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Old Mutual to list two units next year, H1 profit up 37 pct
August 11, 2017 / 6:21 AM / a month ago

Old Mutual to list two units next year, H1 profit up 37 pct

LONDON, Aug 11 (Reuters) - Anglo-South African financial services group Old Mutual plans to list two divisions in 2018, it said on Friday, as it reported a 37 percent rise in first-half operating profit.

Old Mutual is in the middle of breaking-up into four parts, a process due to finish by the end of next year.

It said in a statement it aimed to dual-list Old Mutual Wealth and its emerging markets division in London and Johannesburg “at the earliest opportunity in 2018 after our 2017 full year results”.

It is reducing its stake in U.S. firm OM Asset Management to 5.5 percent, it added.

First-half operating profit rose to 969 million pounds ($1.26 billion), helped by sterling weakness and strong performance in Old Mutual Wealth.

Old Mutual said it would pay an interim dividend of 3.53 pence, up 32 percent from a year ago. ($1 = 0.7700 pounds) (Reporting by Carolyn Cohn)

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