Old Mutual announces dip in profits for 2012

Old Mutual profits for 2012 fell by 13% on 2011 levels, despite an increase in assets over the year.

Old Mutual announces dip in profits for 2012


The group reported profits of £195m, of which £94m was accounted for by the UK-based business. The group includes Skandia and the recently created Old Mutual Global Investors, a merger of Old Mutual Asset Managers and Skandia Investment Group.

Overall assets grew to £69.2bn, a 10% increase on the figure for the previous year. Assets on the UK platform increased 20% to £22.6bn. The group attributes asset growth to positive net client cash flows (£2 bn) and higher equity markets at the end of the year. 

The newly-created Old Mutual Global Investors recorded gross sales of £4.8bn during the year, which increased its funds under management by 13% to £13.8bn.




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