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| Date/Time | Headline | Source |
|---|---|---|
| 1 | 2 | 3 | 4 | ||
| 12-11-09 | RNS |
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RNS Number : 4369C Standard Life plc 12 November 2009 Standard Life plc ('the Company') Application has been made to the UK Listing Authority and the London Stock Exchange for 22,937,926 ordinary shares of 10 pence to be admitted to the Official List. These shares are being issued pursuant to the Company's Scrip dividend scheme. These shares will rank equally with the existing issued ordinary shares of the Company. 12 November 2009 Enquiries: Julie Durie, Group Secretariat 0131 245 6772 Gordon Aitken, Investor Relations 0131 245 6799 Barry Cameron, Media Relations 0131 245 6165
END This information is provided by RNS The company news service from the London Stock Exchange END
LISQLLFFKFBBFBX More |
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| 09-11-09 | AFX UK Focus |
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This news article is displayed preformatted as it may contain results tables
LONDON, Nov 9 (Reuters) - Standard Life Plc:
* Appointment of interim chief financial officer
* Jackie hunt, deputy group Finance director, has been appointed interim chief
financial officer
* Will commence the formal recruitment process for a new chief financial
officer immediately
((London Equities Newsroom; +44 20 7542 7717))
(For more news, please click here)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
More |
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| 09-11-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 1821C
Standard Life plc
09 November 2009
Standard Life plc
Appointment of Interim Chief Financial Officer
Following the announcement that David Nish will be taking over as Group Chief Executive from 1st January 2010, Standard Life plc ('the Company') announces that Jackie Hunt, Deputy Group Finance Director, has been appointed Interim Chief Financial Officer. She will assume the duties of Chief Financial Officer on an acting basis with effect from 9 November 2009 until the Board confirms the appointment of a new Chief Financial Officer in due course. The Company will commence the formal recruitment process for a new Chief Financial Officer immediately.
Jackie Hunt will be invited to attend Board meetings to discharge the responsibilities of the Chief Financial Officer but she will not be appointed to the Standard Life plc Board during this interim period.
Jackie joined the Company at the beginning of this year. She was previously the Chief Finance Officer at Norwich Union Insurance, Aviva's general insurance business. After graduating from university in South Africa, she qualified as a Chartered Accountant with Deloittes in South Africa and subsequently moved to their New Zealand practice. She then joined PricewaterhouseCoopers where she worked in New York, Zurich and London with their Global Capital Markets Group. In late 1999 Jackie joined Royal & Sun Alliance's capital management team before moving to Aviva in 2003.
9 November 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 06-11-09 | RNS |
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RNS Number : 1480C Standard Life plc 06 November 2009 Standard Life plc Standard Life plc ('the Company') confirms that, as at his appointment date, David John Grigson's total holding in the Company's ordinary £0.10 shares was 1,665 shares. These shares are held in the name of Capita IRG Trustees (Nominees) Limited and represent 0.00008% of the Company's issued share capital. This notice is given in fulfilment of obligations under DTR 3.1.4 (R). 6 November 2009 Enquiries: Julie Durie, Group Secretariat, 0131 245 6772 Barry Cameron, Media Relations, 0131 245 6165 Gordon Aitken, Investor Relations, 0131 245 6799 This information is provided by RNS The company news service from the London Stock Exchange END
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| 03-11-09 | RNS |
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RNS Number : 8896B Standard Life plc 03 November 2009 Standard Life plc Standard Life plc ('the Company') received notification today that the following transaction in the Company's ordinary shares by a person discharging managerial responsibility took place on 2 November 2009:
Whittaker Sheelagh Whittaker's total holding following this transaction is 10,000 shares, which represents 0.0005% of the Company's issued share capital. This notice is given in fulfilment of obligations under DTR 3.1.4 (R). 3 November 2009 Enquiries: Julie Durie, Group Secretariat, 0131 245 6772 Barry Cameron, Media Relations, 0131 245 6165 Gordon Aitken, Investor Relations, 0131 245 6799
END This information is provided by RNS The company news service from the London Stock Exchange END
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| 02-11-09 | RNS |
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RNS Number : 8045B Standard Life plc 02 November 2009 Standard Life plc Notification of Interests of Persons Discharging Managerial Responsibilities ('PDMRs') As announced by Standard Life plc on 1 December 2008, Michael John Conway, Group Human Resources Director, was granted long-term incentive awards as part of his recruitment terms. One of these awards vested on 15 May 2009 and Mr Conway has now exercised this nil-cost award as below:
This notice is given in fulfilment of obligations under DTR 3.1.4 (R). 2 November 2009 Enquiries: Barry Cameron, Media Relations, 0131 245 6165 Gordon Aitken, Investor Relations, 0131 245 6799 Julie Durie, Group Secretariat, 0131 245 6772
END This information is provided by RNS The company news service from the London Stock Exchange END
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| 30-10-09 | RNS |
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RNS Number : 7122B Standard Life plc 30 October 2009 Standard Life plc Voting Rights and Capital In accordance with the FSA's Disclosure and Transparency Rule 5.6.1, Standard Life plc ('the Company') hereby notifies that, as at the date of this announcement, the Company's issued share capital consists of 2,213,238,612 ordinary shares with each share carrying the right to one vote. The Company holds no ordinary shares in treasury. The total number of voting rights in the Company, as at the date of this announcement, is therefore 2,213,238,612. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in the Company under the FSA's Disclosure and Transparency Rules. 30 October 2009 Enquiries: Julie Durie, Group Secretariat 0131 245 6772 Gordon Aitken, Investor Relations 0131 245 6799 Barry Cameron, Media Relations 0131 245 6165
