Old Mutual slashing away at debt

Currency movements took the wind out of the sails of South African insurance group Old Mutual in the first half of 2012, but the group said its focus on emerging markets will stand it in good stead in the long run.

Currency movements took the wind out of the sails of South African insurance group Old Mutual in the first half of 2012, but the group said its focus on emerging markets will stand it in good stead in the long run.

Adjusted Market Consistent Embedded Value (MCEV) at the end of June stood at £10.7bn or 218.1p per share, versus £10.8bn a year earlier (194.1p per share). Just over two-thirds of 67% of the adjusted group MCEV (pre-debt and net other business) at 30th June 2012 was in the emerging markets (including its Nedbank and Mutual & Federal associates) with 23% in Europe and 10% in the US.

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