Expects conditions to remain volatile.

LONDON, (Reuters) - Anglo-South African insurer Old Mutual (OML.L) reported a 4 percent dip in its third quarter sales, ahead of analysts' expectations, and said its capital strength had improved thanks to a financial market rebound.

London-listed Old Mutual had life sales of 326 million pounds ($537 million) for the three months to Sept. 30, down from 341 million pounds in the same period last year, the company said in a statement on Thursday.

Analysts had expected sales of 319 million pounds, according to an average estimate compiled by the company.

Old Mutual chief executive Julian Roberts said the company was benefiting from stronger financial markets, but cautioned that it expected conditions to remain volatile.

Old Mutual shares closed at 111 pence on Wednesday, valuing the company at about 5.8 billion pounds. ($1=.6071 Pound)

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