Old Mutual PLC Statement on US legacy matters (4856H)
March 13 2018 - 3:01AM
UK Regulatory
TIDMOML
RNS Number : 4856H
Old Mutual PLC
13 March 2018
Old Mutual plc
Ref 128/18
13 March 2018
STATEMENT ON US LEGACY MATTERS
Old Mutual plc notes that The Travelers Companies, Inc. and St.
Paul Fire and Marine Insurance Company have lodged a claim in the
United States District Court for the Southern District of New York
in relation to pre-existing plc Head Office legacy items relating
to previously disposed of US assets.
We believe that this action is without merit and we will resist
accordingly.
We will update the market in due course. We continue to believe
that the managed separation remains on track for material
completion by the end of 2018.
Old Mutual plc's annual results will be announced on 15 March
2018.
Enquiries
External communications
Patrick Bowes +44 20 7002 7440
Investor relations
Dominic Lagan +44 20 7002 7190
Media
William Baldwin-Charles +44 20 7002 7133
+44 7834 524833
Notes to Editors
About Old Mutual plc
Old Mutual plc is a holding company for several financial
services companies. In March 2016, it announced a new strategy of
managed separation entailing the separation of its underlying
businesses into independently-listed, standalone entities.
The managed separation strategy seeks to preserve and release
the value currently trapped within the group structure. The managed
separation will be materially complete by the end of 2018.
OM Asset Management, a US based institutional asset manager, is
now independent from Old Mutual. The remaining underlying
businesses are:
Old Mutual Emerging Markets: A South African based leading
provider of financial services in sub-Saharan Africa.
Nedbank: One of South Africa's four largest banks, with a 20%
stake in pan-African Ecobank Transnational Inc.
Old Mutual Wealth: a leading, integrated, advice-led wealth
management business focused on the UK upper and middle market.
For the year ended 31 December 2016, Old Mutual reported an
adjusted operating profit before tax of GBP1.7 billion and had
GBP395 billion of funds under management. For further information
on Old Mutual plc and the underlying businesses, please visit the
corporate website at www.oldmutualplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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