The FTSE 100-listed firm said the Latin American businesses being sold are Old Mutual Colombia, a pensions, life insurance, mutual funds, and stock brokerage business; Old Mutual Mexico, a life insurance and mutual funds business; and Aiva, an investment advisor and a distribution platform for independent financial advisers in Latin America.
The company said the decision to sell the operations follows a strategic review in which it was concluded that Old Mutual Emerging Markets should prioritise its sub-Saharan African businesses.
The group – which reported its full-year results on Thursday - said the proceeds from the sale will be retained for general corporate purposes by Old Mutual Emerging Markets.
Old Mutual is coming into the final stages of breaking itself up into four parts and is narrowing the focus of its emerging markets business to Africa. The group is also planning to sell its China business.
The group said yesterday that its managed separation is on track for completion at the end of this year as it reported a 22% increase in 2017 profits.