Insurer Old Mutual has maintained its earnings at a similar level to last year despite extremely difficult market conditions, CEO Jim Sutcliffe said on Wednesday as the company released its interim results for the six months ended 30 June 2008.

Sutcliffe added that this was "a testament to our strategy".

"We have big brands, a leading open architecture business and a track record of providing good investment returns to our clients."

He said he was determined to solve problems in the company's US life business and to return it "to a proper level of profitability."

Operating profit from continuing operations (IFRS basis) was up three percent to £745-million – this excluded SA's Mutual & Federal which Old Mutual intends to auction in September.

While sales were up two percent to £872-million, the value of new business was down 10 percent at £112-million.

Sapa