Old Mutual had $ 237 million exposure to AIG

JOHANNESBURG – Old Mutual, the insurance group with listings in London and Johannesburg, had exposure of $237 million (R2 billion) to American International Group (AIG), the insurer now mostly owned by the US government, it said yesterday.

Old Mutual did not hold any AIG stock and had "minimal" reinsurance exposure to the US company, it said in a Regulatory News Service statement.

"Old Mutual continues to monitor developments in the markets closely," the company said. "Old Mutual has a strong balance sheet and sound capital position."

The share price lost 9.02 percent to R11.10, while the life insurance sector shed 5.1 percent.