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BRIEF-Old Mutual posts 1 pct rise in FY operating profit to 1.7 bln stg
March 9, 2017 / 7:13 AM / 9 months ago

BRIEF-Old Mutual posts 1 pct rise in FY operating profit to 1.7 bln stg

March 9 (Reuters) - Old Mutual Plc

* Old mutual plc 2016 preliminary results - part 1

* Adjusted net asset value (nav) at 228.6p per share (2015: 178.9p per share)

* Pre-Tax adjusted operating profit (aop) of £1.7 billion, broadly flat year-on-year in constant and reported currency

* Ifrs pre-tax profit of £1.2 billion (2015: £1.2 billion), including impairments of £160 million in 2016 in respect of ecobank transnational incorporated (eti), old mutual southern and east africa (omsea) and old mutual wealth italy

* Second interim dividend of 3.39p; total dividend of 6.06p

* Fum (excluding rogge) at £394.9 billion up 30%

* Nccf of £6.4 billion, excluding rogge (2015: £6.6 billion

* Plc net operational cost savings identified of circa £95 million by 2019 from a base of 2015

* One-Off costs to unlock these net operational savings will be circa £130 million

* Reduced stake in omam to 51% raising net proceeds of £230 million

* Sold old mutual wealth (omw) italy for net proceeds of £210 million

* Materially reduced holding company debt by £385 million, reducing annual finance costs by £21 million in 2017

* Expected one-off transaction advisory and listing costs (excluding capital items) estimated to be at least £100 million

* Old mutual emerging markets’ (omem) future focus will be on sub-saharan africa

* Following a review of its business, omem will be implementing a new target operating model

* Solvency ii ratio of 124% (1 january 2016: 138%)

* Weakening of sterling against rand reduced group solvency ii ratio by 8% Source text for Eikon: Further company coverage:

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