Old Mutual exits Indian life insurance joint venture
Old Mutual has sold its 26% stake in an Indian life insurance company to the venture’s partner, Kotak Mahindra Bank, for 13-billion rupees (about R2.7bn), it announced on Friday morning. The deal terminates an alliance with Kotak Mahindra made in 2001 in which Old Mutual had an option to raise its stake in the joint venture to 49% — the maximum foreign ownership allowed by Indian regulations. Besides announcing the sale of its Indian associate, Old Mutual issued the first-quarter update for its UK business, Old Mutual Wealth. The group is in the process of stripping itself down to Old Mutual Emerging Markets (OMEM) by separating from its UK and US arms and its banking subsidiary Nedbank. "We have started the year very strongly with our highest ever quarter for net client cash flow and funds under management," Old Mutual Wealth CEO Paul Feeney said in Friday’s statement. Integrated flows from what it calls its intrinsic division increased 60% to £800m from £500m in the first quarter ...
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