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TIDMSL.
RNS Number : 9940B
Standard Life plc
25 April 2012
Standard Life plc
2012 Q1 Interim Management Statement
25 April 2012
Well positioned for market and regulatory changes
Continuing growth in assets and sustained net flows
-- Group assets under administration (AUA) of GBP206.8bn (31 December 2011: GBP198.4bn, 31 March 2011: GBP194.5bn(1) )
-- Standard Life Investments third party assets under management (AUM) of GBP76.1bn (31 December 2011: GBP71.8bn, 31 March 2011: GBP68.4bn(1) )
-- Long-term savings new business sales of GBP5.0bn (2011: GBP5.8bn) with the UK performing well
-- Long-term savings net inflows of GBP1.1bn(2) (2011: GBP1.3bn(2) ) including strong flows into institutional pensions driven by demand for our market-leading Global Absolute Return Strategies proposition
-- Standard Life Investments third party net inflows of GBP1.1bn(2) (2011: GBP1.4bn(1,2) ), representing an annualised 6% of opening AUM
David Nish, Chief Executive, commented:
"Standard Life has had a resilient start to 2012 despite the uncertain economic environment and fragile consumer confidence which has affected new business volumes in the first quarter against a strong start to last year. Against this backdrop our performance has been good. Inflows into our long-term savings businesses and strong performance from Standard Life Investments have helped to increase both our Group assets under administration and Standard Life Investments third party assets to record levels, driving growth in fee based revenue while we continue to improve the efficiency of our business.
"As our industry prepares for significant regulatory change, we are continuing to build on our leading positions in each of our markets to take advantage of the opportunities that lie ahead. During the quarter we announced our auto enrolment solution and have built on the success of MyFolio risk-based funds in the retail space by launching a version to meet the demands of the corporate market. Standard Life Investments has further extended its wholesale distribution in the US and Europe through significant new distribution agreements.
"We remain confident that we are well positioned to deliver continued strong growth in assets. We expect this, together with improvements in efficiency, to continue to drive an ongoing improvement in financial performance."
Unless otherwise stated, all comparisons are in Sterling and are for the three months ended 31 March 2011.
Sustained growth ahead of market and regulatory changes
1 Jan Gross Net Market and 31 Mar
Assets under administration 2012 inflows Redemptions inflows other movements 2012
----------------------------- ------ --------- ------------ --------- ----------------- -------
Fee business (GBPbn) 163.3 6.8 (5.5) 1.3 7.2 171.8
Spread/risk business
(GBPbn) 24.7 0.3 (0.6) (0.3) - 24.4
Other(3) (GBPbn) 10.4 0.1 - 0.1 0.1 10.6
----------------------------- ------ --------- ------------ --------- ----------------- -------
Group AUA (GBPbn) 198.4 7.2 (6.1) 1.1 7.3 206.8
----------------------------- ------ --------- ------------ --------- ----------------- -------
Group assets under administration increased from GBP198.4bn to GBP206.8bn. This increase was driven by continuing net inflows into our newer fee based propositions and positive market movements. Notably, Standard Life Investments had a strong start to the year with third party net inflows of GBP1.1bn representing an annualised 6% of opening AUM.
Strengthening our leading positions in our chosen markets
During the first quarter, the UK Corporate business continued to expand its product capability with the launch of MyFolio risk-based funds building on its success in the retail space. We have secured 43 new schemes including our first major Master Trust scheme. The number of employees in pension schemes we administer increased by 26,000 during the quarter and now stands at 1,166,000. We have also seen higher levels of enquiries, especially from corporates in our target market, as companies continue to plan for auto enrolment ahead of the commencement of its phased implementation later this year.
In UK Retail, platform AUA was up 26% to GBP12.6bn and MyFolio exceeded GBP1.2bn. We continue to support IFAs in their transition to the new regulatory environment, adding 41 firms to our Wrap platform with average AUA per advisor firm increasing to GBP9.2m (2011: GBP7.9m). SIPP customers grew by 24% year on year to 141,000 with AUA increasing to GBP17.5bn.
During the first quarter, Standard Life Investments continued to increase its UK retail capability with two new ranges of MyFolio funds. We have also announced a US distribution agreement with John Hancock which will begin to deliver net inflows in 2012. European retail capability was improved with extended access to our range of SICAV funds, which are now available in 12 countries, and a distribution agreement with Swedish banking group Lansforsakringar to distribute our award winning Global Absolute Return Strategies (GARS) proposition.
In Canada, we continue to enhance our propositions for both corporate and retail customers. We have launched a new online health claim solution which will improve our customers' experience while allowing us to increase our operational efficiency. In Group savings and retirement we launched target date funds, which offer a range of solutions that are unique in the Canadian marketplace.
Our German business continues to expand its range of unit linked propositions and investment solutions while in Ireland we have recently launched a new regular savings product.
Capital strength maintained
Standard Life continues to have a strong capital position with an estimated IGD surplus of GBP3.1bn (31 December 2011: GBP3.1bn).
In the last few years we have significantly de-risked our business and this, combined with our capital-lite business model, means we believe we are well placed to operate in the currently proposed Solvency 2 environment, although there remains significant uncertainty about the final outcome of this regulatory change.
Outlook
In the UK, we are entering a period of significant change and potential for growth of our business. With the implementation of the Retail Distribution Review (RDR) just 251 days away, our retail business has scale and momentum and is ideally positioned to continue to drive asset growth through our leading platform propositions. This, together with the quality of our corporate pension offerings and forthcoming pensions reform, will provide us with an increased flow of new business over the medium to long term.
The prospects for Standard Life Investments remain strong. We have seen an outflow of GBP1.8bn in April from one low revenue yield mandate following a client's change in pension scheme strategy. The business is well positioned across a diversified range of asset classes and provides the investment solutions expertise which continues to allow the Group to capture a greater proportion of the platform value chain and third party assets.
Our attractive corporate and retail propositions in Canada leave us well positioned in the marketplace and we expect to benefit from the ongoing shift from defined benefit to defined contribution pension provision. Our International business will continue to benefit from the strength of our offshore bond proposition and ongoing progress in our joint ventures in India and China. Our operations in Germany and Ireland may continue to be affected by the impact of economic uncertainty in Europe.
