View more on these topics

Standard Life profits up 51 per cent

Standard Life’s gross operating profit jumped 51 per cent to £534m in the first half of this year, compared to £353m in 2007.

Individual Sipp sales dropped 19 per cent to £2.1bn, but Standard Life says it expects the UK Sipp market to double in size to £100bn of assets by 2011.

Individual Sipp funds under administration increased by 12 per cent to £8.6bn, up from £7.7bn at December 31 2007.

Funds under administration on Standard Life’s wrap platform increased by 36 per cent to £1.5bn, up from £1.1bn at the end of December last year.

Annuity sales decreased by 2 per cent to £252m, compared to £257m for the same time last year and 91 per cent of annuity sales came from customers with maturing Standard Life pensions, down from last year’s figure of 95 per cent.

Standard Life’s interim dividend reached 4.07p, representing an increase of 7 per cent

Group chief executive Sandy Crombie says Standard Life has had a successful first half of 2008 despite difficult market conditions.

He says: “In our life and pensions business, net flows were strong, sales showed good growth and profitability was maintained. In Standard Life Investments, net inflows offset the impact of market declines so that third party funds under management remained constant. Group operating profits were well ahead and our balance sheet remains robust with strong solvency ratios maintained.

“Looking ahead we will continue to drive further efficiency gains, whilst investing in our businesses where we identify opportunities for growth. Our innovative product set, excellence in customer service and strong distribution relationships leave up well placed for the full year. Reflecting our progress in the first half and our confidence about the future, the board is increasing the interim dividend payment by 7 per cent.”

Recommended

Difference of opinion

I have always enjoyed reading Alan Lakey’s views and his latest offering is just as stimulating.

Octopus adds three VCTs

Octopus Investment has bought three Aim venture capital trusts totalling £65m in assets from Close Investments.

Nobody expects the Spanish Inquisition

Paul Fidell, Head of Business Development (Investments), writes about one of the primary challenges for those involved in estate planning. He looks at dealing with investment uncertainty in these low growth, low inflation but still volatile investment conditions. Protection of capital, to leave something for beneficiaries, is a fundamental objective of many people’s plans for […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com