Old Mutual sells Italian business for €278m

Old Mutual sold the business to private equity-owned life insurer ERGO Italia for €278m. The firm said the deal was the final part of the divestment of Old Mutual Wealth's continental European businesses, which would allow it to focus on core UK and cross border markets. Subject to regulatory approvals, the deal is expected to complete within six weeks. Separately, Old Mutual said in March it had started the process of separating its four main businesses - Old Mutual Emerging Markets, Old Mutual Wealth, Nedbank Group and OM Asset Management in the US. In June it said it was plan...