We continue to see significant opportunities in all of our chosen markets and are confident that the investments we are making will lead to continued strong growth in assets. We expect this, together with further improvements in efficiency, to continue to drive an ongoing improvement in financial performance.
UK
Continuing to build on our advantage in our chosen markets
Market
1 Jan Gross Net and other 31 Mar
2012 inflows Redemptions inflows movements 2012
-------------------------------- ------ --------- ------------ --------- ----------- -------
UK fee business (GBPbn) 77.8 2.5 (2.0) 0.5 3.2 81.5
Institutional pensions (GBPbn) 17.5 1.1 (0.4) 0.7 1.0 19.2
Conventional with profits
(excl. annuities) (GBPbn) 5.3 - (0.3) (0.3) 0.2 5.2
-------------------------------- ------ --------- ------------ --------- ----------- -------
UK fee business total AUA 100.6 3.6 (2.7) 0.9 4.4 105.9
Spread/risk business AUA
(GBPbn) 14.4 0.1 (0.3) (0.2) 0.2 14.4
================================ ====== ========= ============ ========= =========== =======
Total AUA backing products
(GBPbn) 115.0 3.7 (3.0) 0.7 4.6 120.3
================================ ====== ========= ============ ========= =========== =======
Fee business revenue (bps) 73 72
================================ ====== ========= ============ ========= =========== =======
Our business continues to benefit from its strength in distribution, excellence of its retail and corporate platforms as well as expertise in tax wrappers and provision of investment solutions. UK fee business AUA grew by 5% during the quarter to GBP105.9bn, driven by a continuation of net inflows and positive market movements. Fee business net inflows of GBP0.5bn into our core retail (GBP0.1bn) and corporate pension (GBP0.4bn) propositions, improved on the last quarter of 2011 (Q4 2011: GBP0.4bn) but were lower than the strong flows in the first quarter of the prior year (Q1 2011: GBP0.8bn). Total fee business net inflows were in line with last year at GBP0.9bn. Average revenue yield across our UK fee business was 1bp lower at 72bps reflecting the impact of product mix.
Retail business with scale, momentum and market-leading propositions
Net inflows into our core retail propositions of GBP0.1bn (2011: GBP0.3bn) reflect resilient gross inflows of GBP1.7bn (2011: GBP1.9bn), particularly into our new style propositions, against a backdrop of subdued consumer sentiment and ongoing economic uncertainty. Retention in our older style business has been encouraging and we continue to see a growing number of our maturing individual pension customers choosing to annuitise with Standard Life.
In particular, we have maintained good momentum in our platform propositions which continue to attract customers, advisers and assets as we continue to enhance the features and usability of our proposition. Collectively, our platforms account for over 200,000 customers with total assets under administration up 26% to GBP12.6bn (2011: GBP10.0bn). The number of adviser firms on our Wrap platform increased by 19% to 1,040 (2011: 874). We continue to embed our Wrap platform with existing adviser firms resulting in the average AUA per firm rising to GBP9.2m (2011: GBP7.9m).
Total SIPP customers increased to 141,000, an increase of 24% year on year. Our SIPP proposition continues to perform well as we maintain our leading position in the market, helping to increase AUA to GBP17.5bn (2011: GBP15.6bn).
Strong demand for our higher margin investment solutions has helped to drive Standard Life Wealth and MyFolio assets by 26% (GBP0.5bn) to GBP2.4bn in the first three months of the year. Standard Life Wealth continues to build a strong presence in the IFA market with net flows up 64% to GBP185m (2011: GBP113m).
UK spread/risk business AUA remained at GBP14.4bn, reflecting falling yields on debt securities which were offset by overall net outflows driven by scheduled annuity payments. Gross inflows into annuities were 29% higher at GBP141m (2011: GBP109m) reflecting the continued positive impact of actions we have taken to increase the number of customers who choose to annuitise with us.
With RDR just 251 days away, our retail business is very well positioned for growth by providing both IFAs and direct customers with valued long term savings and investment solutions. In particular, we are focused on meeting the needs of 'new model' IFAs (both independent and restricted) who are best placed to prosper in the new market environment. Developing solutions for both advisers and their clients has allowed us to grow our market share without incurring the cost of commission on new business. Focus Solutions and threesixty Services provide Standard Life with a unique ability to support advisers in developing business models compliant with RDR, and beyond, deepening our relationships with these firms.
Corporate business positioned for growth from market and regulatory trends
We continued to build on our momentum, winning 43 new schemes (2011: 46 schemes) and 26,000 new employees joined our pension schemes in the quarter (2011: 32,000 employees). The total number of members in our schemes increased to 1,166,000 (2011: 1,099,000). Wins in the quarter included our first major Master Trust scheme which will result in an additional 24,000 members.
Corporate pension net inflows, excluding Trustee Investment Plan (TIP) business of Standard Life Investments, of GBP0.4bn (2011: GBP0.6bn) demonstrate the strength of our corporate business at a time when employers are delaying decision-making ahead of the phased introduction of auto enrolment starting in just 159 days later this year.
We are continuing to roll out Lifelens, our market-leading fully integrated pension and employee benefit solution, including the successful implementation of Lifelens for Standard Chartered Bank plc during the quarter. We expect the next wave of existing clients to transition throughout 2012.
We continue to build on our strong relationships with employers and corporate benefit consultants and have recently announced our comprehensive auto enrolment benefit solution. We have further enhanced our offering by building on the success of MyFolio risk-based funds in the retail space, launching a tailored MyFolio investment solution for the corporate market.
The overall quality of our propositions and the high levels of customer service we offer means we are well positioned to benefit from pension reform and RDR. We expect the introduction of auto enrolment to increase levels of employee participation in the 35,000 schemes we administer for our clients, resulting in 400,000 potential additional savers. More importantly, the introduction of auto enrolment is leading many corporates to review their overall pension provision giving rise to higher levels of enquiries, especially from corporates in our target market, which will drive further growth in our business towards the end of this year and in 2013.
