OML Old Mutual

By Ian Walker

LONDON--South African financial services firm Old Mutual PLC (OML.LN) said Friday it is selling Skandia Leben AG in Switzerland to Life Invest Holding AG, a company owned by the Mutschler Group and Hannover Re, for an undisclosed sum.

At Dec. 31, 2014, Skandia Leben had funds under management of 1.3 billion Swiss francs ($1.38 billion).

The transaction is expected to take six months to complete, Old Mutual said, adding that the deal continues Old Mutual Wealth's commitment to simplify its operations.

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

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