Old Mutual profits fall, but Skandia strong

The UK and South African life insurer’s European Embedded Value profit was £885m at the corresponding point in 2006, and had been expected to fall to just £850m. The dip has been attributed to a weakening of the rand and the dollar to the pound. It wasn’t all doom and gloom, the UK arm of the company, encompassing Skandia and Selestia, recorded healthy results – with an £80m adjusted operating profit, up from £73m. It also had a 23% increase in life sales and a 13% funds under management increase, to £41bn. Old Mutual first half life assurance sales climbed 10% to £859m, from £779m; wh...