GO
Loading...

Old Mutual highlights 'healthy' emerging markets

Wednesday, 6 Nov 2013 | 1:53 AM ET
Economy improving but a 'long way off': Old Mutual CEO
Wednesday, 6 Nov 2013 | 2:15 AM ET
Julian Roberts, CEO of Old Mutual, says that the U.K.'s economy is improving but more needs to be done to bring a sustainable recovery.

Insurer Old Mutual reported a 14 percent increase of funds under management to 287.5 million pounds ($462 million) in the year to date on Wednesday. It said gross sales were up 11 percent to 6.5 billion pounds in the three months to September 30.

In July, the company reported a 14 percent rise in operating profits for the first half of 2013, helped by a strong performance in rocky emerging markets as well as the U.S..

In a statement, the group said that strong momentum in the third quarter was seen across all businesses and that gross sales in emerging markets continued to be "healthy."

The group's chief executive, Julian Roberts, told CNBC Europe's "Squawk Box" that he was very happy with the results despite the third quarter traditionally being a slower one for the group due to the vacation season.

"The business is building momentum everywhere, whether in the emerging markets or in the U.K. [and it's] been a very positive quarter in the U.S." he said.

In particular, Roberts said the group's U.K. business was doing well, with retail investment sales up 40 percent compared with last year.

"There's still a long way to get back to where we were in 2006 and 2007 but [the U.K. business is] moving well and our emerging market business is moving well too."

In its statement, Old Mutual said it remained confident that its strategy and geographic focus, "underpinned by our financial discipline" leaves us well positioned for future growth."

  Price   Change %Change
OML
---

Featured

Contact Earnings Central

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More