No rights issue, says Old Mutual’s boss

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"I think we can dispel that rumour," said the man who took the top job last September at a company that some in the City regard as unwieldy.

Roberts seems to agree — disposals are on the cards, perhaps of South Africa bank Nedbank, though Roberts is not being specific just yet while prices are depressed.

"We have too broad a geographical shape," he said.

"I am not being specific in what I will do. Our focus is on running the group as effectively and as efficiently as we can. When the market will allow disposals we will look at them."

Old Mutual has surplus capital of £700 million, lower than rival insurers but at the top end of City estimates.

"Our capital and cashflow position is probably better than the market was expecting," he said.

Profit for 2008 slumped from £1.75 billion to £595 million, in what Robert concedes was a "challenging year".