LONDON (Bloomberg) - Old Mutual plc., the UK insurer that has lost 67 percent of its market value this year, said 14 percent of policyholders signed up to an offer to waive annuity policy guarantees to help contain losses at its US unit.

The policyholders who own variable annuities sold by Old Mutual's Bermuda-based unit agreed to surrender guarantees in return for a top-up to 85 percent of the original value of their policies, the London-based company said in a statement distributed by the Regulatory News Service on Friday.