Old Mutual FY09 IFRS Pre-tax Profit Falls - Update

UK-based long-term savings group Old Mutual plc reported Thursday a decline in fiscal 2009 pre-tax profit, on IFRS basis, while the company slipped to an after-tax loss, mainly due to the impact of marking-to-market of debt, and high tax rate. Adjusted operating profit before tax rose 3% in the year. Long-Term Savings segment recorded strong revenues in the year, benefited from improved market conditions, mainly in the second half. Further, the company said it is returning to dividend payment.