Global investment management
Growth in net flows into higher margin products
Market
1 Jan Gross Net and other 31 Mar
Third party assets 2012 inflows Redemptions inflows movements 2012
---------------------------- ------ --------- ------------ --------- ----------- -------
Fee business (GBPbn) 71.8 4.2 (3.1) 1.1 3.2 76.1
Fee business revenue (bps) 37 37
---------------------------- ------ --------- ------------ --------- ----------- -------
AUM in our third party business reached a record level of GBP76.1bn, reflecting strong net inflows and positive market movements. Despite weak inflows in the market generally, net inflows of GBP1.1bn (2011: GBP1.4bn) were driven by investor demand for fixed income and GARS propositions, in the UK and overseas, resulting in cumulative net inflows of over GBP50bn since the launch of Standard Life Investments in 1998.
Our share of the UK wholesale market remained unchanged with net inflows of GBP457m (2011: GBP808m) reflecting lower sales across the industry. SICAV sales, predominantly in Europe, saw strong growth with net inflows of GBP253m (2011: GBP173m), while European segregated funds net inflows were up 354% to GBP518m. Our share of inflows in India, excluding more volatile cash funds, increased almost four-fold to GBP219m. Outflows in Canada of almost GBP600m included the loss of a large institutional fixed income mandate with very low revenue yield.
In the UK, we have recently expanded the MyFolio family of risk-based funds to include two new suites of Multi Manager Income and Managed Income funds. We also continued to make progress in increasing our global presence. Our award-winning GARS fund has been made available, for the first time, to retail investors in the US via John Hancock Mutual Funds. In Europe, we have also entered into an agreement with Swedish banking group Lansforsakringar to distribute our GARS fund to investors in Sweden and our SICAV range of funds is now available to investors in Switzerland.
The average revenue yield across our third party business has been maintained at 37bps (1 January 2012: 37bps).
Investment performance continues to be robust, with the money weighted average for our third party assets over all time periods - one, three, five and ten years - above median. The strength of our mutual fund and unit trust range is demonstrated by the proportion of eligible and actively managed funds (22 out of 30) rated 'A' or above by Standard & Poor's in the UK, with the European Equity Income and Global Index Linked Bond funds achieving top decile performance over one year.
The prospects for Standard Life Investments remain strong although we have seen an outflow of GBP1.8bn in April from one low revenue yield mandate following a client's change in pension scheme strategy.
Canada
Continued growth in fee and group insurance business
Market
1 Jan Gross Net and other 31 Mar
2012 inflows Redemptions inflows movements 2012
---------------------------- ------ --------- ------------ --------- ----------- -------
Fee business AUA (GBPbn) 14.3 0.7 (0.6) 0.1 0.5 14.9
Spread/risk business AUA
(GBPbn) 10.3 0.2 (0.3) (0.1) (0.2) 10.0
---------------------------- ------ --------- ------------ --------- ----------- -------
Total AUA backing products
(GBPbn) 24.6 0.9 (0.9) - 0.3 24.9
---------------------------- ------ --------- ------------ --------- ----------- -------
Fee business revenue (bps) 117 117
---------------------------- ------ --------- ------------ --------- ----------- -------
Fee business AUA in Canada has increased by 5%4 to GBP14.9bn driven by net inflows and positive market movements. Gross inflows into our individual segregated funds and mutual fund propositions increased by 27%4 to GBP264m but were offset by lower inflows into our group segregated funds reflecting the uneven pattern of this business. Total net inflows into our fee based business amounted to GBP80m (2011: GBP158m). The average revenue yield on fee business remained stable at 117bps (1 January 2012: 117bps).
Spread/risk business AUA of GBP10.0bn was driven by scheduled outflows from our annuity back book and a 27%(4) reduction in individual insurance, annuity and term fund inflows to GBP111m. The Group insurance and disability management business continues to perform well with PVNBP sales of GBP164m up 12%(4) on Q4 of 2011 but lower than PVNBP sales in Q1 2011 of GBP324m, reflecting particularly large mandate wins in the first quarter of last year.
International
Continued growth in assets and positive net flows
Market
1 Jan Gross Net and other 31 Mar
2012 inflows Redemptions inflows movements 2012
------------------------------- ------ --------- ------------ --------- ----------- -------
Wholly owned fee business
AUA (GBPbn) 12.3 0.6 (0.3) 0.3 0.7 13.3
India and China JV businesses
AUA (GBPbn) 1.2 0.1 - 0.1 0.1 1.4
Fee business revenue (bps) 186 179
------------------------------- ------ --------- ------------ --------- ----------- -------
Fee business AUA across our wholly owned International operations increased by 8% to GBP13.3bn, driven by a combination of positive market movements and a continuation of net inflows across all of our wholly owned businesses. Net inflows of GBP313m were lower compared to the same period last year (2011: GBP449m) reflecting economic uncertainty and lower consumer sentiment as well as our notable success in the first quarter of 2011 in securing a number of large cases in our market leading offshore bond business.
The average revenue yield across International wholly owned businesses was lower at 179bps (1 January 2012: 186bps), reflecting the charging structure of legacy business and the change in asset mix across International territories. Our German business continues to expand its range of unit linked propositions and investment solutions while in Ireland we have recently launched a new regular savings product.
Our India and China life joint venture businesses continued to perform well, with Heng An Standard Life achieving its highest net flows, albeit from a low base, and HDFC Life maintaining its second place in the private sector overall.
For further information please contact:
Institutional Equity Investors Retail Equity Investors
0207 872 4124 / 07738
Lorraine Rees 300 878 Capita Registrars 0845 113 0045
0131 245 8028 / 07515
Jakub Rosochowski 298 608
0131 245 3848 / 07515
Craig Cameron 298 330
Media Debt Investors
0131 245 4016 / 07872
Nicola McGowan 191 341 Scott Forrest 0131 245 6045
0131 245 6165 / 07712
Barry Cameron 486 463 Nick Mardon 0131 245 6371
Susanna Voyle 020 7353 4200 / 07980
(Tulchan Communications) 894 557
Newswires and online publications
There will be a conference call on 25 April for newswires and online publications at 7:30am (UK time) hosted by Jackie Hunt, Chief Financial Officer, and Paul Matthews, UK Chief Executive. Dial in telephone number +44 20 3059 8119. Investors and Analysts There will be a conference call on 25 April for analysts and investors at 9:30am (UK time) hosted by Jackie Hunt, Chief Financial Officer, and Paul Matthews, UK Chief Executive. Dial in telephone number +44 20 3059 8125. A recording of this call will be available for replay by dialling +44 121 2604 861, followed by replay pin number 2356708#.
