Deals
Old Mutual Climbs to Record After U.K. Acquisitions Boost Sales
- U.K. purchases of Intrinsic, Quilter Cheviot boost revenue
- Shares rise to record in Johannesburg after trading update
This article is for subscribers only.
Old Mutual Plc, the U.K.-based insurer that bought Intrinsic Financial Services Ltd. and Quilter Cheviot Ltd. last year, said third-quarter sales rose to a record as the acquisitions helped boost growth. Its Johannesburg-traded stock advanced to an all-time high.
Intrinsic helped drive a 71 percent jump in U.K. pension sales, while Quilter Cheviot enabled the insurer to expand wealth-management in that market, Finance Director Ingrid Johnson said by phone Wednesday. Asset-management sales, which climbed 50 percent, were a third factor bolstering the wealth unit’s revenue, she said. Gross sales rose 31 percent to 8.1 billion pounds ($12.5 billion), the company said in a statement earlier.