Articles - Standard Life produces higher income at lower cost in the UK

 Standard LIfe has reported interim results. Highlights are:
  •   Group assets under administration of £204.2bn(FY 2011: £198.4bn)
  •   Long-term savings new business sales of £10.1bn(H1 2011: £11.2bn)
  •   Long-term savings net inflows of £1.6bn(£2.9bn)
  •   Standard Life Investments third party net inflows of £0.6bn (£2.9bn)
  •   Standard Life Investments third party assets under management (AUM) of £74.3bn(FY 2011: £71.8bn) with increasing asset class and geographic reach
  •   Fee based revenue increased to £620m(£611m)
  •   Lower unit and absolute costs with acquisition expenses of 146bps(FY 2011: 169bps) and maintenance expenses of 43bps(FY 2011: 46bps)
  •   Operating profit before tax up 15% to £302m (£262m) helped by a significant improvement in UK performance
 IFRS profit after tax attributable to equity holders up 28% to £254m(£199m)
  •   Capital and cash generation up 53%, dividend up 6.5% and strong balance sheet
  •   EEV operating capital and cash generation 53% higher at £295m
  •   Interim dividend up 6.5% to 4.90p
  •   IGD surplus of £3bn(FY 2011: £3.1bn) remained relatively insensitive to market movements
  •   Now has 205,000 customers on platforms with £12.8bn in assets under administrationContinued growth in SIPP, helping to increase assets to £18bn
  •   MyFolio has attracted assets of £1.5bn since launch in October 2010 and GARS AUM exceeds £17bn.
 David Nish, chief executive, comments “These results show that Standard Life is performing well. We have delivered increased profits, cash flow and dividends and we are achieving ongoing improvements in operational and financial performance. The UK results, where profits benefited from higher income and significantly lower costs, demonstrate the strength and scalability of our propositions and our brand.
 The industry is undergoing a period of significant change and we believe that this brings opportunity. We are well prepared for the regulatory and market changes on the horizon, and have invested to make sure we are even better placed to meet the needs of our customers and their advisers.
 The market environment is challenging and those conditions look set to continue, however, our business model, leading market positions and strong balance sheet, will allow us to continue to deliver ongoing improvements in value for customers and shareholders.”

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