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Old Mutual to sell US life insurance arm, H1 profits up

The London-listed South African insurer Old Mutual (LON:OML) said it was selling its US life arm as it reported a strong surge in first half earnings.

The deal with private investment firm Harbinger will rake in US$350 million.

Operating profit jumped to £735m in the six months to June 30 from £513m a year earlier as the group’s domestic operations and the fund management arm starred.

Chief executive Julian Roberts said: ‘We are driving change throughout the group and are making good progress on our strategy to simplify the group and improve financial performance."

Separately, the group announced the retirement
of non-executive director Richard Pym, who will be replaced by Roger Marshall, a former audit partner at PriceWaterhouseCoopers.