04 August 2015
Half year results 2015



Focus on fee business driving growth and performance

David Nish, Chief Executive, commented:

"Standard Life has performed well during the first half of 2015 driven by a focus on providing value for our customers, clients and shareholders. We have increased the assets that we administer on behalf of our customers to £302bn helped by strong demand for our propositions.

"Standard Life Investments actively manages £250bn of assets across the globe driven by consistently strong investment performance. We are continuing to see the benefits of our expanding distribution capabilities and strategic relationships with 70%4 of net inflows from outside the UK and strong growth in net inflows through the wholesale channel.

"Our UK fee based propositions continue to build momentum with regular contributions into our workplace pensions up 15%. The strength of these propositions, investment solutions and our market positioning means we have been able to help our customers with the new pensions regulations and continue to support them as saving for their futures becomes increasingly front of mind.

"It has been an absolute privilege to lead Standard Life for the last six years and to help build our business into the strong global player it is today. I wish Keith and the inspirational people across all of our Group every success for the future. Standard Life is very well positioned to deliver ongoing growth and to help our customers and clients to save and invest, so that they can look forward to their financial futures with confidence."

Unless otherwise stated, all figures are reported on a continuing operations basis1.

* Group underlying performance is Group operating profit before tax from continuing operations after excluding the impact of spread/risk operating actuarial assumption changes and specific management actions in the reporting period. A full reconciliation to profit for the period attributable to equity holders of Standard Life plc is presented on page 2 of this release.

Financial highlights

Group profitability H1 2015
£m
H1 2014
£m
Fee based revenue 761 652
Spread/risk margin 40 79
Total income 801 731
Total operating expenses (533) (473)
Capital management 1 (4)
Share of associates' and joint ventures' profit before tax 30 20
Group underlying performance from continuing operations1 299 274
One-off contribution to with-profits business in Germany (9) -
Group operating profit before tax from continuing operations1 290 274
Tax on operating profit (37) (46)
Share of associates' and joint ventures' tax expense (5) (1)
Operating profit after tax 248 227
Non-operating items (158) (36)
Tax on non-operating items 19 11
Dubai and Singapore included in discontinued operations segment5 (40) (6)
Profit for the period attributable to equity holders of Standard Life plc from continuing operations1 69 196
IFRS profit from discontinued operations5 1,142 79
Total IFRS profit for the period attributable to equity holders of Standard Life plc 1,211 275
Group underlying performance from continuing operations1 H1 2015
£m
H1 2014
£m
Standard Life Investments 154 102
UK 141 165
Europe 15 23
India and China 21 12
Other (32) (28)
Group underlying performance from continuing operations1 299 274
Other Group performance indicators from continuing operations1 H1 2015 H1 2014
Group operating profit before tax (£m) 290 274
Group underlying cash generation (£m) 223 191
Group assets under administration (£bn) 302.1 296.66
Group net inflows (£bn) 3.4 4.3
Other Group financial highlights H1 2015 H1 2014
Group IGD surplus (£bn) 2.6 2.96
Group diluted operating EPS from continuing operations (p) 13.6 11.4
Group diluted EPS from continuing operations (p) 3.2 8.2
Interim dividend per share (p) 6.02 5.60

Group performance

Standard Life continues to perform well driven by a focus on delivering value for money for our customers and clients.

Group assets under administration (AUA)1 increased to £302.1bn (FY 2014: £296.6bn) in volatile markets, benefiting from strong net inflows of £3.4bn and small but positive market movements of £2.1bn.

Net inflows of £3.4bn included outflows from spread/risk business of £0.5bn which were more than offset by net inflows into our fee propositions of £3.8bn. Excluding natural run-off from conventional with profits of £0.4bn and net outflows from assets managed for the Phoenix Group of £2.2bn, adjusted net inflows into our fee based propositions were strong at £6.4bn (H1 2014: £5.1bn).

