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11 April 2017 Rating downgrade to Old Mutual Life Assurance Company (South Africa) Limited's long-term national scale rating and subordinated deferrable debt issuance following the sovereign downgrade

Old Mutual Life Assurance Company (South Africa) Limited's (OMLACSA) long-term South Africa national scale rating was downgraded to 'zaAA-'from 'zAAA' while its short-term rating was affirmed at 'zaA-1'.  At the same time, its long-term South African national scale issue rating on the subordinated deferrable debt was lowered to 'zaA' from 'zaAA-'.  These rating actions follow Standard and Poor's recent rating action on South Africa and are effective from April 7, 2017.

S&P published the full report on various rating actions taken on South Africa-based insurers and reinsurers. The report is available online at: www.standardandpoors.com and www.oldmutualplc.com.

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