Standard Life saw pre-tax profits in its pensions and savings business grow 7 per cent to £151m in the first half of 2016, up from from £141m last year.
In its half year results, published today, the group said assets under administration in the division grew by 6 per cent to £139.2m from £131.6m in the same period in 2015.
Net inflows in the firm’s advised platform also increased to £2.1bn with assets under administration up 20 per cent to £28bn year-on-year.
In particular, the firm’s drawdown proposition increased by 8 per cent to £14.7bn in the first six months of 2016.
Standard Life chief executive UK & Europe Paul Matthews says: “Our UK pensions and savings business continues to deliver for customers through our leading savings and investment solutions.
“Wrap, our market-leading adviser platform, celebrates its tenth anniversary this year and continues to see strong demand from financial advisers with assets now £28bn. Our agreement to acquire the Elevate platform will further strengthen our position in the adviser market.”
However, the firm saw wholesale net outflows of £400m due to “a challenging environment for mutual funds” representing 2 per cent of AUM standing at £47.3bn.
Overall, assets under administration for the group were up 7 per cent to £328bn from £307.4m for the whole 2015, helped by gross inflows of £20.6bn and net inflows of £4.1bn.
Standard Life chief executive Keith Skeoch says: “Standard Life continues to make good progress towards building a world-class investment company, against a backdrop of volatile investment markets, by growing assets, profits, cash flows and returns to shareholders.
“Despite elevated uncertainty we are benefiting from our strong long-term relationships with a broad range of clients and customers who reacted in different ways to the changing market environment.”