There will also be a live audiocast of the 2012 Q1 Interim Management Statement commencing at 9.30am (UK time) on 25 April 2012. Access to the audiocast, with the facility to ask questions, is available via our website www.standardlife.com. A replay will be made available on the website.
Notes to Editors:
1 Adjusted to exclude the impact of the transfer of Standard Life
Investments Global Liquidity Funds plc.
2 In order to be consistent with the presentation of new business
information, certain products are included in both long-term
savings and investments AUA and net flows.
3 Other assets included within AUA of GBP10.6bn (31 December 2011:
GBP10.4bn) comprise assets not backing products, joint ventures,
non-life assets and consolidation / elimination adjustments.
4 On a constant currency basis.
Group assets under administration (summary)
Three months ended 31 March 2012
Opening Market Closing
AUA at and AUA at
1 Jan Gross Net other 31 Mar
2012 inflows Redemptions inflows movements 2012
GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
------------------------------------- -------- --------- ------------ --------- ----------- --------
Fee business
UK 77.8 2.5 (2.0) 0.5 3.2 81.5
Institutional pensions 17.5 1.1 (0.4) 0.7 1.0 19.2
Conventional with profits
(excluding annuities) 5.3 - (0.3) (0.3) 0.2 5.2
------------------------------------- -------- --------- ------------ --------- ----------- --------
UK total 100.6 3.6 (2.7) 0.9 4.4 105.9
------------------------------------- -------- --------- ------------ --------- ----------- --------
Standard Life Investments
third party 71.8 4.2 (3.1) 1.1 3.2 76.1
Canada 14.3 0.7 (0.6) 0.1 0.5 14.9
International (wholly owned) 12.3 0.6 (0.3) 0.3 0.7 13.3
Consolidation/eliminations(1) (35.7) (2.3) 1.2 (1.1) (1.6) (38.4)
------------------------------------- -------- --------- ------------ --------- ----------- --------
Total fee business 163.3 6.8 (5.5) 1.3 7.2 171.8
------------------------------------- -------- --------- ------------ --------- ----------- --------
Spread/risk
UK 14.4 0.1 (0.3) (0.2) 0.2 14.4
Canada 10.3 0.2 (0.3) (0.1) (0.2) 10.0
------------------------------------- -------- --------- ------------ --------- ----------- --------
Total spread/risk business 24.7 0.3 (0.6) (0.3) - 24.4
------------------------------------- -------- --------- ------------ --------- ----------- --------
Assets not backing products 8.5 - - - - 8.5
Joint ventures 1.2 0.1 - 0.1 0.1 1.4
Non-life assets 1.6 - - - - 1.6
Other consolidation/eliminations(1) (0.9) - - - - (0.9)
------------------------------------- -------- --------- ------------ --------- ----------- --------
Group assets under administration 198.4 7.2 (6.1) 1.1 7.3 206.8
------------------------------------- -------- --------- ------------ --------- ----------- --------
(1) In order to be consistent with the presentation of new business information, certain products are included in long-term savings 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.
Group assets under administration (summary)
Three months ended 31 March 2011
Opening Market Closing
AUA at and AUA at
1 Jan Gross Net other 31 Mar
2011 inflows Redemptions inflows movements 2011
GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
------------------------------------- -------- --------- ------------ --------- ----------- --------
Fee business
UK(1) 76.5 2.9 (2.0) 0.9 0.1 77.5
Institutional pensions 15.8 1.0 (0.7) 0.3 0.2 16.3
Conventional with profits
(excluding annuities) 6.6 - (0.3) (0.3) 0.1 6.4
------------------------------------- -------- --------- ------------ --------- ----------- --------
UK total 98.9 3.9 (3.0) 0.9 0.4 100.2
------------------------------------- -------- --------- ------------ --------- ----------- --------
Standard Life Investments
third party 71.6 4.1 (2.7) 1.4 (0.7) 72.3
Canada 14.0 0.7 (0.5) 0.2 0.4 14.6
International (wholly owned) 11.1 0.7 (0.3) 0.4 0.2 11.7
Consolidation/eliminations(2) (32.2) (2.0) 1.2 (0.8) (0.2) (33.2)
------------------------------------- -------- --------- ------------ --------- ----------- --------
Total fee business 163.4 7.4 (5.3) 2.1 0.1 165.6
------------------------------------- -------- --------- ------------ --------- ----------- --------
Spread/risk
UK 13.4 0.1 (0.3) (0.2) 0.1 13.3
Canada 10.1 0.2 (0.3) (0.1) (0.5) 9.5
------------------------------------- -------- --------- ------------ --------- ----------- --------
Total spread/risk business 23.5 0.3 (0.6) (0.3) (0.4) 22.8
------------------------------------- -------- --------- ------------ --------- ----------- --------
Assets not backing products(1) 8.1 - - - 0.1 8.2
Joint ventures 1.2 0.1 - 0.1 (0.1) 1.2
Non-life assets 1.4 - - - - 1.4
Other consolidation/eliminations(2) (0.8) - - - - (0.8)
------------------------------------- -------- --------- ------------ --------- ----------- --------
Group assets under administration 196.8 7.8 (5.9) 1.9 (0.3) 198.4
------------------------------------- -------- --------- ------------ --------- ----------- --------
(1) Standard Life Wealth has been disclosed separately from Individual SIPP. The 2011 figures have been restated.
(2) In order to be consistent with the presentation of new business information, certain products are included in long-term savings 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.