END This information is provided by RNS The company news service from the London Stock Exchange END
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| 29-10-09 | AFX UK Focus |
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LONDON, Oct 29 (Reuters) - British insurer Standard Life Plc:
in the third quarter
pre-demutualisation life products line with assumptions December 2008: £5.0BN) £1,562M)
proposition ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 29-10-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 5536B
Standard Life plc
29 October 2009
Standard Life plc
Interim Management Statement - nine months to 30 September 2009
29 October 2009
Positive net inflows across the Group
* Standard Life Investments third party net inflows 75% higher at £4.3bn
* Life and pensions net inflows of £1.2bn1
* Life and pensions net inflows excluding bulk bond deals 18% higher at £1.8bn1
* Life and pensions net inflows in the third quarter 91% higher at £586m
Strong growth in assets as markets recover
* Standard Life Investments total assets under management increased by £15.3bn in the third quarter
* Standard Life Investments third party assets under management 19% higher at £54.1bn
* SIPP assets under administration 27% higher at £11.0bn2
* Wrap assets under administration 76% higher at £3.0bn
* Group pensions assets under administration 19% higher at £17.1bn
New business sales reflect impact of weaker average financial market levels
* Life and pensions sales 15% lower at £10.5bn3
Group Chief Executive Sir Sandy Crombie said:
"Standard Life has continued to deliver a reliable underlying performance in the first nine months of the year, despite the challenging market conditions. I am particularly pleased with the strong growth in assets, especially in the third quarter. This should benefit the Group's profits and cashflow in the years to come and is a testament to our track record, demonstrating the confidence shown in us by our customers.
As announced last week, I am stepping down as Group Chief Executive at the end of December after 43 years at Standard Life. I am delighted to be handing over a business that, having positioned itself well to cope with the financial crisis, is in the right place to benefit from the recovery as and when it comes. Standard Life has a strong balance sheet, attractive products and significant growth opportunities and I wish my successor David Nish every success as he leads the business forward next year."
Unless otherwise stated, all sales figures are on a PVNBP basis and all comparisons are in sterling and with the nine months ending 30 September 2008.
Strong growth in assets as markets recover
Continued demand for our broad and innovative product set, coupled with the recent upturn in market levels, has led to strong growth in assets under administration across the Group.
Third party assets under management at Standard Life Investments have increased to a record level of £54.1bn. Good long term investment performance and the diversity of our fund range have led to significant growth in third party net investment inflows with a substantial contribution from our international operations as we expand our global presence. During the third quarter total assets under management increased by £15.3bn to £136.9bn.
Within our life and pensions operations we have also seen strong growth in assets under administration with resilient customer run rates and positive net inflows demonstrating the strength of our propositions, excellence in customer service and strong distribution relationships. While markets have recovered sharply in recent months, average equity market levels over the nine month period were 25%4 lower than the prior year which has had an inevitable impact on net flows and new business sales. Nevertheless, net flows across our life and pensions operations have improved in the third quarter, with strong growth in our retail product lines in Canada following the successful repositioning of the business.
Worldwide life and pensions operations
Net inflows across our worldwide life and pensions operations1 were £1.2bn (2008: net inflow of £2.1bn), reflecting our decision not to renew UK bulk investment bond deals which were written in 2008 at lower margins in order to secure distribution relationships. These generated net inflows of £597m in 2008 and led to net outflows of £581m in 2009. Excluding these bond deals, worldwide net inflows increased to £1.8bn (2008: £1.6bn). Worldwide life and pension sales were 15% lower at £10.5bn (2008: £12.4bn). Excluding the bond deals sales were 11% lower.
UK Financial Services
Within our UK life and pensions business, net inflows of £356m (2008: £1,086m) and new business sales of £7.3bn (2008: £9.4bn) have been impacted by our decision not to renew bulk investment bond deals as described above. Excluding these deals, net flows strengthened to £937m (2008: £489m). As highlighted in previous years, our UK pensions business is seasonal with higher flows and sales in the first two quarters of the year reflecting increased activity levels around the tax year end.
We continue to see strong growth in our individual SIPP customer base and assets under administration. During the period the total number of customer accounts increased to 79,100 (31 December 2008: 65,900, 30 June 2009: 74,700). The strength of our customer run rate and the recent recovery in financial markets have increased SIPP assets under administration to £11.0bn (31 December 2008: £8.7bn, 30 June 2009: £9.7bn)2. Across our SIPP portfolio the average case size was £139,000 (31 December 2008: £131,000, 30 June 2009: £130,000). The lower average market levels over the period have had an inevitable impact on incoming transfer values, which continue to represent the majority of new business. This has been reflected in net inflows, which were lower at £1.3bn (2008: £1.9bn), and a 25% reduction in new business sales to £2.2bn (2008: £2.9bn). During the period we have seen a modest increase in SIPP outflows. This has been driven by customers increasingly using the flexible features within the product such as taking tax free cash and income drawdown. These outflows remain consistent with our expectations.
