Old Mutual is planning to inject around $300 million into U.S Life Insurance business at the beginning of next year. The U.K’s third largest insurance company has wrote down the market value to $474 million last year with the sub-prime crisis in mind. This is a 164 year old company which has been listed in London with a major overhaul in U.S division.
The insurer is also exploring into long term retail business with its European retail business with Cape Town which would help to reduce the costs. The more details regarding the same would be given by the company in second half earnings.
The company said that they are into maintenance of risk based capital ratio which is at 300 percent and one may need to inject around $200 and $300 million into the U.S business next year.
The company said that they are into maintenance of risk based capital ratio which is at 300 percent and one may need to inject around $200 and $300 million into the U.S business next year.
