LONDON (dpa-AFX) - Anglo-South African insurer Old Mutual Plc (OML.L, ODMTY.PK) reported Thursday a 13 percent decline in first-quarter total life assurance sales annual premium equivalent, or APE. Funds under management in core operations increased 6 percent from the end of last year.
In an interim management statement, the company said total life assurance sales APE in the first quarter declined to 269 million pounds from 308 million pounds in the prior-year quarter. At constant currency basis, the decrease was 10 percent.
As at March 31, 2012, funds under management in core operations increased to 284.2 billion pounds from 267.2 billion pounds at the end of December 2011.
Julian Roberts, chief executive of the company said, 'With growth in funds under management and further strategic progress, overall this has been another good quarter for Old Mutual. We have seen positive net client cash flows throughout the Group including at USAM where investment performance is improving.'
NCCF From core operations was 3.7 billion pounds, compared to a negative 2.8 billion pounds in the year 2011.
Copyright RTT News/dpa-AFX
© 2012 AFX News
