Old Mutual Int’l discontinues two contractual reg premium products, citing market changes

Old Mutual International said it is closing its Managed Savings and Managed Pension accounts, in response to “a decrease in demand for contractual regular premium products” and a growing interest in “more flexible” savings products.

The accounts were sold in the Middle East, Europe and Latin America, where they will be replaced by the company’s Managed Capital Account, OMI said in a statement on Monday.

“The market is moving towards more flexible solutions that more closely match the needs of today’s customers, whose career and savings patterns are typically less predictable,” the statement added.

“Our Managed Capital Account offers an ideal regular premium alternative, with the flexibility to stop, start and change regular premium levels.”

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