In group pensions, net inflows and positive market movements have driven an increase in UK group pensions assets under administration to £17.1bn (31 December 2008: £14.4bn, 30 June 2009: £14.7bn)5. The quality, sustainability and flexibility of our proposition, combined with the financial strength of the Group, continue to act as key differentiators and enable us to win profitable new business. The number of new schemes implemented during the period was 317 (2008: 380). Increments into existing schemes have been impacted by current economic conditions, including lower average levels of salary increases and recruitment across the UK. This trend, combined with lower average asset values has been reflected in lower net inflows of £962m (2008: £1,201m) and a 17% reduction in new business sales. Volumes in our flexible group SIPP increased by 35% and accounted for 50% of total group pensions sales (2008: 31%).
As reported in our Interim Results 2009, regular premium contributions in respect of the 18,000 member BT scheme generated £347m of PVNBP in the first half of 2009. Single premium asset transfers for the BT scheme of £220m were received during October and will be reflected in our reported sales figures for Q4. We are particularly pleased that three quarters of the active members have chosen to transfer to the scheme.
Demand for mutual funds sold through our UK life and pensions business on our Wrap, Sigma and Fundzone platforms remains strong with net inflows increasing to £538m (2008: £257m) and sales 48% higher at £830m (2008: £559m).
Assets under administration on our Wrap platform increased to £3.0bn (31 December 2008: £1.7bn, 30 June 2009: £2.3bn)6. At the end of the quarter there were 532 IFA firms using the platform (31 December 2008: 409, 30 June 2009: 484) and 26,600 customers (31 December 2008: 16,900, 30 June 2009: 23,000) with an average fund size of £111,000 (31 December 2008: £101,000, 30 June 2009: £101,000)6. We continue to see strong momentum in our Wrap offering, with a strong pipeline of IFA firms in the process of adopting the platform.
A number of endowment policies that were written during the early 1980s reached maturity during the period. This led to a net outflow of £1.1bn (2008: net outflow of £1.2bn) in respect of pre-Demutualisation life products. The vast majority of these products are conventional with profits contracts, which generate minimal shareholder margin. Excluding these flows, UK life and pensions net inflows amounted to £1.4bn during the period (2008: £2.3bn) within worldwide life and pensions net inflows of £2.3bn (2008: £3.4bn).
Claims levels across our UK life and pensions operations remain broadly in line with assumptions, with lower claims in respect of individual pensions leading to a reduced net outflow from this product line.
Savings balances in our banking operations have increased to £5.6bn (31 December 2008: £5.0bn, 30 June 2009: £5.5bn) with business accounts performing well during 2009. This total includes combined SIPP and Wrap balances of £1.8bn (31 December 2008: £1.5bn, 30 June 2009: £1.8bn).
Consistent with our strategy to manage our mortgage exposure, gross mortgage lending decreased by 78% to £210m (2008: £946m). Mortgages under management stood at £8.2bn (31 December 2008: £9.7bn, 30 June 2009: £8.8bn), with an arrears rate of 0.78%, which is less than a third of the Council of Mortgage Lenders industry average of 2.62% reported at 30 June 2009.
Healthcare sales were 21% lower at £15m (2008: £19m) on an APE basis reflecting adverse economic conditions and our strategy of only writing profitable business.
Europe
In Europe, net inflows were 27% lower at £564m (2008: £771m)7 and sales were 26% lower in constant currency at £854m (2008: £1,063m).
In Ireland, sales of £589m (2008: £661m) were 15% lower in constant currency. Domestic sales increased by 29% in constant currency, driven by increased sales of post-retirement products during the second quarter ahead of planned changes to tax legislation. However, offshore bond sales were 42% lower at £252m (2008: £433m) due to the impact of the weak economic conditions experienced during the year.
Sales in Germany of £265m (2008: £402m) were 43% lower than the prior year in constant currency. This reflects weak consumer confidence and a continuing preference for the German domestic life insurers. Net flows of £492m were more resilient and were 4% higher (2008: £471m) due to strong inflows of regular premiums from the in-force book.
Canada
Canadian net inflows of £328m (2008: £292m) reflect higher gross inflows into individual insurance, savings and retirement product lines, with positive trends in the retail market driving a marked turnaround in net inflows to £189m (2008: net outflow £12m) during the third quarter.
Canadian sales were 12% higher in constant currency at £1,938m (2008: £1,562m) with sales in the third quarter significantly higher than those recorded during the same period in 2008. Group savings and retirement sales of £964m were 7% lower in constant currency due to the distorting impact of a large defined benefit administration mandate secured in 2008. Within the Group savings and retirement total, sales of our core defined contribution offering increased by 41% in constant currency to £810m (2008: £519m).
Individual insurance, savings and retirement new business has increased by 58% in constant currency to £442m (2008: £252m) with strong sales growth of 153% achieved in the third quarter amid early signs of a recovery in the previously challenging Canadian retail market. However, the market for mutual funds remains challenging, where new business sales over the period were 22% lower in constant currency at £155m (2008: £180m).
Group insurance new business has also increased by 82% in constant currency to £377m (2008: £187m). This increase is due to changes to renewal assumptions, which were made as part of the year end process and were reflected in our 2008 Preliminary Results.
