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Insurer boosts assets under management

Standard Life ‘performing well in volatile markets’

Keith SkeochStandard Life reported a 2% rise in assets under administration to £301.9bn (FY 2014: £296.6bn) in volatile markets, driven by strong net inflows of £5.8bn, including net inflows of £2.4bn in Q3.

Highlights

·         Wholesale and institutional net inflows more than doubled to £10.0bn (2014: £4.4bn) representing annualised 14% of opening AUM, including £2.9bn in Q3 2015 (Q3 2014: £0.4bn)

 ·         64% of net inflows year to date from outside the UK as we continue to expand our global reach

·         Third party AUM ahead of benchmark over 1 year: 85%; 3 years: 94%; and 5 years: 95%

·         Workplace and retail new fee business net inflows up 20% to £4.4bn (annualised 8.5% of opening AUA) including £1.5bn in Q3 2015 (Q3 2014: £1.3bn)

·         Added 190,000 new customers year to date and 70,000 in the quarter through auto enrolment, contributing to 12% increase in regular contributions into workplace pensions

 ·         Increased Wrap assets to £23.6bn (up 20% year-on-year) with Wrap net inflows up 25% to £3.3bn including a record £1.2bn in Q3 2015

Agreed terms to increase stake in HDFC Life from 26% to 35% for c£170m subject to regulatory approval

Keith Skeoch, Chief Executive, commented:

“Standard Life has performed well against a backdrop of volatile investment markets. We have delivered consistently strong investment performance and record third party net inflows of £10bn across our institutional and wholesale channels. The strength of our propositions has helped our Wrap platform to achieve its highest ever quarterly net inflows and regular contributions into our workplace pensions are growing strongly. We remain well positioned with clients and customers to deliver growth as we continue to innovate and increase collaboration across our businesses.”

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