Old Mutual battling headwinds

Currency headwinds were a problem for South African insurance group Old Mutual in the first half of 2012, as were falling interest rates, which hit investment returns.

Currency headwinds were a problem for South African insurance group Old Mutual in the first half of 2012, as were falling interest rates, which hit investment returns.

Profit before tax in the six months to the end of June fell to £733m from £909m in 2011. Adjusted operating profit on an international financial reporting standards (IFRS) basis rose 1% to £791m from £785m the year before, but was up 12% on a constant exchange rates (CER) basis.

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