07.02.2007
New business results - twelve months to 31 December 2006
Summary
- Worldwide insurance sales on a PVNBP basis up 47% to £14,263m for
full year (2005: £9,675m). APE(1,2) sales up 39% to £1,734m (2005:
£1,249m) for full year, with a 56% increase in the fourth quarter of
2006.
- UK Life and Pensions sales on a PVNBP basis up 69% to £11,400m for
full year (2005: £6,763m). APE sales up 54% to £1,442m (2005:
£939m) for full year, with an 86% increase in the fourth quarter of
2006*.
- Self Invested Personal Pension (SIPP) and drawdown APE sales up 150% to £395m (2005: £158m(2)), including non-insured SIPP sales of £129m (2005: £31m).
- Investment bond APE sales up 66% to £185m (2005: £112m).
- SLI funds under management(3) up 11% to £132.1bn (31 December 2005:
£118.8bn). Third party funds under management(3) up 32% to £38.5bn
(31 December 2005: £29.1bn).
- Net positive funds flow(4) for UK life and pension products was £3.2bn
in 2006
* Growth was 50% in the fourth quarter excluding a bulk TIP(6) mandate of
£84m. All comparisons above and in narrative below are in sterling unless
otherwise stated(5). All sales figures below are on an APE basis unless otherwise
stated. All comparators are with the twelve months or the comparable fourth
quarter of 2005 unless otherwise stated.
Group Chief Executive, Sandy Crombie, commented:
"I am very pleased with the Group's sales performance in 2006 which has seen strong growth in every quarter of the year. I believe our successful demutualisation has given Standard Life a platform on which to build continued growth in 2007 and beyond.
"We have seen particularly strong life and pensions sales in the UK in 2006, driven by single premium business such as SIPPs and Investment Bonds. External factors such as A-day have clearly had a positive influence on our sales performance.
"Standard Life Investments has had another record year, with strong investment performance driving retail and institutional sales.
"Standard Life has entered 2007 with a market-leading range of products and an excellent investment track record. Our first class service and high quality relationships with distributors are synonymous with our brand. I have great confidence that we can capitalise on the attractive market and product opportunities now open to us."
Read the full New business results – twelve months to 31 December 2006 in PDF format