South African insurance group Old Mutual has reported a 23% increase in operating profits for 2005.
The insurer saw adjusted operating profit rose by 23% to GBP1.3 billion, and funds under management grew to GBP183 billion, an increase of 31% on the prior year.
Commenting on the results, Jim Sutcliffe, chief executive, said: This has been a defining period for Old Mutual, marked by these very satisfactory results that show our organic growth is coming through strongly. The acquisition of Skandia represents a step change in the business profile of the Group. We are determined to deliver on the exciting potential of the international business we are building.