Asia
Combined sales across our Indian and Chinese joint ventures and our Hong Kong operation were 6% higher in constant currency at £448m (2008: £373m)8.
Sales in India increased by 1% in constant currency as we continue to refocus the business for greater profitability. Standard Life's share of these sales was £301m (2008: £275m)8.
In China, sales volumes decreased by 9% in constant currency. Standard Life's share of these sales was £78m (2008: £66m). The lower sales reflect reduced consumer confidence caused by the economic downturn.
Hong Kong has continued to enjoy strong growth due to the success of its new unit-linked savings product, with new business sales in constant currency increasing by 72% to £69m (2008: £32m).
Global investment management
At Standard Life Investments, strong inflows across our international markets, and the recent recovery in market levels, have driven an increase in third party assets under management to a record level of £54.1bn (31 December 2008: £45.5bn, 30 June 2009: £47.3bn). Third party assets under management now represent 39% of total assets under management compared with 37% as at 31 December 2008. Total assets under management increased by £15.3bn in the third quarter to £136.9bn (31 December 2008: £123.8bn, 30 June 2009: £121.6bn).
Despite volatile markets Standard Life Investments achieved strong third party net inflows of £4.3bn, £3.2bn of which relates to investment products only, representing a 75% increase over the equivalent period last year and an annualised 13% of opening third party assets under management. Over 85% of the net inflows came from outside the UK, further emphasising Standard Life Investments' growing global capability.
In UK and Europe, we have seen strong client demand for our Fixed Interest and Global Absolute Return Strategy (GARS) products, while sales of our mutual fund and SICAV9 ranges showed very significant increases on the same period last year with net inflows of retail mutual funds of £444m (2008: net inflow £57m).
While conditions remain challenging within the UK market for segregated institutional mandates, we have seen strong growth in institutional flows across our international markets. Total European net flows rose to £913m (2008: net inflow £373m), with a significant increase in net flows in India of £1,630m (2008: £219m)10 reflecting greater traction into higher margin cash funds. In addition we have seen strong inflows into Canadian institutional business of £1,021m (2008: net outflow £102m).
The money-weighted active investment performance over all time periods (1, 3, 5 and 10 years) continues to be comfortably above median for our third party business. The strength of our investment process across a range of OEICs and unit trusts is demonstrated by the proportion of eligible actively managed funds (21 out of 29) rated 'A' or above by Standard & Poor's.
Of particular note is the outstanding performance of the UK Equity Recovery Fund (OEIC), which has returned 110% since its launch on 6 March this year, and the UK Equity Unconstrained Fund (OEIC), which has produced a return of over 95% during the year to date.
The pipeline for institutional and retail business remains encouraging with fixed interest and GARS products attracting a lot of interest. We also continue to see very positive demand for our mutual funds in the UK and for our SICAVS9 in continental Europe.
Capital strength maintained
In our Interim Results 2009 on 5 August 2009, we reported that Standard Life had a robust capital position that had been largely insensitive to market movements. At the end of September 2009 there was a modest strengthening of this position, with rising equity markets and lower gilt yields increasing our estimated FGD surplus to £3.4bn (31 December 2008: £3.3bn, 30 June 2009: £3.1bn) and HWPF residual estate to £0.5bn (31 December 2008: £0.5bn, 30 June 2009: £0.4bn).
Other developments
On 9 September 2009 we announced that the Chinese Regulators were in the final stages of approving a business combination whereby Bank of China would take a majority stake in Heng An Standard Life. The company would then become a domestic insurance company. The commercial details, together with any further approvals required are now being discussed between the parties.
On 19 October 2009 we announced that David Nish will succeed Sir Sandy Crombie as Group Chief Executive with effect from 1 January 2010.
On 26 October 2009 we announced that we had entered into an agreement to sell Standard Life Bank plc ("Standard Life Bank") to Barclays Bank PLC ("Barclays"). We also announced that Standard Life and Barclays UK Retail Banking have agreed heads of terms to enter into a strategic agreement to explore joint opportunities in the UK retail long-term savings and investments sector.
Standard Life Group outlook
Standard Life has a resilient balance sheet, innovative propositions and strong distribution relationships which position us well for any future market upturn.
While the outlook for the UK savings and investment market remains challenging in the short term, we are confident in the prospects for our pensions businesses and Wrap proposition. We see opportunities for our Asian business and in Canada have a good pipeline of business developing around our core defined contribution proposition.
Standard Life Investments continues to see strong demand for Fixed Interest and Global Absolute Return Strategy (GARS) products which will further increase our global capability.
Our continued ability to attract positive net inflows, combined with the recent upturn in market levels, has led to strong growth in assets across the Group. If sustained, this will lead to higher revenues and cash profits.
For a PDF version of this Interim Management Statement, including a PDF of this Press Release, please click here:
http://www.rns-pdf.londonstockexchange.com/rns/5536B_-2009-10-28.pdf
For further information please contact:
Institutional Equity Investors:
Gordon Aitken 0131 245 6799
Duncan Heath 0131 245 4742
Paul De'Ath 0131 245 9893
Retail Equity Investors:
Capita Registrars 0845 113 0045
Media:
Barry Cameron 0131 245 6165 / 07712 486 463
Paul Keeble 0207 872 4481 / 07712 486 387
Neil Bennett (Maitland) 0207 379 5151 / 07900 000 777
Debt Investors:
Andy Townsend 0131 245 7260
Alan Coutts 0131 245 0201
Notes to Editors
1 Worldwide life and pensions net flows do not include net flows in respect of
our Asia Pacific joint ventures and our Hong Kong subsidiary.
