Old Mutual plc Acquisition of US Life Assurance Business

London, UNITED KINGDOM


LONDON, March 2, 2001 (PRIMEZONE) -- Old Mutual plc ("Old Mutual") (LSE:OML.L) announced today the signing of an acquisition agreement to buy Unified Life Insurance Company ("Unified"), a Texas domiciled life assurance company licensed to do business in 43 states. The acquisition is subject to approval by the Texas Department of Insurance.

Old Mutual is an international financial services company based in London, with expanding operations in life and general insurance, asset management and banking. The company listed on the London Stock Exchange in July 1999, and currently has a market capitalization of $8.46 billion, with approximately $260 billion in assets under management.

"We're extremely pleased to be proceeding with this acquisition," said Guy Barker, Chief Executive of Old Mutual's U.S. Life Operations. "I look forward to working with Bill Buchanan, the current owner of Unified, as well as with our experienced management team, to further develop Old Mutual's presence in the US life and annuity market. We expect great success."

This acquisition, for $25 million, is Old Mutual's second in the US in recent months. In September 2000 the company acquired United Asset Management (UAM) Corporation, headquartered in Boston, Massachusetts, one of the largest independent asset management organizations in the world.

Jim Sutcliffe, Chief Executive of Old Mutual's Life operations worldwide, said, "The Unified Life acquisition will be an important step to building our international insurance capabilities and distribution channels. This addition will accelerate the advance of our international growth strategy providing a base on which we can firmly establish our presence in the US insurance and annuity market. The opportunity for product diversification and continued distribution growth will complement our other US operations, and prospective policy owners will benefit from the strength and growing reach of a world-wide financial services firm."



        

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