Old Mutual Continues to Attract New Business; 1Q Life APE Sales +4%

Date : 05/24/2019 @ 1:47PM
Source : Dow Jones News
Stock : Old Mutual Limited (OMU)
Quote : 118.0  1.08 (0.92%) @ 4:35PM

Old Mutual Continues to Attract New Business; 1Q Life APE Sales +4%

Old Mutual (LSE:OMU)
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   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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