Group assets under administration
Three months ended 31 March 2012
Opening Closing
AUA at Market AUA at
1 Jan Gross Net and other 31 Mar
2012 inflows Redemptions inflows movements 2012
----------------
Fee
(F)
- Spread/risk
(S/R) GBPbn GBPbn GBPbn GBPbn GBPbn GBPbn
----------------------------- ---------------- -------- --------- ------------ --------- ----------- --------
UK
Individual SIPP F 16.4 0.8 (0.5) 0.3 0.8 17.5
Other individual pensions F 22.6 0.2 (0.6) (0.4) 0.9 23.1
Investment bonds F 7.6 - (0.3) (0.3) 0.3 7.6
Mutual funds F 6.1 0.4 (0.1) 0.3 0.2 6.6
Annuities S/R 14.4 0.1 (0.3) (0.2) 0.2 14.4
Legacy life F 7.5 0.1 (0.4) (0.3) 0.2 7.4
Wealth F 0.9 0.2 - 0.2 0.1 1.2
----------------------------- ---------------- -------- --------- ------------ --------- ----------- --------
UK retail 75.5 1.8 (2.2) (0.4) 2.7 77.8
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
Corporate pensions F 22.0 0.8 (0.4) 0.4 0.9 23.3
Institutional pensions F 17.5 1.1 (0.4) 0.7 1.0 19.2
----------------------------- ---------------- -------- --------- ------------ --------- ----------- --------
UK corporate 39.5 1.9 (0.8) 1.1 1.9 42.5
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
Assets not backing products 7.0 - - - - 7.0
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
UK long-term savings 122.0 3.7 (3.0) 0.7 4.6 127.3
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
Canada
Fee F 10.9 0.4 (0.4) - 0.3 11.2
Spread/risk S/R 3.8 0.1 (0.1) - (0.1) 3.7
----------------------------- ---------------- -------- --------- ------------ --------- ----------- --------
Group savings and retirement 14.7 0.5 (0.5) - 0.2 14.9
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
Fee F 1.9 0.2 (0.1) 0.1 0.1 2.1
Spread/risk S/R 5.9 - (0.1) (0.1) - 5.8
----------------------------- ---------------- -------- --------- ------------ --------- ----------- --------
Individual insurance, savings
and retirement 7.8 0.2 (0.2) - 0.1 7.9
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
Group insurance S/R 0.6 0.1 (0.1) - (0.1) 0.5
Mutual funds F 1.5 0.1 (0.1) - 0.1 1.6
Assets not backing products 1.5 - - - - 1.5
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
Canada long-term savings 26.1 0.9 (0.9) - 0.3 26.4
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
International
Ireland F 6.6 0.4 (0.2) 0.2 0.3 7.1
Germany F 5.6 0.2 (0.1) 0.1 0.3 6.0
Hong Kong F 0.1 - - - 0.1 0.2
----------------------------- ---------------- -------- --------- ------------ --------- ----------- --------
Wholly owned long-term
savings 12.3 0.6 (0.3) 0.3 0.7 13.3
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
Joint ventures long-term
savings 1.2 0.1 - 0.1 0.1 1.4
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
International long-term
savings 13.5 0.7 (0.3) 0.4 0.8 14.7
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
Consolidation and elimination
adjustments(1) (0.2) - - - - (0.2)
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
Total worldwide long-term
savings 161.4 5.3 (4.2) 1.1 5.7 168.2
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
Non-life assets 1.6 - - - - 1.6
Standard Life Investments
third party assets under
management 71.8 4.2 (3.1) 1.1 3.2 76.1
Consolidation and elimination
adjustments(1,2) (36.4) (2.3) 1.2 (1.1) (1.6) (39.1)
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
Group assets under administration 198.4 7.2 (6.1) 1.1 7.3 206.8
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
Group assets under
administration
managed by:
Standard Life Group entities 163.3 169.7
Other third party managers 35.1 37.1
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
Total 198.4 206.8
----------------------------------------------- -------- --------- ------------ --------- ----------- --------
(1) An additional elimination line has been added from 1 January 2012 to reflect the double count between Standard Life Wealth and Ireland within long-term savings.
(2) In order to be consistent with the presentation of new business information, certain products are included in long-term savings 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.
Long-term savings operations net flows (regulatory basis)
Three months ended 31 March 2012
Gross Net Gross Net
inflows Redemptions inflows inflows Redemptions inflows
3 months 3 months 3 months 3 months 3 months 3 months
to 31 to 31 to 31 to 31 to 31 to 31
Mar 2012 Mar 2012 Mar 2012 Mar 2011 Mar 2011 Mar 2011
------------
Fee (F)
-
Spread/risk
(S/R) GBPm GBPm GBPm GBPm GBPm GBPm
------------------------------ ------------ ---------- ----------- ---------- ---------- ----------- ----------
UK
Individual SIPP(1,2) F 827 (460) 367 946 (435) 511
Other individual pensions F 188 (591) (403) 198 (670) (472)
Investment bonds F 40 (321) (281) 63 (312) (249)
Mutual funds(1) F 396 (114) 282 522 (113) 409
Annuities S/R 141 (291) (150) 109 (281) (172)
Protection S/R 18 (16) 2 20 (15) 5
Legacy life F 65 (392) (327) 79 (338) (259)
Wealth(2) F 196 (11) 185 127 (14) 113
------------------------------ ------------ ---------- ----------- ---------- ---------- ----------- ----------
UK retail 1,871 (2,196) (325) 2,064 (2,178) (114)
-------------------------------------------- ---------- ----------- ---------- ---------- ----------- ----------
Corporate pensions(1) F 725 (354) 371 1,035 (476) 559
Institutional pensions F 1,173 (434) 739 922 (628) 294
------------------------------ ------------ ---------- ----------- ---------- ---------- ----------- ----------
UK corporate 1,898 (788) 1,110 1,957 (1,104) 853
-------------------------------------------- ---------- ----------- ---------- ---------- ----------- ----------
UK long-term savings(3) 3,769 (2,984) 785 4,021 (3,282) 739
-------------------------------------------- ---------- ----------- ---------- ---------- ----------- ----------
Canada
Fee F 409 (420) (11) 512 (355) 157
Spread/risk S/R 52 (113) (61) 55 (113) (58)
------------------------------ ------------ ---------- ----------- ---------- ---------- ----------- ----------
Group savings and retirement 461 (533) (72) 567 (468) 99
-------------------------------------------- ---------- ----------- ---------- ---------- ----------- ----------
Fee F 187 (91) 96 143 (95) 48
Spread/risk S/R 59 (134) (75) 96 (134) (38)
------------------------------ ------------ ---------- ----------- ---------- ---------- ----------- ----------
Individual insurance,
savings and retirement 246 (225) 21 239 (229) 10