Standard Life Investments continued to deliver strong investment performance and saw total assets under management (AUM) increase to £250.0bn (FY 2014: £245.9bn). Within this, third party AUM (excluding strategic partner life business) increased to £124.4bn (FY 2014: £117.5bn) benefiting from net inflows of £7.1bn into our institutional and wholesale propositions which were partially offset by outflows from our Ignis business of £1.9bn including a divestment of £1.7bn from one large low revenue margin mandate. Strategic partner life business AUM of £125.6bn (FY 2014: £128.4bn), which includes assets managed on behalf of Standard Life Group and the Phoenix Group, reflects scheduled outflows from annuities and conventional with profits as well as the expected outflows from the assets managed for the Phoenix Group.

AUA in the UK of £130.4bn (FY 2014: £128.1bn) benefited from a 15% increase in regular contributions into UK workplace pensions as well as strong inflows into our retail new propositions driven by ongoing growth in assets on our Wrap platform and strong demand for our market-leading drawdown proposition. Total UK workplace and retail new net inflows of £2.9bn were up 23% and represented annualised 8% of opening AUA.

Steady net inflows in Europe and India and China also contributed to the growth in AUA. Positive market movements at the start of the year were mostly offset by market volatility in June and the strength of Sterling against other currencies including the Euro.

Group operating profit1 increased by 6% to £290m (H1 2014: £274m) after a £39m reduction in spread/risk margin due to lower annuity sales and the reduced benefit from asset liability management. This was more than offset by strong growth in our fee business with fee based revenue up 17% to £761m driven by growth in AUA including the acquisition of Ignis in the second half of 2014. Group operating expenses as a proportion of average AUA reduced by 5bps to 42bps (FY 2014: 47bps). In the UK, demand for our auto enrolment solutions, including from SMEs, helped us to add in excess of 120,000 new customers during H1 2015 and we have secured over 3,700 new schemes with 680,000 joiners since the start of auto enrolment. Standard Life Investments revenue increased by 40% to £402m (H1 2014: £288m), which included a 31% increase in revenue from third party assets (excluding strategic partner life business) to £298m (H1 2014: £227m).

IFRS profit after tax attributable to equity holders1 was £69m (H1 2014: £196m) reflecting an increase in non-operating items. This includes a one-off charge of £46m for the acceleration of DAC amortisation in Hong Kong due to regulatory change, £38m due to the closure of our Singapore insurance business, £20m related to the restructuring of the UK defined benefit staff pension scheme and £17m of Ignis integration costs. Total IFRS profit of £1,211m (H1 2014: £275m) includes IFRS profit from discontinued operations of £1,142m (H1 2014: £79m) reflecting the gain on the sale of our Canadian business to Manulife.

Following the sale of our Canadian business and the return of value to shareholders of £1.75bn in April 2015 our capital position remains strong with an IGD surplus of £2.6bn (FY 2014: £2.9bn). We expect our capital position to remain strong following the implementation of the Solvency 2 regime.

The Board has proposed an interim dividend of 6.02p per share (H1 2014: 5.60p), an increase of 7.5%. The Group will continue to apply its existing progressive dividend policy taking account of market conditions and the Group's financial performance.

Outlook

We continue to deliver our clear and consistent strategy.

Standard Life Investments remains focused on delivering excellent investment performance and continuing to respond to the needs of our customers and clients through new and innovative investment solutions. We will continue to expand our geographic reach by building on success in overseas markets through strengthening our own distribution as well as relationships with global distribution partners in the US, Canada, India, Japan and across the Standard Life Group. The integration of Ignis is on track and we expect to achieve £50m of planned annual cost savings and our EBITDA margin target of 45% by 2017.

Following changes announced in the Budget in March 2014 and in line with guidance given at our Full year results 2014 in February we expect the full year contribution from annuity new business to reduce by between £10m-£15m and the contribution from asset liability management to reduce by between £30m-£40m compared to full year 2014.

