Old Mutual has named Patrick O’Sullivan, a former insurance industry executive with a wealth of restructuring experience, as its new chairman. He will take over from Chris Collins, who will retire at the end of the year.

The news came as Old Mutual reported that its first half pre-tax profits fell 81 per cent to £160m ($272m) from £853m in the same period last year. The company has focused on defending its capital position and dealing with troubled businesses.