Old Mutual News

Mumbai, May 22 : Kotak Mahindra Old Mutual Life Insurance Limited today announced profit growth of 109 per cent.

International long-term savings, investment and protection group Old Mutual plc reported on Thursday that funds under management had increased by GBP19.5 billion from 31 December 2011 to GBP284.2 billion at 31 March 2012.

Old Mutual Plc, the third-biggest insurer in the U.K. by market value, said sales fell 13 percent in the first quarter as turmoil in the euro area undermined investor confidence.

South African financial conglomerate Old Mutual said it saw positive net client cash flows throughout the group in the first quarter, while sales continued to be strong in emerging markets.

Financial services company Old Mutual PLC Friday its unit Nedbank Group Limited performed strongly in the first quarter, and added that the unit remains on track to achieve its medium to long term earnings growth target in 2012.