Amicus June 2017

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Managed Seperation Icon.indd 1 2017/05/02 10:23 AM 26 BUSINESS HIGHLIGHTS MANAGED SEPARATION MANAGED SEPARATION UPDATE BY BRUCE HEMPHILL A New Dawn 'We are very pleased with the progress of our managed separation strategy announced on 11 March 2016,' said Bruce Hemphill, Group CEO, Old Mutual. 'We expected the managed separation to be complete by the end of 2018. Just 15 months in we’ve built great momentum and now anticipate the two listings taking place at the earliest opportunity in 2018, following our 2017 full year results. As a reminder, we will create four independent businesses: Old Mutual Emerging Markets (OMEM), Old Mutual Wealth (OMW), Nedbank and OM Asset Management (OMAM). Through the separation of our businesses, we are seeking to unlock significant value for our shareholders. We have taken a number of significant steps: 1. We have reduced our shareholding in OMAM to 22.4%. On completion of all transactions we will have realised gross proceeds, since December 2016, of over a billion US dollars with respect to OMAM, reducing our stake to under 8%. This will deliver independence to the first of our four businesses. 2. On 27 April 2017, we announced that we would sell our 26% stake in Kotak Mahindra Old Mutual Life Insurance Limited to our joint venture partner, Kotak Mahindra Bank Limited. The gross consideration for the transaction was INR 12,927 million (£156 million equivalent based on the spot exchange rate on the day of announcement). Going forward it is our intention to create two separate entities listed on both the London and Johannesburg stock exchanges: 1. One will be OMW, likely to take place through a demerger with the possibility of a small initial public offering (IPO). 2. The second will be a new South African holding company called ‘Old Mutual Limited’. Initially it will comprise OMEM, the Group’s Nedbank shareholding and Old Mutual plc, which will become a subsidiary of Old Mutual Limited. The distribution of a significant proportion of the shareholding in Nedbank from Old Mutual Limited would follow in due course. Old Mutual Limited will retain an appropriate strategic minority shareholding in Nedbank to underpin the ongoing commercial relationship.' Corporate launches new E-Learning Site Old Mutual Corporate has created a new E-Learning site to encourage members to take control of their finances, whether it’s planning for a wedding, short-term insurance for your car or house, sorting out your will or saving for retirement. The interactive site also features some great member stories and video clips and access to advice. The four modules currently available are Short-Term Insurance, Wills & Estate Planning, Financial Planning and Retirement Planning. Old Mutual maintains Level 2 B-BBEE status Old Mutual has retained its Level 2 B-BBEE status for the 8th year in a row. We've made some great improvements in terms of skills development and employment equity and are carefully monitoring progress at a middle, senior management and board level. We're also gearing up to move beyond just compliance in terms of the revised Financial Sector Code, which will be passed later this year. Amicus June 2017.indd 26 2017/05/30 12:15 PM
POSTCARD THE POSTCARDS FROM PARADISE COMPETITION STAND A CHANCE TO WIN ONE OF THESE PRIZES! YOU GET TO CHOOSE: AN EXHILARATING EXPERIENCE OR A TERRIFIC TANGIBLE PRIZE POSTCARD #5 PRIZES XBOX ONE BALLOON SAFARI HELICOPTER FLIGHT VISIT THE INTRANET FOR COMPETITION DETAILS, PRIZES AND TO ENTER. • Experience the scenic Magalies River Valley from a hot air balloon and treat yourselves to a night’s stay at the lovely Magalies River Lodge (breakfast included) for two (Gauteng). • Take off from the V&A Waterfront and enjoy a scenic flight along the Atlantic Coast over to False Bay followed by a lovely meal for two at Baia (Cape Town). • The ONE where you can pause your game and instantly resume where you left off. The only ONE where you can stream your Xbox ONE games to a Windows 10 PC or tablet in your home plus get new features and enhancements all the time. For more information or to report unusual or suspicious activity, visit the Group Forensic page on the intranet or contact your BU Compliance Officer or your Money Laundering Reporting Officer. Amicus June 2017.indd 27 2017/05/30 12:15 PM
Page 1 and 2: CELEBRATING 172 YEARS THE POWER OF
Page 3 and 4: 03 ON THE COVER EDITOR’S NOTE T 0
Page 5 and 6: OMEM’S SECURITY IMPROVEMENT PROGR
Page 7 and 8: 07 BIRTHDAY CELEBRATIONS Amicus Jun
Page 9 and 10: THE GREAT ICE-OFF Teams of Mutualit
Page 11 and 12: In the build-up to the main event,
Page 13 and 14: Three of our senior executives, Joe
Page 15 and 16: ‘This partnership gives us early
Page 17 and 18: 17 1. DO POINT OUT THAT YOU’RE NO
Page 19 and 20: 19 Old Mutual is committed to econo
Page 21 and 22: 21 RESPONSIBLE INVESTMENT The parki
Page 23 and 24: Launch of Old Mutual Botswana Life
Page 25: Flying high in the Free State Tshep
Page 29 and 30: 29 Imtithaal Dawood, top MAP studen
Page 31 and 32: A SAMSUNG GEAR FIT2! To keep you ac
Page 33 and 34: 33 OVER TO YOU What’s your depart
Page 35 and 36: 35 MFC STAKEHOLDER BREAKFAST Mass F
Page 37 and 38: PROMOTING HEALTH AND SAFETY OMEM He
Page 39 and 40: Read your Amicus when and where it

Amicus June 2017

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