2 Analysis of Individual SIPP funds under administration.
30 Sep 30 Jun 31 Mar 31 Dec
2009 2009 2009 2008
£m £m £m £m
Insured Standard Life funds 2,757 2,495 2,375 2,559
Insured external funds 1,621 1,370 1,229 1,268
Collectives - Standard Life 1,605 1,201 947 864
Investments
Collectives - Funds Network 913 764 658 656
Cash 1,114 1,092 1,056 869
Non collectives 3,023 2,796 2,540 2,443
Total 11,033 9,718 8,805 8,659
Insured 4,378 3,865 3,604 3,827
Non-insured 6,655 5,853 5,201 4,832
Total 11,033 9,718 8,805 8,659
Of the £11.0bn funds under administration at 30 September 2009, £1.4bn relate
to funds on the Wrap platform.
3 Present value of new business premiums (PVNBP) is calculated as 100% of
single premiums plus the expected present value of new regular premiums.
4 The daily average level of the FTSE All share index was 25% lower over the
nine months to 30 September 2009 when compared to the same period in 2008.
On the same basis the UK IPD All Property Index was 25% lower and the
Sterling 5-10 Yr Corporate Securities Index was down 12%.
5 The group pensions AUA figure as at 31 December 2008 has been restated to
align with the methodology used for other product lines.
6 Wrap assets under administration have been restated to exclude amounts that
have been secured but are pending investment onto the Wrap platform. The
impact of this restatement has been immaterial, reducing the assets under
administration figures as at 31 December 2008 by £0.1bn.
7 Offshore bond net inflows of £100m (2008: £420m) are included within the
European results.
8 2008 PVNBP includes a £40m reduction due to a restatement to opening
assumptions in India.
9 A SICAV (soci? d'investissement ?apital variable) is an open-ended
collective investment scheme common in Western Europe. SICAVs can be
cross-border marketed in the EU under the UCITS directive.
10 Historically, the Indian cash fund flows were calculated on the spot rate
balances. Due to the volatility of these funds, the approach has been
changed to ensure consistency with the methodology applied to UK money
market funds.
11 There will be a conference call today for newswires and online publications
at 8:00am hosted by David Nish, Group Finance Director, Keith Skeoch, Chief
Executive of Standard Life Investments, and Paul Matthews, Managing
Director of Distribution for UK Financial Services. Dial in telephone
number +44 (0) 1452 555 566. Callers should quote Standard Life Media Call.
The conference ID number is 35954645. A recording of this call will be
available for replay for one week by dialling +44 (0) 1452 550 000 (access
code 35954654¿).
12 There will be a conference call today for analysts and investors at 9.30am
hosted by David Nish, Group Finance Director, Keith Skeoch, Chief Executive
of Standard Life Investments, and Paul Matthews, Managing Director of
Distribution for UK Financial Services. Dial in telephone number +44 (0)
1452 555 566. Callers should quote Standard Life Analysts & Investors Call.
The conference ID number is 35958422. A recording of this call will be
available for replay for one week by dialling +44 (0) 1452 550 000 (access
code 35958422¿).
13 This Interim Management Statement is available on the Financial Results
page of the Standard Life website at www.standardlife.com
Insurance operations net flows (regulatory basis)
9 months ended 30 September 2009
Gross inflows Redemptions Net inflows Gross inflows Redemptions Net inflows
9 months to 9 months to 9 months to 9 months to 9 months to 9 months to
30 Sep 2009 30 Sep 2009 30 Sep 2009 30 Sep 2008 30 Sep 2008 30 Sep 2008
£m £m £m £m £m £m
UK
Individual SIPP (a) 2,113 (790) 1,323 2,542 (623) 1,919
Individual pensions 738 (1,667) (929) 922 (2,336) (1,414)
Group pensions (a) 1,792 (830) 962 2,054 (853) 1,201
Institutional pensions 1,565 (663) 902 1,510 (924) 586
Pensions 6,208 (3,950) 2,258 7,028 (4,736) 2,292
Investment bonds 242 (1,282) (1,040) 1,267 (1,186) 81
Mutual funds (b) (c) 701 (163) 538 516 (259) 257
Savings and investments 943 (1,445) (502) 1,783 (1,445) 338
Annuities 486 (860) (374) 456 (823) (367)
Protection 72 (44) 28 83 (55) 28
Legacy life 303 (1,357) (1,054) 354 (1,559) (1,205)
UK life and pensions (d) (e) 8,012 (7,656) 356 9,704 (8,618) 1,086
Europe
Ireland (d) 635 (563) 72 724 (424) 300
Germany 583 (91) 492 520 (49) 471
Europe life and pensions 1,218 (654) 564 1,244 (473) 771
Canada
Group savings and retirement 1,018 (751) 267 1,135 (827) 308
Individual insurance, savings 494 (509) (15) 314 (475) (161)
and retirement
Group insurance 261 (212) 49 228 (135) 93
Mutual funds (b) 155 (128) 27 180 (128) 52
Canada life and pensions 1,928 (1,600) 328 1,857 (1,565) 292
Total worldwide life and 11,158 (9,910) 1,248 12,805 (10,656) 2,149
pensions
excluding Asia
(a) 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.