The investments we have made in our UK business in recent years leave us well positioned to benefit from evolving customer needs and regulatory changes. This, combined with the investment expertise of Standard Life Investments and our focus on providing value for our customers, continues to drive demand for our propositions across the retail, workplace, institutional and wholesale channels. Our fee business, including our leading income drawdown proposition, is well placed for future growth.

As our business in Germany continues to accelerate its transition away from with profits to unit linked products, we expect a similar level of underlying performance from our German and Irish savings businesses in the second half of the year.

In Hong Kong, our wholly owned operation continues to adapt to regulatory change. Our JV in China is continuing to focus on profitable growth and in India, HDFC Life and HDFC AMC continue to perform strongly. We welcome the developments in respect of foreign direct investment rules in India.

We are very well placed for the future. We have the products, experience and proven investment performance to help our customers and clients in all of our markets to save and invest, so that they can look forward to their financial futures with confidence.

Business highlights – continuing operations1

Our goal is to create shareholder value through being a leading customer-driven business focused on long-term investment savings propositions in our chosen markets. This is underpinned by a simple business model: increasing assets, maximising revenue and lowering unit costs while optimising the balance sheet.

We continue to make good progress in each of our businesses:

Consistently strong performance by Standard Life Investments

Continuing growth in UK fee business

Continued progress in India and China

Business highlights - discontinued operations

Sale of business in Canada to Manulife for £2.2bn

The sale of our Canadian business, comprising Canadian long-term savings and retirement, individual and group insurance business and Canadian investment management business to Manulife was completed on 30 January 2015:

Business segment performance

Standard Life Investments

Strategy

We remain very well positioned to deliver profitable growth. We are increasing our domestic and global presence and expertise across a range of asset classes while delivering consistently strong investment performance and strengthening relationships with our distribution partners. We also continue to leverage our investment expertise to maximise opportunities and revenues for the wider Group.

Operating profit H1 2015
£m
H1 2014
£m
Fee based revenue 402 288
Expenses (263) (197)
Share of associates' and joint ventures' profit before tax 15 11
Operating profit before tax 154 102
Interest, depreciation, amortisation8 7 3
Earnings before interest, tax, depreciation and amortisation (EBITDA) 161 105

AUM and flows

Operational highlights

UK and Europe

Strategy

We continue to strengthen the business by building on our innovative propositions and investment solutions. We remain focused on meeting the needs of our customers in an evolving regulatory and economic environment. Our market-leading solutions make effective use of technology to offer individual customers, advisers, employee benefit consultants and employers the choices and support necessary to meet their long-term savings objectives. This multi-channel approach, strengthened by a direct digital offering and recent launch of a UK-wide advice business, and ability to leverage the close relationship with Standard Life Investments continues to benefit not only customers but also our business and Standard Life Group as a whole.

Operating profit H1 2015
£m
H1 2014
£m
Fee based revenue 314 303
Spread/risk margin 38 75
UK total income 352 378
Operating expenses (172) (173)
Investment management fees to SLI (47) (41)
Capital management 8 1
UK operating profit before tax 141 165

AUA and flows

Operational highlights

India and China

Strategy

Our India and China business consists of life joint ventures in India and China, and our wholly owned operation in Hong Kong. We continue to support the development of our joint ventures and wholly owned business, including identifying opportunities across Asia that can benefit our wider group, including asset management opportunities for Standard life Investments.

Operating profit H1 2015
£m
H1 2014
£m
Insurance JV businesses 15 9
Hong Kong 6 3
Operating profit before tax from continuing operations1 21 12

For further information please contact:

Institutional Equity Investors

Jakub Rosochowski* 0131 245 8028 / 07515 298 608
Neil Longair* 0131 245 6466 / 07711 357 595
Chris Stewart* 0131 245 2176 / 07525 149 377

Media

Steve Hartley* 0131 245 1365 / 07702 934 651
Nicki Lundy* 0131 245 2737 / 07515 298 302
Tulchan Communications 020 7353 4200

Retail Equity Investors

Capita Asset Services* 0345 113 0045

Debt Investors

Stephen Percival* 0131 245 1571
Nick Mardon* 0131 245 6371

*Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary.

