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Skandia UK profits down due to policyholder tax smoothing

Skandia UK’s pre-tax profits slumped 29 per cent from £75m in the first half of 2010 to £53m this year, interim results reveal.

Skandia says the decline is “solely” due to a lower profit from smoothing of policyholder tax on the firm’s unit-linked policies. It says this resulted in a benefit to the firm’s accounts of £14m in H1, 2011 compared with £36m last year. If the effect of this is taken out, the firm’s profits flat-lined at £39m.

Total sales increased 4 per cent from £3.3bn in the first half of 2010 to £3.4bn this year. Some 82 per cent of the company’s sales were attributed to its platform.

Net inflows for the first six months of this year were £1.3bn.

Skandia UK chief executive Peter Mann (pictured) says: “The customer benefits of platforms are increasingly becoming recognised as well as the efficiencies they deliver to financial advisers and this positive trend is further fuelling our growth in net sales and funds under management.”

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