutual's complexity has held back the shares, which closed yesterday at 124.4p, a rise of 0.75p. Old Old Mutual's half-year profit jumped 43 per cent to 735m outstripping the 681m pencilled in by analysts, according to the company.