-------------------------------------------- ---------- ----------- ---------- ---------- ----------- ----------
Group insurance S/R 111 (90) 21 109 (88) 21
Mutual funds(1) F 77 (82) (5) 66 (113) (47)
------------------------------ ------------ ---------- ----------- ---------- ---------- ----------- ----------
Canada long-term savings 895 (930) (35) 981 (898) 83
-------------------------------------------- ---------- ----------- ---------- ---------- ----------- ----------
International
Ireland F 361 (186) 175 460 (166) 294
Germany F 187 (65) 122 191 (51) 140
Hong Kong F 20 (4) 16 17 (2) 15
------------------------------ ------------ ---------- ----------- ---------- ---------- ----------- ----------
Wholly owned long-term
savings 568 (255) 313 668 (219) 449
-------------------------------------------- ---------- ----------- ---------- ---------- ----------- ----------
Joint ventures long-term
savings(4) 143 (40) 103 135 (33) 102
-------------------------------------------- ---------- ----------- ---------- ---------- ----------- ----------
International long-term
savings 711 (295) 416 803 (252) 551
-------------------------------------------- ---------- ----------- ---------- ---------- ----------- ----------
Other consolidation/eliminations(2) (47) 3 (44) (25) 1 (24)
-------------------------------------------- ---------- ----------- ---------- ---------- ----------- ----------
Total worldwide long-term
savings 5,328 (4,206) 1,122 5,780 (4,431) 1,349
-------------------------------------------- ---------- ----------- ---------- ---------- ----------- ----------
(1) The mutual funds net flows are also included within mutual funds net flows in the third party Investment operations. In addition, an element of the UK non-insured SIPP is included within UK mutual funds net flows in the third party Investment operations.
(2) Standard Life Wealth was disclosed separately for the first time in December 2011 and an elimination line has been added to remove the double count between Wealth and Ireland. The 2011 comparatives have been restated accordingly.
(3) UK long-term savings include a total net outflow of GBP501m in relation to conventional with profits business (2011: net outflow GBP456m). Of this, a net outflow of GBP209m is in relation to annuities business (2011: net outflow GBP211m).
(4) Includes net flows in respect of Standard Life's share of the India and China JV businesses.
Long-term savings operations new business
Three months ended 31 March 2012
Single premiums New regular
premiums PVNBP(1)
---------------------- ---------------- --------------------------------------------
3 3 3 3 3
months months 3 months months months months
to 31 to 31 to 31 to 31 to 31 to 31 Change
Mar Mar Mar Mar Mar Mar in constant
2012 2011 2012 2011 2012 2011 Change(4) currency(4)
------------
Fee (F)
-
Spread/risk
(S/R) GBPm GBPm GBPm GBPm GBPm GBPm % %
---------------- ------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
UK
Individual
SIPP(2) F 828 941 17 18 892 1,006 (11%) (11%)
Other individual
pensions F 84 83 5 6 94 98 (4%) (4%)
Investment bonds F 38 54 - - 38 54 (30%) (30%)
Mutual funds F 409 515 6 7 454 568 (20%) (20%)
Annuities S/R 100 73 - - 100 73 37% 37%
Protection S/R - - - - - - - -
UK retail 1,459 1,666 28 31 1,578 1,799 (12%) (12%)
------------------------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
Corporate
pensions(2) F 226 562 163 181 937 1,294 (28%) (28%)
Institutional
pensions F 1,105 868 - 1 1,105 872 27% 27%
---------------- ------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
UK corporate 1,331 1,430 163 182 2,042 2,166 (6%) (6%)
------------------------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
UK long-term savings 2,790 3,096 191 213 3,620 3,965 (9%) (9%)
------------------------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
Canada
Fee F 54 174 9 16 199 377 (47%) (47%)
Spread/risk S/R 18 20 1 2 39 48 (19%) (17%)
---------------- ------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
Group savings and
retirement 72 194 10 18 238 425 (44%) (43%)
------------------------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
Fee F 187 143 - - 187 143 31% 31%
Spread/risk S/R 31 68 - 1 31 77 (60%) (60%)
---------------- ------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
Individual insurance,
savings and retirement 218 211 - 1 218 220 (1%) (1%)
------------------------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
Group insurance S/R - 1 12 21 164 324 (49%) (49%)
Mutual funds F 77 66 - - 77 66 17% 16%
---------------- ------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
Canada long-term
savings 367 472 22 40 697 1,035 (33%) (32%)
------------------------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
International
Ireland F 353 438 2 3 362 450 (20%) (18%)
Germany F 7 9 6 5 95 72 32% 37%
Hong Kong F 3 6 11 15 71 99 (28%) (29%)
---------------- ------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
Wholly owned long-term
savings 363 453 19 23 528 621 (15%) (14%)
------------------------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
India(3) 14 22 35 31 163 150 9% 20%
China(3) 18 11 3 3 32 26 23% 14%
------------------------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
Joint ventures long-term
savings 32 33 38 34 195 176 11% 20%
------------------------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
International long-term
savings 395 486 57 57 723 797 (9%) (7%)
------------------------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
Total worldwide long-term
savings 3,552 4,054 270 310 5,040 5,797 (13%) (13%)
------------------------------ ------- -------- ----------- -------- -------- -------- ---------- ------------
(1) Present value of new business premiums (PVNBP) is the industry measure of insurance new business sales under the EEV methodology, calculated as 100% of single premiums plus the expected present value of new regular premiums.
(2) Included within non-insured SIPP is an element which is also included within UK mutual funds net flows in the third party Investment operations figures.
(3) Standard Life's share of the joint venture company's new business.
(4) % change is calculated on the figures rounded to millions.
(5) New business gross sales for overseas operations are calculated using average exchange rates. The principal average rates for the three months to 31 March
2012 were GBP1: C$1.58 (2011: GBP1: C$1.58) and GBP1: EUR1.20 (2011: GBP1: EUR1.16).
