Standard Life increases 2013 interim dividend by 6.5%

DividendMax Ltd.

Standard Life increases 2013 interim dividend by 6.5%

Record flows driving strong growth in revenue

Record long-term savings new business sales and Group net inflows

Group assets under administration of £232.8bn (FY 2012: £218.1bn) and Group net flows of £6.5bn (H1 2012: £0.7bn)

Long-term savings new business sales of £12.2bn (H1 2012: £10.1bn)

Long-term savings net inflows of £2.5bn (H1 2012: £1.6bn) including gross inflows of £11.8bn (H1 2012: £10.2bn)

Standard Life Investments third party net inflows of £7.1bn (H1 2012: £0.6bn) of which 51% from outside UK

Standard Life Investments third party assets under management (AUM) of £93.4bn (FY 2012: £83.0bn)

Strong growth in fee based revenue driving Group operating profit performance

Fee based revenue increased by 14% to £694m (H1 2012: £610m)

Lower unit costs with acquisition costs of 130bps (FY 2012: 156bps) and maintenance costs of 41bps (FY 2012: 45bps)

Operating profit before tax up 6% to £304m (H1 2012: £286m) including

28% increase in UK operating profit with strong momentum in both our retail and corporate businesses

37% increase in Standard Life Investments operating profit with excellent investment performance and exceptionally strong net inflows

£14m increase in financing costs from debt issued in H2 2012 at attractive interest rates

IFRS profit after tax attributable to equity holders of £129m (H1 2012: £238m) reflecting the expected increase in the tax charge and impact of rising yields on debt securities

Continued strong balance sheet

EEV operating capital and cash generation of £231m (H1 2012: £279m) reflects a lower back book management contribution in the period

IGD surplus of £3.7bn (FY 2012: £4.1bn), following the payment of the 2012 final and special dividends of £532m, remains relatively insensitive to market movements

Progressive interim dividend up 6.5%

Interim dividend up 6.5% to 5.22p (H1 2012: 4.90p)

Companies mentioned