Published: 19 August 2013

Old Mutual plc is consolidating its foothold in Africa as it seeks to leverage on growing opportunities emerging from the continent.

The group, which recorded a robust operational performance in the first half of 2013 that saw its adjusted operating profit before tax rise 14% to £801 million, is confident that this growth can be sustained through increased focus on emerging markets.

Commenting on the results, Julian Roberts, Old Mutual plc group chief executive, said the company was focusing on markets where growth is driven by long-term structural factors.

This strategy has already seen Old Mutual expand into Ghana and Nigeria and strengthen its presence in Kenya.

Profit from emerging markets rose 12% to R4.115 million, while total funds under management rose by 6% in the six months to R764.8 billion.

Emerging markets cover Africa, Asia and Latin America. Roberts said Old Mutual would continue to be guided by its ethos of sustainable development as it expands operations in Africa.
- newsday

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