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									Interim results
for the half year to 30 June 2000

Analyst presentation
5 September 2000
Mike Levett
Chairman and Chief Executive
 Old Mutual plc

 Life Assurance      Financial
                     Services




General Insurance:   Banking:
 Mutual & Federal     Nedcor
      (51%)            (53%)
Group Executive


                             Mike Levett
                      Chairman & Chief Executive



    Jim Sutcliffe             Eric Anstee              Julian Roberts
   Chief Executive,         Chief Executive,       Group Finance Director
         Life              Financial Services
    Financial highlights


                                                    30 June 30 June % change 30 June % change
                                                     2000    1999       £     2000      R

Operating profits (smoothed)                         £457m          £283m              61           R4,721       70
Operating eps                                          9.0p           6.0p             50            92.4c       54
Dividend per share (half year)                         1.6p              -             20**          16.9c*      -
Total funds under management                           55.1           41.5             33            566.3       43
Embedded value                                       £5.2bn         £4.7bn             11          R53.6bn       20

Average exchange rate (£/R)                           10.33           9.83             5.1



*   actual dividend per share in non-Sterling currencies will be based on the exchange rate at 13 October 2000

** growth based on a 1.33p pro forma dividend per share
Delivering against our strategy
       Strategy                  Achievement
   Optimising value in   •   Strengthened management
    core businesses      •   Operating profit growth
                         •   Reinsured pensions mis-selling risk
                         •   Bancassurance

    Growing related      •   Gerrard acquired
      businesses         •   Bid for UAM
                         •   FBC Fidelity - Nedcor
                         •   CGU SA - M&F

   Options for future    • Technology initiatives
        growth           • Indian joint venture
Julian Roberts
Group Finance Director
Operating profits
                                                  Six months to 30 June
                                          2000   1999   % change   2000    % change
                                           £m     £m        £       Rm        R
Life assurance                            249    144      73       2,573     81
Asset management                           36     24      50       372       59
Banking                                   156     98      59       1,610     66
General insurance                          23     27      (15)     238       (10)
Other shareholders’ income / (exp ense)   (7)    (10)     30       (72)      28
Operating profits                         457    283      61       4,721     70

Nedcor sp ecial p rovisions                -      26                 -

OMLA losses                                -      54                 -

U nderlying profits                       457    363      26       4,721     32
Profit & loss account
                                             Six months to 30 June
                                  2000    1999    % change   2000      % change
                                   £m      £m         £       Rm          R
Operating profits                 457      283       61      4,721        70
Goodwill amortisation             (10)     (3)               (103)
Short term fluctuations           (282)   477                (2,911)
Non-op erating items                -      16                   -
Profit before tax                 165     773       (79)     1,707       (78)
Tax                               (84)    (51)       65      (868)        74
Profit after tax                   81     722       (89)      839        (88)
Minority interests                (42)    (121)     (65)     (434)       (63)
Profit for the financial period    39     601       (94)      405        (93)
Earnings and dividend per share
                                                                June
                                         2000         1999      % change   2000    %
                                          £m           £m          £        Rm     R
  Operating profits                       457          283         61      4,721   70

  Tax                                     (84)         (51)                (868)

  Minority interests*                     (72)         (53)                (743)

  Operating earnings                      301          179          68     3,110   76

  Weighted average shares                3,365        2,971         13     3,365   13
  (millions)
  Basic earnings per share               1.2p          20p                 12c

  Headline smoothed EPS                  9.0p          6.0p         50     92.4    54

  Dividend per share                     1.6p           -          20**    16.9    -


 * excluding minority interests in short term investment fluctuations
 ** on a pro forma basis
Jim Sutcliffe
Chief Executive,
Life
Life operating profit

                                   Six months to        Six months to
                                      30 June              30 June
                             2000      1999             2000
                              £m        £m         %     Rm       %
Individual business           87        72         21    899     27
Group business                48        35         37    496     46
Life technical result        135        107        26   1,395    33
Smoothed investment return   114        91         25   1,178    31
Continuing operations        249        198        26   2,573    32
Discontinued operations       -         (54)              -       -
Total                        249        144        73   2,573    81
    Key performance indicators

                                               Half year to   Full year to
                                               30 June 2000   31 Dec 1999
                                                    £m            £m
Assets supporting life liabilities*               23,200         19,300
Capital allocated                                  2,200         2,200
Life assurance operating profit                    135            189
Smoothed investment return at 14%                  154            308
Operating profit including investment return       289            497
Tax at 30%                                         (41)           (57)
Life profit indicator                              248            440
Return on assets (annualised)                     2.1%           2.3%
Return on capital allocated                       23%            20%