Newswires and online publications

A conference call for newswires and online publications will take place on Tuesday 4 August at 7.45am (UK time). Participants should dial +44 (0)20 3059 8125 and quote Standard Life half year results 2015. A replay facility will be available for seven days after the event. To access the replay please dial +44 (0)121 260 4861. The pass code is 1128166#.

Investors and Analysts

A presentation for investors and analysts will take place at 9am (UK time) at Deutsche Bank, Winchester House, 1 Great Winchester Street, London EC2N 2DB. There will also be a live webcast and teleconference at 9am (UK Time), both of which will have the facility to ask questions at the end of the formal presentation. Participants should dial +44 (0)20 3059 8125 and quote Standard Life half year results 2015. A replay facility will be available for seven days after the event. To access the reply please dial +44 (0)121 260 4861 followed by 4450213#.

Notes to Editors:

  1. Continuing operations excludes the Canada and Dubai businesses and our Singapore insurance business, the closure of which we announced in June 2015.
  2. Excluding strategic partner life business.
  3. Operating profit is IFRS profit before tax adjusted to remove the impact of short-term market driven fluctuations in investment return and economic assumptions, restructuring costs, impairment of intangible assets, amortisation of intangible assets acquired in business combinations, profit or loss on the sale of a subsidiary, associate or joint venture and other significant one-off items outside the control of management and not indicative of the long-term operating performance of the Group.
  4. Excluding Ignis.
  5. Under IFRS 5, Singapore and Dubai do not constitute discontinued operations and are included under continuing operations in the consolidated income statement. Therefore the analysis of Group operating profit by segment includes the reclassification of Dubai and Singapore results between discontinued and continuing operations.
  6. As at 31 December 2014.
  7. As at 31 March 2015.
  8. Excludes amortisation of intangibles acquired in business combinations which is excluded from operating profit before tax.
  9. Source: Fundscape latest available data.
  10. In order to be consistent with the presentation of new business information, certain products are included in both life and pensions AUA and investment operations. Therefore, at a Group level an elimination adjustment is required to remove any duplication, in addition to other necessary consolidation adjustments. Comprises £17.1bn (FY14: £15.2bn) related to fee business eliminations and £0.4bn (FY14: £0.4bn) related to other eliminations.
  11. Comprises suite of global absolute return strategies and balanced funds.
  12. Comprises cash, private equity and Wealth. Net inflows from India cash funds £0.2bn (H1 2014: net inflow £0.1bn).
  13. Net inflows from Ignis liquidity funds £0.7bn (H1 2014: £nil).
  14. For more detailed information on the statutory results of the Group refer to the Half year results 2015.

