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Insurance firms Old Mutual and RSA report dull sales

By Daily Mail Reporter
Updated: 05:51 EDT, 13 May 2011

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Insurers Old Mutual and RSA were caught up in the wider stock market sell-off after first quarter figures failed to sparkle.

Anglo-South African Old Mutual yesterday reported weaker than expected sales as it was held back by a downturn in Italy.

The company, which runs banking, insurance and fund management businesses in over 30 countries, said sales fell 4% to £369m. Assets under management climbed 1% to £303.1bn.

RSA said net written premiums in the first three months were 8pc higher than a year ago at £2.1bn. Turnover was boosted by the acquisitions of Canadian insurer GCAN and Irish group 123 Money.

But RSA shares fell 1.2p to 138.65p and Old Mutual dropped 4.4p to 130.8p.

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