(b) The mutual funds net flows are also included within mutual fund net flows in the third party Investment operations figures.
(c) UK figures include Sigma UKFS mutual funds. 2008 figures have been restated to reflect inclusion of these mutual funds. The total net outflow for the period was £22m (2008: £176m outflow).
(d) The offshore business is shown within the total Ireland result. This was previously included within UK life and pensions. The total net inflow for the period was £100m (2008: £420m inflow).
(e) UK life and pensions include a total net outflow of £1,645m in relation to conventional with profits business (2008: £1,795m outflow).
Insurance operations new business
9 months ended 30 September 2009
Single Premiums New Regular Premiums PVNBP
9 months 9 months to 30 Sep 9 months 9 months 9 months 9 months to 30 Sep Change (g) Change in constant
to 30 Sep 2008 to 30 Sep to 30 Sep 2008 to 30 Sep 2008 currency
2009 2009 2009 (g) (h)
£m £m £m £m £m £m % %
UK
Individual SIPP (a) 1,976 2,611 45 55 2,179 2,889 (25%) (25%)
Individual pensions (b) 333 472 19 26 379 571 (34%) (34%)
Group pensions (a) (b) 544 868 352 353 1,905 2,292 (17%) (17%)
Institutional pensions 1,384 1,410 14 60 1,414 1,554 (9%) (9%)
Pensions 4,237 5,361 430 494 5,877 7,306 (20%) (20%)
Investment bonds 194 1,186 - - 194 1,186 (84%) (84%)
Mutual funds (c) 683 509 19 7 830 559 48% 48%
Savings and investments 877 1,695 19 7 1,024 1,745 (41%) (41%)
Annuities 353 361 - - 353 361 (2%) (2%)
Protection - - 1 2 2 6 (67%) (67%)
UK life and pensions (d) 5,467 7,417 450 503 7,256 9,418 (23%) (23%)
Europe
Ireland (d) 561 615 7 9 589 661 (11%) (15%)
Germany 15 30 20 36 265 402 (34%) (43%)
Europe life and pensions 576 645 27 45 854 1,063 (20%) (26%)
Canada
Group savings and retirement 339 503 43 33 964 943 2% (7%)
Individual insurance, savings 418 236 2 1 442 252 75% 58%
and retirement
Group insurance (e) 1 - 22 26 377 187 102% 82%
Mutual funds 155 180 - - 155 180 (14%) (22%)
Canada life and pensions 913 919 67 60 1,938 1,562 24% 12%
Asia
India (f) 9 12 61 73 301 275 9% 1%
China (f) 37 47 (i) 8 3 (i) 78 66 18% (9%)
Hong Kong 4 8 12 6 69 32 116% 72%
Asia life and pensions 50 67 81 82 448 373 20% 6%
Total worldwide life and 7,006 9,048 625 690 10,496 12,416 (15%) (18%)
pensions
(a) 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.
(b) Single premiums include Department of Work and Pensions rebate premiums of £246m (2008: £272m), comprising Individual pension rebates of £134m (2008: £148m) and Group pensions rebates of £112m (2008: £125m).
(c) UK figures include Sigma UKFS mutual funds. 2008 figures have been restated to reflect inclusion of these mutual funds. The 2009 impact in PVNBP is £117m (2008: £66m).
(d) The offshore business is shown within the total Ireland result, comprising single premiums of £252m (2008: £433m) and PVBNP of £252m (2008: £433m). This was previously included within UK life and pensions.
(e) Canada Group insurance includes £1.1m (2008: £2.4m) of new regular premiums in respect of Consultaction policies, representing the comparable full premium for £0.1m (2008: £0.3m) of new annualised fee income.
(f) Standard Life's share of the Joint Venture Company's new business.
(g) % change is calculated on the figures rounded to millions.
(h) Calculated using constant rates of exchange.
(i) Regular premiums in China of £2m for Group protection business have been reclassified to single premiums for the nine months to 30 September 2008.
(j) New business gross sales for overseas operations are calculated using average exchange rates. The principal average rates for the nine months to 30 September 2009 were £1: C$1.79 (2008: £1: C$1.98) and £1: EUR1.12 (2008: £1: EUR1.29).
Investment operations
9 months ended 30 September 2009
Opening FUM Gross inflows Redemptions Net inflows Market and other Net movement Closing FUM
1 Jan 2009 movements in FUM 30 Sep 2009
£m £m £m £m £m £m £m
UK Mutual funds (a) 4,237 1,116 (b) (672) 444 816 1,260 5,497
Private equity 3,859 56 (3) 53 (276) (223) 3,636
Segregated funds 11,312 820 (1,056) (236) 1,475 1,239 12,551
Pooled property 917 48 - 48 144 192 1,109
funds
Total UK 20,325 2,040 (1,731) 309 2,159 2,468 22,793
Canada Mutual funds (a) 1,295 159 (c) (132) 27 191 218 1,513
Separate mandates 1,375 1,092 (71) 1,021 355 1,376 2,751
(d)
Total Canada 2,670 1,251 (203) 1,048 546 1,594 4,264
International Europe 840 933 (20) 913 132 1,045 1,885
Asia (excluding 79 4 (5) (1) 13 12 91
India)
India (e) 1,454 (144) - (144) 440 296 1,750
Total International 2,373 793 (25) 768 585 1,353 3,726
Total worldwide investment products excluding money market and 25,368 4,084 (1,959) 2,125 3,290 5,415 30,783
related funds
UK Money market funds (f) 4,977 (683) - (683) (444) (1,127) 3,850
India cash funds (f) (g) 1,263 1,774 - 1,774 (810) 964 2,227
Total worldwide investment products 31,608 5,175 (1,959) 3,216 2,036 5,252 36,860
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 funds under management is shown below.