Assets and flows

Group assets under administration - six months ended 30 June 2015

Fee (F) Spread/risk (S/R) Other (O) Opening AUA at 1 Jan 2015
£bn
Gross flows
£bn
Redemptions
£bn
Net flows
£bn
Market and other movements
£bn
Closing AUA at 30 Jun 2015
£bn
Total fee 268.6 21.3 (17.5) 3.8 3.0 275.4
Total spread/risk 16.1 0.1 (0.6) (0.5) (0.2) 15.4
Total other 11.9 0.3 (0.2) 0.1 (0.7) 11.3
Total AUA 296.6 21.7 (18.3) 3.4 2.1 302.1
By business:
Standard Life Investments
Third party2 117.5 16.0 (10.8) 5.2 1.7 124.4
Third party strategic partner life business 43.8 - (2.2) (2.2) 0.5 42.1
Standard Life Investments total third party F 161.3 16.0 (13.0) 3.0 2.2 166.5
UK
UK retail new fee business 37.3 3.6 (1.8) 1.8 1.3 40.4
UK retail old fee business 33.5 0.4 (1.6) (1.2) 1.1 33.4
Workplace 32.0 2.1 (1.0) 1.1 0.1 33.2
UK retail and workplace fee F 102.8 6.1 (4.4) 1.7 2.5 107.0
Conventional with profits F 2.1 - (0.4) (0.4) - 1.7
Annuities S/R 15.5 0.1 (0.6) (0.5) (0.1) 14.9
Assets not backing products O 7.7 - - - (0.9) 6.8
UK total 128.1 6.2 (5.4) 0.8 1.5 130.4
Europe
Fee F 17.2 1.1 (0.6) 0.5 (0.8) 16.9
Spread/risk S/R 0.6 - - - (0.1) 0.5
Europe total 17.8 1.1 (0.6) 0.5 (0.9) 17.4
UK and Europe total 145.9 7.3 (6.0) 1.3 0.6 147.8
India and China
Hong Kong F 0.4 - - - - 0.4
Joint ventures O 2.1 0.3 (0.2) 0.1 - 2.2
India and China total 2.5 0.3 (0.2) 0.1 - 2.6
Other corporate assets O 2.5 - - - 0.2 2.7
Consolidation and eliminations10 F/O (15.6) (1.9) 0.9 (1.0) (0.9) (17.5)
Group AUA - continuing operations 296.6 21.7 (18.3) 3.4 2.1 302.1

Standard Life Investments assets under management - six months ended 30 June 2015

Opening AUA at 1 Jan 2015
£bn
Gross flows
£bn
Redemptions
£bn
Net flows
£bn
Market and other movements
£bn
Closing AUA at 30 Jun 2015
£bn
Third party AUM2 UK 75.5 7.7 (5.6) 2.1 2.5 80.1
Europe 11.3 3.1 (0.9) 2.2 (1.0) 12.5
North America 8.1 2.3 (0.8) 1.5 0.1 9.7
Asia Pacific 2.0 1.1 (0.3) 0.8 0.1 2.9
India 6.1 0.5 - 0.5 (0.3) 6.3
Ignis 14.5 1.3 (3.2) (1.9) 0.3 12.9
By geography of client 117.5 16.0 (10.8) 5.2 1.7 124.4
Equities 15.5 1.3 (1.4) (0.1) 0.9 16.3
Fixed Income 22.0 1.9 (1.5) 0.4 (1.2) 21.2
Multi Asset11 38.6 8.9 (3.3) 5.6 1.7 45.9
Real Estate 7.4 0.5 (0.3) 0.2 0.4 8.0
MyFolio 5.9 1.3 (0.4) 0.9 0.1 6.9
Other12 13.6 0.8 (0.7) 0.1 (0.5) 13.2
Ignis13 14.5 1.3 (3.2) (1.9) 0.3 12.9
By asset class 117.5 16.0 (10.8) 5.2 1.7 124.4
Wholesale 35.5 8.9 (3.6) 5.3 (0.2) 40.6
Institutional 61.4 5.4 (3.6) 1.8 1.4 64.6
Wealth 6.1 0.4 (0.4) - 0.2 6.3
Ignis 14.5 1.3 (3.2) (1.9) 0.3 12.9
By channel 117.5 16.0 (10.8) 5.2 1.7 124.4
Standard Life Group 84.6 2.3 (3.5) (1.2) 0.1 83.5
Phoenix Group 43.8 - (2.2) (2.2) 0.5 42.1
Strategic partner life business AUM 128.4 2.3 (5.7) (3.4) 0.6 125.6
Standard Life Investment AUM - continuing operations 245.9 18.3 (16.5) 1.8 2.3 250.0