*   includes capital allocated
Embedded value


                                           £m       Rm
At 31 December 1999                       5,414    53,794
New business                              + 26     + 272
Existing business                         + 75     + 780
Investment return on adjusted net worth    -38      -388
Exch ange rate movement                   -208      -306
Dividend                                   -55      -569
At 30 June 2000                           5,214    53,583


N.B. (1) No allowance for excess value of OMAM and new business
EV new business profits

 £m                   Ind   Grp   Rest   Total   EAP   Margin

1999 half year         5     6     2      13     151     9%

1999 whole year       36    32     7      75     337    22%

1999 adjusted         28    25     7      60     319    19%

Pro-forma half year   13    12     3      28     159    18%

2000 half year         9    14     3      26     163    16%
EV profits from existing business


                                 H alf year to   Full year to
                                   30 June         31 Dec
                               2000       1999       1999
                                £m         £m         £m
  Total profits from            75       163          272
  ex isting business
       Exp ected return         70        70          160
       Exp erience variances    27         3          13
      Investment variances     (22)       90          99
Driving value forward
   Optimising value in   •   Operating profit growth
    core businesses      •   Cost control
                         •   Major IT infrastructure
                         •   Bancassurance
                         •   Key appointments
                         •   Persal
    Growing related      • International funds
      businesses
                         • Purchase of Visimed

    Options for future   • Investment Frontiers in the UK
         growth          • India JV
                         • ESP, Symmetry, Synergy, Elite
                         • Internet enablement
Eric Anstee
Chief Executive,
Financial Services
Funds under management


                                       30 Jun   31 Dec     %      30 Jun     %
                                        2000     1999    change    2000    change
                                        £bn      £bn       £       Rbn       R
 Life and general insurance funds       22.4     24.0     (7)     229.8     (4)
 Asset management                       7.5      7.8      (4)      76.7     (1)
 Private clients                        21.6     9.7      123     222.0     132
 Other financial services               0.3       -        -       3.7       -
 Life, general and third party funds    51.8     41.5     25      532.2     29
 Nibam                                  3.3      3.4      (3)      34.1      -
 Total funds under management           55.1     44.9     23      566.3     27
Asset management

                                      Half year to           Half year to
                                        30 th June            30 th June
                                      2000      1999   %     2000      %
                                       £m        £m    £      Rm       R
  Operating profits:
     Asset management                  28       18     56     289     63
     Private clients                   12       6      100    124    118
      Other financial services          6        -            62
  U nderlying operating profit         46       24     92     475    103
  Provision for restructuring costs   ( 10 )     -           (103)
  Total operating profits              36       24     50     372     59
GM/CCS restructuring

Restructuring costs     Synergy target by 2002
Full year 2000   £25m

First half 2000
                  £m                       £m
Property           4    Cost reduction     18
Systems            2    Revenue growth      7
People             3                       25
Advisory           1
Other             10

Second half       15
Driving our strategy

Optimising value in   • New CEO and management team near
 core businesses        completion in GM/CCS
                      • Restructuring plan finalised in GM/CCS
                      • Cost savings/synergies in GM/CCS

 Growing related      • Formation of executive for cross synergies
   businesses
                      • Leveraging “Touch” technology


Options for future    • Other technology initiatives
     growth           • UAM
UAM - Update

•   66% acceptances at first closing

•   Tender process extended to September 11

•   Completion expected in fourth quarter

•   Defined plans for post closing
Mike Levett
Chairman and Chief Executive
Nedcor

•   Attributable income up 27% to R1,230 million

•   EPS up 25% to 517 cents

•   DPS up 25% to 160 cents

•   Return on average shareholders’ funds increased to
    24%

•   Cost to income ratio down to 52%
Mutual & Federal

•   Net premium income increased 8% to R1,387 million

•   Underwriting loss of R31m

•   Strong capital base

•   Acquisition of CGU’s SA operations
Driving
value forward
Appendices
Composition of adjusted net worth


           13%
                                     Nedcor
      4%                       37%

12%                                  M&F

                                     SA Equities

                                     Int Equities

                                     Rest of Africa
                          4%
           30%
                                     Unlisted subs
SA Life Company Financial
Position

                                   30 June 2000 31 Dec 1999
                                       Rbn          Rbn
   Net Assets                         215.1        218.8
   Policy Liabilities                 183.3        187.3
   Capital                            31.8         31.5
   Statutory Capital Requirement      11.1         10.6
   Capital / Policy Liabilities       17%          17%
   Capital / Capital Requirement      2.9 x        3.0 x
Composition of SA Life Company
Policy Liabilities

         12%

                       Smoothed bonus

                       Market related
   30%
                 58%   Non-profit

								
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