Standard Life plc 2012 Q3 Interim Management Statement
Ready for market and regulatory changes
Continuing growth in assets under administration
Group assets under administration of £211.9bn (31 December 2011: £198.4bn, 30 June 2012: £204.2bn)
Long-term savings new business sales of £14.4bn (2011: £15.5bn)
Long-term savings net flows of £2.5bn1 (2011: £3.4bn1)
Standard Life Investments third party net inflows of £3.2bn1 (2011: £3.4bn1)
Standard Life Investments third party assets under management (AUM) of £78.8bn (31 December 2011: £71.8bn, 30 June 2012: £74.3bn) with increasing asset class and geographic reach
Strong balance sheet
IGD surplus of £3.4bn (31 December 2011: £3.1bn, 30 June 2012: £3.0bn) remains relatively insensitive to market movements
IGD surplus includes CAD$400m subordinated debt issue in Canada
Successful transition to auto enrolment and Retail Distribution Review (RDR) readiness
Ready for auto enrolment and RDR with adviser charging now live on our Wrap platform
Agreement with RBS Group to provide RDR-ready proposition combining platform and risk-based investment solutions
Delivering for our customers
MyFolio has attracted assets of £1.9bn since launch in October 2010
Standard Life Investments launched an Emerging Market Debt Fund, broadening our investment offering
Expanded our mutual funds range in Canada with two new fixed income funds and increased market share
Asia and Emerging Markets business won 'Best for adviser support/customer service' in the UK offshore and Asia categories at the International Adviser Life Awards, and is now open for business in Singapore
HDFC Life increased its share of the private individual market to 17%2 and was awarded 'Best life insurance provider - private sector' at the India Best Bank and Financial Institution Awards
David Nish,Chief Executive, commented:
"Standard Life has performed well in the first nine months of the year, continuing to grow our assets despite the uncertain economic environment. Inflows across our long-term savings businesses and strong performance at Standard Life Investments have helped to increase both Group assets under administration and Standard Life Investments third party assets to record levels.
"In the UK, we are ready to assist our customers, advisers and employers with the significant regulatory changes already underway. The phased implementation of auto enrolment has commenced and we are already offering fully RDR-compliant adviser charging on our platforms. By combining our platform technology with investment expertise and high levels of customer service, we are in a unique position to meet the broadening demand for investment solutions from customers, advisers and large financial institutions.
"In Canada, we have continued to expand our fee based offering and in Singapore, we are now open for business.
"Uncertainty around the future of the Eurozone and difficult economic conditions continue to impact consumer sentiment. However, we are confident that the ongoing focus on increasing assets and improving the efficiency and scalability of our business, will continue to drive improved returns for our shareholders."