Group assets under management net flows - 15 months ended 30 June 2015

Fee (F) Spread/risk (S/R) Other (O) 3 months to 30 Jun 2015
£bn
3 months to 31 Mar 2015
£bn
3 months to 31 Dec 2014
£bn
3 months to 30 Sep 2014
£bn
3 months to 30 Jun 2014
£bn
Total fee   0.8 3.0 (3.1) 0.2 2.3
Total spread/risk   (0.3) (0.2) (0.3) (0.2) (0.2)
Total other   - 0.1 0.1 - -
Total net flows   0.5 2.9 (3.3) - 2.1
By business:            
Standard Life Investments            
Third party2   1.5 3.7 (2.9) 0.6 2.1
Third party strategic partner life business   (0.9) (1.3) (0.9) (0.7)
Standard Life Investments total third party F 0.6 2.4 (3.8) (0.1) 2.1
UK            
UK retail new fee business   0.9 0.9 0.8 0.6 0.7
UK retail old fee business   (0.7) (0.5) (0.5) (0.6) (0.5)
Workplace   0.5 0.6 0.6 0.7 0.4
UK retail and workplace fee F 0.7 1.0 0.9 0.7 0.6
Conventional with profits F (0.2) (0.2) (0.3) (0.2) (0.3)
Annuities S/R (0.3) (0.2) (0.3) (0.2) (0.2)
Assets not backing products O - - - - -
UK total   0.2 0.6 0.3 0.3 0.1
Europe          
Fee F 0.2 0.3 0.3 0.2 0.3
Spread/risk S/R - - - - -
Europe total   0.2 0.3 0.3 0.2 0.3
UK and Europe total   0.4 0.9 0.6 0.5 0.4
India and China            
Hong Kong F - - - 0.1 -
Joint ventures O - 0.1 0.1 - -
India and China total   - 0.1 0.1 0.1 -
Consolidation and eliminations10 F (0.5) (0.5) (0.2) (0.5) (0.4)
Group net flows - continuing operations   0.5 2.9 (3.3) - 2.1

Standard Life Investments assets under management net flows - 15 months ended 30 June 2015

3 months to 30 Jun 2015
£bn
3 months to 31 Mar 2015
£bn
3 months to 31 Dec 2014
£bn
3 months to 30 Sep 2014
£bn
3 months to 30 Jun 2014
£bn
Third party net flows2 UK 1.1 1.0 0.4 (0.3) 1.4
Europe 1.0 1.2 0.5 0.2 0.1
North America 0.7 0.8 0.3 0.1 0.4
Asia Pacific 0.6 0.2 0.1 0.2 -
India - 0.5 0.3 0.2 0.2
Ignis (1.9) - (4.5) 0.2 -
By geography of client 1.5 3.7 (2.9) 0.6 2.1
Equities - (0.1) (1.0) (0.5) -
Fixed Income - 0.4 - (0.9) (0.1)
Multi Asset11 2.9 2.7 1.4 1.0 1.4
Real Estate 0.1 0.1 0.3 0.2 0.2
MyFolio 0.5 0.4 0.5 0.3 0.4
Other12 (0.1) 0.2 0.4 0.3 0.2
Ignis13 (1.9) - (4.5) 0.2 -
By asset class 1.5 3.7 (2.9) 0.6 2.1
Wholesale 2.7 2.6 1.5 1.2 1.1
Institutional 0.7 1.1 0.1 (0.8) 0.9
Wealth - - - - 0.1
Ignis (1.9) - (4.5) 0.2 -
By channel 1.5 3.7 (2.9) 0.6 2.1
Standard Life Group (0.7) (0.5) (0.5) (0.8) (0.7)
Phoenix Group (0.9) (1.3) (0.9) (0.7) -
Strategic partner life business net flows (1.6) (1.8) (1.4) (1.5) (0.7)
Standard Life Investment net flows - continuing operations (0.1) 1.9 (4.3) (0.9) 1.4

