London : Old Mutual, the largest insurer in Africa, said first-quarter sales rose 21 per cent after consumers recovered from the global recession and markets improved.
Life insurance sales climbed to £397 million (Dh2170 million) from £327 million a year earlier, the London company said yesterday.
Sales rose in all regions except in Old Mutual's Nordic business where they declined 23 per cent.
"Our long-term savings businesses are beginning to deliver the strategic targets on cost savings and return on equity," Chief Executive Officer Julian Roberts said.
"We have begun to implement our cost reduction programme, and all of our businesses are focused on delivering the 2012 target of £100 million of annual cost savings and return on equity improvements".
Old Mutual, with operations in South Africa, the UK and the US, has hired JPMorgan Chase and Company to sell its US Life business after guarantees offered to policyholders and investment writedowns caused a net loss for the group last year.
The insurer has no investments in sovereign debt in Portugal, Ireland, Greece, or Spain, and less than £1 million in Italy.
The group showed "solid" sales that were broadly in line with Deutsche Bank AG's and consensus views.