Investment operations
Three months ended 31 March 2012
Opening Market Closing
AUM at and Net AUM at
1 Jan Gross Net other movement 31 Mar
2012 inflows Redemptions inflows movements in AUM 2012
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
--------------- -------------------- -------- --------- ------------ --------- ----------- ---------- --------
Mutual funds(1,
UK 2) 10,810 1,115 (658) 457 1,036 1,493 12,303
Private equity 3,310 1 (30) (29) (10) (39) 3,271
Segregated funds 13,248 39 (606) (567) 697 130 13,378
Pooled property
funds 1,953 17 - 17 11 28 1,981
------------------------------------ -------- --------- ------------ --------- ----------- ---------- --------
Total UK 29,321 1,172 (1,294) (122) 1,734 1,612 30,933
------------------------------------- -------- --------- ------------ --------- ----------- ---------- --------
Mutual funds(1,
Canada 3) 1,647 133 (137) (4) 31 27 1,674
Separate mandates 3,815 80 (781) (701) (24) (725) 3,090
------------------------------------ -------- --------- ------------ --------- ----------- ---------- --------
Total Canada 5,462 213 (918) (705) 7 (698) 4,764
------------------------------------- -------- --------- ------------ --------- ----------- ---------- --------
International Europe 5,316 955 (184) 771 260 1,031 6,347
India(4) 2,711 219 - 219 339 558 3,269
Other 1,009 113 (7) 106 60 166 1,175
------------------------------------ -------- --------- ------------ --------- ----------- ---------- --------
Total International 9,036 1,287 (191) 1,096 659 1,755 10,791
------------------------------------- -------- --------- ------------ --------- ----------- ---------- --------
Total worldwide investment
products excluding money
market and related funds 43,819 2,672 (2,403) 269 2,400 2,669 46,488
------------------------------------- -------- --------- ------------ --------- ----------- ---------- --------
UK money market
funds(5) 52 - - - (4) (4) 48
India cash funds(5) 1,222 (59) - (59) (200) (259) 963
------------------------------------ -------- --------- ------------ --------- ----------- ---------- --------
Total worldwide investment
products 45,093 2,613 (2,403) 210 2,196 2,406 47,499
------------------------------------- -------- --------- ------------ --------- ----------- ---------- --------
Total third party assets under management comprise the investment business noted above together with third party insurance contracts. New business relating to third party insurance contracts is disclosed as insurance business for reporting purposes. An analysis of total third party assets under management is shown below.
Opening Market Closing
AUM at and Net AUM at
1 Jan Gross Net other movement 31 Mar
2012 inflows Redemptions inflows movements in AUM 2012
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
----------------------------- -------- --------- ------------ --------- ----------- ---------- --------
Third party investment
products 45,093 2,613 (2,403) 210 2,196 2,406 47,499
Third party insurance
contracts (new business
classified as insurance
products) 26,684 1,603 (670) 933 1,004 1,937 28,621
----------------------------- -------- --------- ------------ --------- ----------- ---------- --------
Total third party assets
under management 71,777 4,216 (3,073) 1,143 3,200 4,343 76,120
----------------------------- -------- --------- ------------ --------- ----------- ---------- --------
UK money market funds
and India cash funds(5) 1,274 (59) - (59) (204) (263) 1,011
----------------------------- -------- --------- ------------ --------- ----------- ---------- --------
Total third party assets
under management excluding
money market and related
funds 70,503 4,275 (3,073) 1,202 3,404 4,606 75,109
----------------------------- -------- --------- ------------ --------- ----------- ---------- --------
Standard Life Investments
- total assets under
management 154,876 160,584
----------------------------- -------- --------- ------------ --------- ----------- ---------- --------
(1) Included within mutual funds are cash inflows which have also been reflected in UK and Canada mutual funds new business sales and net flows for UK mutual funds, an element of UK non-insured SIPP and Canada mutual funds.
(2) In the three months to 31 March 2011 UK mutual funds gross inflows were GBP1,471m and net inflows were GBP808m.
(3) In the three months to 31 March 2011 Canada mutual funds gross inflows were GBP67m and net outflows were GBP47m.
(4) International gross inflows include India where, due to the nature of the Indian investment sales market, the new business is shown as the net of sales less redemptions. India cash funds are included as money market and related funds in the table.
(5) Due to the nature of the UK money market funds and India cash funds, the flows are calculated using average net client balances. Other movements are derived as the difference between these average net inflows and the movement in the opening and closing AUM.
(6) Funds denominated in foreign currencies have been translated to Sterling using the closing exchange rates at 31 March 2012. Investment fund flows are translated at average exchange rates. Gains and losses arising from the translation of funds denominated in foreign currencies are included in the market and other movements column. The principal closing exchange rates used as at 31 March 2012 were GBP1: C$1.60 (31 December 2011: GBP1: C$1.58) and GBP1: EUR1.20 (31 December 2011: GBP1: EUR1.20). The principal average exchange rates for the three months to 31 March 2012 were GBP1: C$1.58 (2011: GBP1: C$1.58) and GBP1: EUR1.20 (2011: GBP1: EUR1.16).
