By Jaime Llinares Taboada
Old Mutual Ltd. said Tuesday that its funds under management rose in the third quarter.
The South Africa-based financial-services company had funds under management of 1.202 trillion rand ($75.84 billion) as at the end of the third quarter, up from ZAR1.171 trillion on June 30.
Life annual premium equivalent sales rose 18% over the first nine months of 2021 to ZAR8.14 billion. The value of new business jumped to ZAR1.10 billion from ZAR274 million, and gross flows were up 7% at ZAR146.63 billion.
Old Mutual said results from operations are above the prior year, and that it remains on track to deliver its cost-savings target by the end of 2022.
Write to Jaime Llinares Taboada at firstname.lastname@example.org; @JaimeLlinaresT