Opening FUM Gross inflows Redemptions Net inflows Market and other Net movement Closing FUM
1 Jan 2009 movements in FUM 30 Sep 2009
£m £m £m £m £m £m £m
Third party investment 31,608 5,175 (1,959) 3,216 2,036 5,252 36,860
products
Third party insurance 13,861 2,149 (1,083) 1,066 2,266 3,332 17,193
contracts
(new business classified as
insurance products)
Total third party assets under 45,469 7,324 (3,042) 4,282 4,302 8,584 54,053
management
Standard Life Investments - 123,835 136,942
total assets under management
(a) Included within mutual funds are cash inflows which have also been reflected in UK and Canada mutual fund new business sales.
(b) In the nine months to 30 September 2008 UK mutual funds gross inflows were £925m and net inflows were £57m.
(c) In the nine months to 30 September 2008 Canadian mutual funds gross inflows were £185m and net inflows were £53m.
(d) Separate mandates refers to investment funds products sold in Canada exclusively to institutional customers. These products contain no insurance risk and consist primarily of defined benefit pension plan assets for which Standard Life Investments exclusively provides portfolio advisory services.
(e) 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 under money market and related funds in the table.
(f) Due to the nature of the 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 FUM.
(g) Historically, the Indian cash fund flows were calculated on the spot rate balances. Due to the volatility of these funds, the approach has been changed to ensure consistency with the methodology applied to UK money market funds.
(h) Funds denominated in foreign currencies have been translated to Sterling using the closing exchange rates at 30 September 2009. 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 30 September 2009 were £1: C$1.72 (31 December 2008: £1:C$1.77) and £1:EUR1.09 (31 December 2008: £1: EUR1.03). The principal average exchange rates for the nine months to 30 September 2009 were £1: C$1.79 (2008: £1: C$1.98) and £1: EUR1.12 (2008: £1: EUR1.29).
Insurance operations net flows (regulatory basis)
3 months ended 30 September 2009
Gross inflows Redemptions Net inflows Gross inflows Redemptions Net inflows
3 months to 3 months to 3 months to 3 months to 3 months to 3 months to
30 Sep 2009 30 Sep 2009 30 Sep 2009 30 Sep 2008 30 Sep 2008 30 Sep 2008
£m £m £m £m £m £m
UK
Individual SIPP (a) 649 (285) 364 689 (205) 484
Individual pensions 209 (540) (331) 257 (741) (484)
Group pensions (a) 570 (279) 291 609 (293) 316
Institutional pensions 612 (270) 342 629 (268) 361
Pensions 2,040 (1,374) 666 2,184 (1,507) 677
Investment bonds 59 (274) (215) 194 (386) (192)
Mutual funds (b) (c) 263 (61) 202 184 (87) 97
Savings and investments 322 (335) (13) 378 (473) (95)
Annuities 133 (282) (149) 136 (264) (128)
Protection 23 (13) 10 27 (16) 11
Legacy life 97 (390) (293) 114 (534) (420)
UK life and pensions (d) (e) 2,615 (2,394) 221 2,839 (2,794) 45
Europe
Ireland (d) 244 (234) 10 257 (143) 114
Germany 188 (22) 166 177 (17) 160
Europe life and pensions 432 (256) 176 434 (160) 274
Canada
Group savings and retirement 342 (238) 104 257 (255) 2
Individual insurance, savings 217 (162) 55 92 (149) (57)
and retirement
Group insurance 88 (70) 18 77 (45) 32
Mutual funds (b) 53 (41) 12 49 (38) 11
Canada life and pensions 700 (511) 189 475 (487) (12)
Total worldwide life and 3,747 (3,161) 586 3,748 (3,441) 307
pensions excluding Asia
(a) Included within non-insured SIPP is an element which is also included within UK mutual fund net flows in the third party Investment operations figures.
(b) The mutual funds net flows are also included within mutual fund net flows in the third party Investment operations figures.
(c) UK figures include Sigma UKFS mutual funds. 2008 figures have been re-stated to reflect inclusion of these mutual funds. The total net outflow for the period was £13m (2008: £54m outflow).
(d) The offshore business is shown within the total Ireland result. This was previously included within UK life and pensions. The total net inflow for the period was £23m (2008: £155m inflow).
(e) UK life and pensions include a total net outflow of £486m in relation to conventional with profits business (2008: £611m outflow).
