August 11, 2017 / 6:11 AM / 9 days ago

BRIEF-Old Mutual plans to list two divisions in 2018, H1 operating profit up 37 pct

Aug 11 (Reuters) - Old Mutual Plc

* Old mutual interim results 2017 - parts 1 & 2

* Pre-Tax adjusted operating profits were up 37%

* Pre-Tax adjusted operating profit (aop) of £969 million (h1 2016: £708 million), up 37%

* Ifrs pre-tax profit of £940 million (h1 2016: £534 million); including profit on disposal of omam of £108 million

* 2017 first interim dividend of 3.53p up 32% and in line with our capital management policy

* Old mutual wealth (omw) aop £134 million up 29%.

* Old mutual wealth strong net client cash flow (nccf) growth, up 53%

* We remain on track to deliver managed separation within stated timing and costs.

* Removal of plc central operational and debt costs . Delivered annualised cost savings of £31 million

* Omam is now independent from old mutual plc

* During h1 2017 we have sold and contracted to sell approximately 45% of omam business for net proceeds of $785 million, which would reduce old mutual plc's stake to 5.5%

* Sale of 26% stake in kotak mahindra old mutual life insurance for net proceeds of £138 million, due to complete in h2 2017

* We expect listing of omw and old mutual limited (oml), south african holding company, to take place in 2018 at earliest opportunity after old mutual's 2017 full year results Source text for Eikon: Further company coverage:

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