Old Mutual Posts Gross Sales Of USD10.4bn For Q114
News: South African insurance company Old Mutual has reported a 12% rise in sales with gross sales reaching USD10.4bn for Q114 compared with USD9.39bn in Q113. Improved sales are attributed to growth in its emerging markets and wealth units. The company also reported funds under management up 2% year-on-year to USD498.33bn, while cash flows fell to USD838.67mn in Q114 from USD6.54bn a year earlier. The company is focusing on selling life insurance in fast-developing African countries including Ghana and Kenya and long-term savings products in the UK.