Group assets under administration - six months ended 30 June 2014

Fee (F) Spread/risk (S/R) Other (O) Opening AUA at 1 Jan 2014
£bn
Gross flows
£bn
Redemptions
£bn
Net flows
£bn
Market and other movements
£bn
Closing AUA at 30 Jun 2014
£bn
Total fee   190.7 15.4 (10.8) 4.6 3.2 198.5
Total spread/risk   15.1 0.2 (0.6) (0.4) 0.6 15.3
Total other   8.9 0.2 (0.1) 0.1 1.1 10.1
Total AUA   214.7 15.8 (11.5) 4.3 4.9 223.9
By business:              
Standard Life Investments              
Third party2 89.8 10.8 (6.8) 4.0 1.5 95.3
Third party strategic partner life business   - - - - - -
Standard Life Investments total third party F 89.8 10.8 (6.8) 4.0 1.5 95.3
UK              
UK retail new fee business   33.8 3.1 (1.6) 1.5 0.9 36.2
UK retail old fee business   33.5 0.3 (1.4) (1.1) 0.6 33.0
Workplace   29.2 1.8 (0.9) 0.9 (0.2) 29.9
UK retail and workplace fee F 96.5 5.2 (3.9) 1.3 1.3 99.1
Conventional with profits F 2.9 - (0.5) (0.5) 0.1 2.5
Annuities S/R 14.6 0.2 (0.6) (0.4) 0.5 14.7
Assets not backing products O 5.7 - - - 0.5 6.2
UK total   119.7 5.4 (5.0) 0.4 2.4 122.5
Europe              
Fee F 14.9 1.1 (0.5) 0.6 0.3 15.8
Spread/risk S/R 0.5 - - - 0.1 0.6
Europe total   15.4 1.1 (0.5) 0.6 0.4 16.4
UK and Europe total   135.1 6.5 (5.5) 1.0 2.8 138.9
India and China              
Hong Kong F 0.3 - - - - 0.3
Joint ventures O 1.6 0.2 (0.1) 0.1 0.1 1.8
India and China total   1.9 0.2 (0.1) 0.1 0.1 2.1
Other corporate assets O 2.0 - - - 0.5 2.5
Consolidation and eliminations10 F/O (14.1) (1.7) 0.9 (0.8) - (14.9)
Group AUA - continuing operations   214.7 15.8 (11.5) 4.3 4.9 223.9

Standard Life Investments assets under management - six months ended 30 June 2014

  Opening AUA at 1 Jan 2014
£bn
Gross flows
£bn
Redemptions
£bn
Net flows
£bn
Market and other movements
£bn
Closing AUA at 30 Jun 2014
£bn
Third party AUM2 UK 68.3 6.8 (5.0) 1.8 0.8 70.9
Europe 10.4 1.5 (0.9) 0.6 (0.5) 10.5
North America 5.2 1.7 (0.6) 1.1 0.7 7.0
Asia Pacific 1.8 0.4 (0.3) 0.1 (0.2) 1.7
India 4.1 0.4 - 0.4 0.7 5.2
Ignis - - - - - -
By geography of client 89.8 10.8 (6.8) 4.0 1.5 95.3
Equities 15.1 1.5 (1.3) 0.2 0.3 15.6
Fixed Income 20.2 1.4 (1.5) (0.1) 0.6 20.7
Multi Asset11 31.4 5.7 (3.0) 2.7 (0.1) 34.0
Real Estate 6.1 0.5 (0.3) 0.2 0.3 6.6
MyFolio 4.0 1.0 (0.2) 0.8 - 4.8
Other12 13.0 0.7 (0.5) 0.2 0.4 13.6
Ignis13 - - - - - -
By asset class 89.8 10.8 (6.8) 4.0 1.5 95.3
Wholesale 28.9 6.0 (3.5) 2.5 0.4 31.8
Institutional 55.1 4.5 (3.0) 1.5 1.0 57.6
Wealth 5.8 0.3 (0.3) - 0.1 5.9
Ignis - - - - - -
By channel 89.8 10.8 (6.8) 4.0 1.5 95.3
Standard Life Group 80.3 2.1 (3.2) (1.1) 1.5 80.7
Phoenix Group - - - - - -
Strategic partner life business AUM 80.3 2.1 (3.2) (1.1) 1.5 80.7
Standard Life Investment AUM - continuing operations 170.1 12.9 (10.0) 2.9 3.0 176.0


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