06.08.2008
2008 Interim Results
Improved net flows and sales
- Life and pensions net flows up 15% to £2.0bn
- Life and pensions PVNBP1 sales up 5% to £9.1bn
- New business contribution up 4% to £157m
Strong growth in operating profits
- EEV operating profit before tax up 51% to £534m
- Return on embedded value up 1.9% points to 11.0%
- IFRS underlying profit before tax up 58% to £345m
- IFRS profit before tax attributable to equity holders up 219% to £201m
Higher cash flow supporting a growing dividend
- EEV core capital and cash generation after tax up 25% to £143m
- Interim dividend of 4.07p, representing 7% growth
A balance sheet resilient to market falls
- Group Embedded Value per share 3% lower at 277p
- Financial Groups Directive surplus 3% lower at £3.5bn
Unless otherwise stated, all comparisons are in Sterling, all sales figures are on a PVNBP basis and all comparators are with the first six months of 2007.
Group Chief Executive Sandy Crombie said:
"I am pleased to report that Standard Life has had a successful first half in 2008, despite more difficult market conditions.
"In our life and pensions businesses, net flows were strong, sales showed good growth and profitability was maintained. In Standard Life Investments, net inflows offset the impact of market declines so that third party funds under management remained constant. Group operating profits were well ahead and our balance sheet remains robust with strong solvency ratios maintained.
"Looking ahead, we will continue to drive further efficiency gains, whilst investing in our businesses where we identify opportunities for growth. Our innovative product set, excellence in customer service and strong distribution relationships leave us well placed for the full year.
"Reflecting our progress in the first half and our confidence about the future, the Board is increasing the interim dividend payment by 7%."
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