Old Mutual is parting with its activities in Northern Europe

Old Mutual has informed the financial markets about its intention to reduce its indebtedness. Having already reimbursed approximately 504 million GBP (787million USD) between last July and September, the insurer henceforth intends to proceeds to the transfer of its assets in Great Britain, Sweden, Denmark and Norway. Ranking third in England, the group has announced the sale of Skandia Liv for the sums of 3.3 billion USD. Capital surplus generated from the total sales will be distributed to shareholders. The cession of Nedbank to HSBC in 2010 for 3.7 billion USD had failed.