Old Mutual leads market after 14% jump in profits

Insurance giant Old Mutual, the parent of fund supermarket Skandia, saw shares lead the FTSE 100 in early trading after reporting a jump in profits.

The group, which also runs Old Mutual Asset Managers, saw adjusted pre-tax operating profit jump 14% to £1.5bn in the 12 months to end of December. However, funds under management at the group fell 5% to £267.2bn. The move higher in profits helped lift shares early on, with the company gaining 1.75% or 1.9p, to 164.5p. "This has been a year of strategic and operational delivery for Old Mutual despite the tough macro-economic environment," said chief executive Julian Roberts. "We have produced strong financial results and have taken significant steps in executing our strategic pl...