Old Mutual sales up 2 percent

LONDON (Reuters) - Old Mutual (OML.L) saw sales rise 2 percent in the first quarter, missing analysts' expectations, held back by weaker UK sales and the impact of market volatility on unit trust sales.

Old Mutual (OMLJ.J), South Africa's largest insurer, said life insurance sales on an annual premium equivalent (APE) basis totalled 426 million pounds, below a consensus estimate of 438 million, according to a company poll.

The value of new business profit dropped 5 percent to 55 million pounds, again below market estimates of 64 million pounds.

(Reporting by Clara Ferreira-Marques; editing by Sue Thomas)