Old Mutual plc Results for the six months ended 30 June 2006

Results on track, with increasingly diversified earnings

Adjusted operating profit*
(IFRS** basis):up 36% to 771 million (30 June 2005: 566 million****) and
up 32% to R8,714 million (30 June 2005: R6,584 million)

Adjusted operating profit (European embedded value (EEV) basis):
up 39% to 885 million (30 June 2005: 638 million) and
up 35% to R10,001 million (30 June 2005: R7,420 million)

Profit for the period attributable to equity holders:
380 million (30 June 2005: 387 million)
R4,295 million (30 June 2005: R4,509 million)

Adjusted operating earnings per share* (IFRS basis):
down 2% to 8.5p (30 June 2005: 8.7p) and
down 5% to 96.0c (30 June 2005: 100.7c)

Adjusted operating earnings per share (EEV basis):
down 3% to 9.8p (30 June 2005: 10.1p) and
down 5% to 111.4c (30 June 2005: 117.7c)

Basic earnings per share:
8.0p (30 June 2005: 11.2p),
90.2c (30 June 2005: 130.2c)

Total life assurance sales, on an Annual Premium Equivalent (APE) basis, of 732 million, an increase of 130%

Funds under management 218 billion (30 June 2005: 158 billion), an increase of 38%, R2,891 billion (30 June 2005: R1,896 billion)

Adjusted embedded value per share 143.2p, R18.95 at 30 June 2006 (30 June 2005: 135.9p, R16.25) (EEV basis)

Return on equity 14.1% (30 June 2005: 19.0%)

Interim dividend increased by 13.5% to 2.1p (27.8 cents***)

Commenting on the results, Jim Sutcliffe, Chief Executive, said:

It has been a good first half, with encouraging growth across our business and we have been able to declare a significant increase in the dividend. Skandia's results are ahead of our expectations and the integration is progressing well. Currency movements always affect our results, but Old Mutual is now a significantly bigger and more diverse organisation than in the past and we are well placed in some very attractive markets.