Old Mutual had $ 237 million exposure to AIG

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.