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Standard Life profits up 7%

by: IFAonline
  • 10/03/2011
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Standard Life profits up 7%
Standard Life's operating profit before tax increased by 7% to £425m in 2010, boosted by the uptick in markets and strong flows into funds and SIPPs.

There was a 16% increase in fee-based revenues to over £1.1bn, while group assets under administration were 16% higher at £196.8bn compared to 2009.

UK fee business AUA was 15% higher at £98.6bn due to positive market movements and net inflows, which have more than doubled to £3.6bn. Net inflows into institutional pensions, mutual funds and SIPP were particularly strong, Standard Life says.

Individual SIPP customers rose 28% to 107,100 compared to 83,900 at 31 December 2009.

Meanwhile, customers on its wrap platform soared 80% to 57,000 (31 December 2009: 31,600) and the number of IFA firms using the platform increased by 41% to 820 (31 December 2009: 583).

The group said: “In the UK, there is a growing demand for platform-based wealth management solutions in the run up to the RDR and we are the market leader in this space. We are accelerating our plans over the next eighteen months to grow from our leadership position.”

Standard Life Investments (SLI) also had a strong year with third party assets under management 26% higher at a record level of £71.6bn, boosted by its fixed income and GARS range.

Chief executive David Nish said: “We have refocused our portfolio and the acquisitions of threesixty, Focus Solutions and Aida Capital have strengthened our capabilities and accelerated the delivery of our strategy.

“The UK in particular continues to develop rapidly as a result of both regulatory changes and customer trends. These changes are increasing the opportunities available to us and we are seeing real benefits from our increased investment.

“This February alone, we have seen a significant step up in our delivery of propositions with a new online ISA, the re-launch of Adviserzone, and the launch of Lifelens, our innovative benefits solutions for Corporates. There is more to come in the year ahead.”

Standard Life also announced full year dividends are up 6.2% to 13.00p.





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