A large multinational insurer says it is suffering from currency fluctuations as well as the turmoil in world investment markets.
Old Mutual P.L.C., London, the parent of OM Financial Life Insurance Company, Atlanta, announced Wednesday the Julian Roberts, a former Old Mutual group finance director who has been chief executive of Skandia Insurance Company Ltd., Stockholm, will be succeeding Jim Sutcliffe as chief executive.
The government takeover of the Federal National Mortgage Association, Washington, and the Federal Home Loan Mortgage Corp., Washington, will force Old Mutual to write down about $135 million in Old Mutual U.S. investment holdings, Old Mutual warned.
Old Mutual says it also will have to increase reserves by $155 million to back U.S. variable annuity benefits.