Long-term savings operations new business
15 months ended 31 March 2012
PVNBP
----------------------------------------------------------
3 months 3 months 3 months 3 months 3 months
to to to to to
31 Mar 31 Dec 30 Sep 30 Jun 31 Mar
2012 2011(1) 2011 2011 2011
----------------
Fee (F)
- Spread/risk
(S/R) GBPm GBPm GBPm GBPm GBPm
------------------------------ ---------------- ---------- ---------- ---------- ---------- ----------
UK
Individual SIPP F 892 730 857 978 1,006
Other individual pensions F 94 53 71 155 98
Investment bonds F 38 31 44 51 54
Mutual funds F 454 376 455 584 568
Annuities S/R 100 82 83 74 73
Protection S/R - - - 1 -
------------------------------ ---------------- ---------- ---------- ---------- ---------- ----------
UK retail 1,578 1,272 1,510 1,843 1,799
------------------------------------------------ ---------- ---------- ---------- ---------- ----------
Corporate pensions F 937 666 1,028 1,536 1,294
Institutional pensions F 1,105 711 643 802 872
------------------------------ ---------------- ---------- ---------- ---------- ---------- ----------
UK corporate 2,042 1,377 1,671 2,338 2,166
------------------------------------------------ ---------- ---------- ---------- ---------- ----------
UK long-term savings 3,620 2,649 3,181 4,181 3,965
------------------------------------------------ ---------- ---------- ---------- ---------- ----------
Canada
Fee F 199 248 132 124 377
Spread/risk S/R 39 54 33 22 48
------------------------------ ---------------- ---------- ---------- ---------- ---------- ----------
Group savings and retirement 238 302 165 146 425
------------------------------------------------ ---------- ---------- ---------- ---------- ----------
Fee F 187 146 123 128 143
Spread/risk S/R 31 53 59 54 77
------------------------------ ---------------- ---------- ---------- ---------- ---------- ----------
Individual insurance,
savings and
retirement 218 199 182 182 220
------------------------------------------------ ---------- ---------- ---------- ---------- ----------
Group insurance S/R 164 145 195 162 324
Mutual funds F 77 51 47 54 66
------------------------------ ---------------- ---------- ---------- ---------- ---------- ----------
Canada long-term savings 697 697 589 544 1,035
------------------------------------------------ ---------- ---------- ---------- ---------- ----------
International
Ireland F 362 403 290 386 450
Germany F 95 185 81 90 72
Hong Kong F 71 92 77 78 99
------------------------------ ---------------- ---------- ---------- ---------- ---------- ----------
Wholly owned long-term
savings 528 680 448 554 621
------------------------------------------------ ---------- ---------- ---------- ---------- ----------
India(2) 163 96 106 62 150
China(2) 32 20 20 23 26
------------------------------------------------ ---------- ---------- ---------- ---------- ----------
Joint ventures long-term
savings 195 116 126 85 176
------------------------------------------------ ---------- ---------- ---------- ---------- ----------
International long-term
savings 723 796 574 639 797
------------------------------------------------ ---------- ---------- ---------- ---------- ----------
Total worldwide long-term
savings 5,040 4,142 4,344 5,364 5,797
------------------------------------------------ ---------- ---------- ---------- ---------- ----------
(1) The three month period to 31 December 2011 excludes the full impact of year end changes to non-economic assumptions. The effect of changes to year end non-economic assumptions was an increase in total PVNBP of GBP91m in the final PVNBP results published in the 2011 Preliminary results.
(2) Amounts shown reflect Standard Life's share of the joint venture company's new business.
Long-term savings operations net flows (regulatory basis)
15 months ended 31 March 2012
Net flows
-----------------------------------------------------
3 months 3 months 3 months 3 months 3 months
to to to to to
31 Mar 31 Dec 30 Sep 30 Jun 31 Mar
2012 2011 2011 2011 2011
----------------
Fee (F)
- Spread/risk
(S/R) GBPm GBPm GBPm GBPm GBPm
------------------------------------- ---------------- --------- --------- --------- --------- ---------
UK
Individual SIPP(1) F 367 312 423 487 511
Other individual pensions F (403) (385) (407) (359) (472)
Investment bonds F (281) (255) (243) (233) (249)
Mutual funds F 282 215 326 434 409
Annuities S/R (150) (164) (164) (175) (172)
Protection S/R 2 5 6 8 5
Legacy life F (327) (434) (502) (387) (259)
Wealth(1) F 185 112 101 80 113
------------------------------------- ---------------- --------- --------- --------- --------- ---------
UK retail (325) (594) (460) (145) (114)
------------------------------------------------------- --------- --------- --------- --------- ---------
Corporate pensions F 371 403 356 706 559
Institutional pensions F 739 307 295 518 294
------------------------------------- ---------------- --------- --------- --------- --------- ---------
UK corporate 1,110 710 651 1,224 853
------------------------------------------------------- --------- --------- --------- --------- ---------
UK long-term savings 785 116 191 1,079 739
------------------------------------------------------- --------- --------- --------- --------- ---------
Canada
Fee F (11) 194 89 90 157
Spread/risk S/R (61) (32) (58) (58) (58)
------------------------------------- ---------------- --------- --------- --------- --------- ---------
Group savings and retirement (72) 162 31 32 99
------------------------------------------------------- --------- --------- --------- --------- ---------
Fee F 96 54 52 45 48
Spread/risk S/R (75) (69) (76) (62) (38)
------------------------------------- ---------------- --------- --------- --------- --------- ---------
Individual insurance, savings
and
retirement 21 (15) (24) (17) 10
------------------------------------------------------- --------- --------- --------- --------- ---------
Group insurance S/R 21 23 20 22 21
Mutual funds F (5) (24) (19) (21) (47)
------------------------------------- ---------------- --------- --------- --------- --------- ---------
Canada long-term savings (35) 146 8 16 83
------------------------------------------------------- --------- --------- --------- --------- ---------
International
Ireland F 175 171 114 242 294
Germany F 122 131 141 152 140
Hong Kong F 16 18 15 15 15
------------------------------------- ---------------- --------- --------- --------- --------- ---------
Wholly owned long-term
savings 313 320 270 409 449
------------------------------------------------------- --------- --------- --------- --------- ---------
Joint ventures long-term
savings(2) 103 68 67 38 102
------------------------------------------------------- --------- --------- --------- --------- ---------
International long-term
savings 416 388 337 447 551
------------------------------------------------------- --------- --------- --------- --------- ---------
Other consolidation/eliminations(1) (44) (11) (28) (14) (24)
------------------------------------------------------- --------- --------- --------- --------- ---------
Total worldwide long-term
savings 1,122 639 508 1,528 1,349
------------------------------------------------------- --------- --------- --------- --------- ---------
(1) Standard Life Wealth was disclosed separately for the first time in December 2011 and an elimination line has been added to remove the double count between Wealth and Ireland. The 2011 comparatives have been restated accordingly.
(2) Includes net flows in respect of Standard Life's share of the India and China JV businesses.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSDZLFLLZFLBBD
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