Insurer Standard Life, the country’s fifth-biggest insurer by market value and the first to detail sales for the full year, beat expectations with a 7 percent drop in sales during 2009, as a market recovery during the second half helped soften the impact of crisis-hit UK consumers cutting back on savings.
- Life and pensions net inflows excluding bulk bond deals 57% higher at £3.2bn1 (2008: £2.1bn)
- Standard Life Investments third party net inflows 67% higher at £5.7bn (2008: £3.4bn)
- SIPP assets under administration 36% higher at £11.8bn2 (31 December 2008: £8.7bn)
- Group pensions assets under administration 24% higher at £17.9bn (31 December 2008: £14.4bn)
- Wrap assets under administration more than doubled to £3.6bn (31 December 2008: £1.7bn)3
- Standard Life Investments third party assets under management 25% higher at £56.9bn (31 December 2008: £45.5bn)
- Life and pensions net inflows over three times higher at £1.3bn (Q4 2008: £0.4bn)1
- Life and pensions sales of £4.2bn significantly higher than both the prior year and the third quarter (Q4 2008: £3.2bn, Q3 2009: £3.0bn)4
Chief Executive David Nish said: “Standard Life has delivered an impressive performance in 2009, a year of challenging market conditions. Third party assets under management in our investments business have reached record levels and we have seen increased net flows across our life and pensions operations, particularly in the fourth quarter. We have also achieved good growth in our customer base and assets under administration in our core propositions. This momentum, coupled with the recent recovery in market levels, will benefit the Group’s future profits and cash flow.
“Our priority now is to execute our growth strategy in order to accelerate the performance of Standard Life as a long term savings and investments business. In addition, we will increase our focus on building valuable relationships with our customers through our brand, service and product propositions.
“We recently announced changes to the executive structure of the Group, which are an important first step in transforming how we operate. Our transformation will focus on increased investment to grow our business and improving our speed to market, underpinned by continued efficiencies in our operations. We are confident about the future prospects for Standard Life.”
