OMEMOficina Mundial de Estadísticas del Metal (Spanish: World Office of Metal Statistics)
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The group intends to retain Old Mutual Plc and any remaining debt under its South African-based Old Mutual Emerging Markets (OMEM) business unit.
As part of its 'managed separation' strategy, announced in March 2016, the group intends to demerge and separately list the core insurance businesses, OMW and OMEM in 2018.
OMEM's ratings are driven by its strong and diversified business profile and capitalisation.
OMI's IFS rating, as well as the implied international IFS rating for OMEM's South African operations, are constrained by the South African sovereign Long-Term Local-Currency IDR.
OMEM is one of South Africa's largest insurance groups, with a strong market position in most segments including life, non-life, savings and investment management.
OMLACSA, OMEM's main operating entity, is strongly capitalised with a statutory capital adequacy requirement (CAR) cover ratio remaining strong at 3.2x at end-2016 (end-2015: 3.2x) and for participating business, has the ability to share potential investment losses with policyholders.
OMEM's pre-tax operating profit increased to GBP362 million in 1H17 from GBP270 million in 1H16.
OMLACSA, OMI and Mutual & Federal Risk Financing Limited (M&F RF) will continue to operate as "Core" entities under OMEM. Their ratings and Outlooks reflect OMEM's current and expected standalone credit profile, as the largest profit contributor to the existing Old Mutual group, and a market-leading life insurer and fund manager in South Africa.