Insurance operations new business
3 months ended 30 September 2009
Single Premiums New Regular Premiums PVNBP
3 months to 30 Sep 3 months to 30 Sep 3 months to 30 Sep 3 months to 30 Sep 3 months to 30 Sep 3 months to 30 Sep Change Change in constant
2009 2008 2009 2008 2009 2008 (g) currency
(g) (h)
£m £m £m £m £m £m % %
UK
Individual SIPP (a) 587 738 12 15 642 815 (21%) (21%)
Individual pensions (b) 85 118 5 7 97 136 (29%) (29%)
Group pensions (a) (b) 140 203 65 85 378 489 (23%) (23%)
Institutional pensions 477 590 (4) - 470 590 (20%) (20%)
Pensions 1,289 1,649 78 107 1,587 2,030 (22%) (22%)
Investment bonds 40 161 - - 40 161 (75%) (75%)
Mutual funds (c) 260 177 4 2 288 195 48% 48%
Savings and investments 300 338 4 2 328 356 (8%) (8%)
Annuities 95 109 - - 95 109 (13%) (13%)
Protection - - - 1 - 2 (100%) (100%)
UK life and pensions (d) 1,684 2,096 82 110 2,010 2,497 (20%) (20%)
Europe
Ireland (d) 211 219 2 2 217 234 (7%) (10%)
Germany 5 10 6 13 80 140 (43%) (49%)
Europe life and pensions 216 229 8 15 297 374 (21%) (26%)
Canada
Group savings and retirement 131 65 6 8 214 176 22% 11%
Individual insurance, savings 192 67 1 - 202 72 181% 153%
and retirement
Group insurance (e) - - 7 9 117 64 83% 64%
Mutual funds 53 49 - - 53 49 8% (4%)
Canada life and pensions 376 181 14 17 586 361 62% 47%
Asia
India (f) 3 2 21 26 98 95 3% (2%)
China (f) 8 14 2 2 22 24 (8%) (24%)
Hong Kong 3 2 6 3 32 14 129% 95%
Asia life and pensions 14 18 29 31 152 133 14% 5%
Total worldwide life and 2,290 2,524 133 173 3,045 3,365 (10%) (12%)
pensions
(a) Included within non-insured SIPP is an element which is also included within UK mutual fund net flows in the third party Investment operations figures.
(b) Single premiums include Department of Work and Pensions rebate premiums of £75m (2008: £93m), comprising Individual pension rebates of £41m (2008: £48m) and Group pensions rebates of £34m (2008: £45m).
(c) UK figures include Sigma mutual funds. 2008 figures have been re-stated to reflect inclusion of these mutual funds. The 2009 impact is £39m (2008: £26m).
(d) The offshore business is shown within the total Ireland result, comprising single premiums of £79m (2008: £163m) and PVBNP of £79m (2008: £163m). This was previously included within UK life and pensions.
(e) Canada Group insurance includes £0.1m (2008: £nil) of new regular premiums in respect of Consultaction policies, representing the comparable full premium for £nil (2008: £nil) of new annualised fee income.
(f) Standard Life's share of the Joint Venture Company's new business.
(g) % change is calculated on the figures rounded to millions.
(h) Calculated using constant rates of exchange.
(i) New business gross sales for overseas operations are calculated using average exchange rates. The principal average rates for the nine months to 30 September 2009 were £1:C$1.79 (2008: £1: C$1.98) and £1: EUR1.12 (2008:£1:EUR1.29). Investment operations
3 months ended 30 September 2009
Opening FUM Gross inflows Redemptions Net inflows Market and other Net movement Closing FUM
1 July 2009 movements in FUM 30 Sep 2009
£m £m £m £m £m £m £m
UK Mutual funds (a) 4,705 372 (b) (241) 131 661 792 5,497
Private equity 3,414 4 (1) 3 219 222 3,636
Segregated funds 10,995 338 (256) 82 1,474 1,556 12,551
Pooled property 832 - - - 277 277 1,109
funds
Total UK 19,946 714 (498) 216 2,631 2,847 22,793
Canada Mutual funds (a) 1,267 60 (c) (47) 13 233 246 1,513
Separate mandates 1,655 780 (10) 770 326 1,096 2,751
(d)
Total Canada 2,922 840 (57) 783 559 1,342 4,264
International Europe 1,500 180 (10) 170 215 385 1,885
Asia (excluding 87 1 (1) - 4 4 91
India)
India (e) 1,595 (114) - (114) 269 155 1,750
Total International 3,182 67 (11) 56 488 544 3,726
Total worldwide investment products excluding money market and 26,050 1,621 (566) 1,055 3,678 4,733 30,783
related funds
Money market funds (f) 4,770 (1,117) - (1,117) 197 (920) 3,850
India cash funds (f) (g) 1,981 888 - 888 (642) 246 2,227
Total worldwide investment products 32,801 1,392 (566) 826 3,233 4,059 36,860
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 funds under management is shown below.
Opening FUM Gross inflows Redemptions Net inflows Market and other Net movement Closing FUM
1 July 2009 movements in FUM 30 Sep 2009
£m £m £m £m £m £m £m
Third party investment 32,801 1,392 (566) 826 3,233 4,059 36,860
products
Third party insurance 14,523 721 (379) 342 2,328 2,670 17,193
contracts
(new business classified as
insurance products)
Total third party assets under 47,324 2,113 (945) 1,168 5,561 6,729 54,053
management
Standard Life Investments - 121,552 136,942
total assets under management
(a) Included within mutual funds are cash inflows which have also been reflected in UK and Canada mutual fund new business sales.
(b) In the three months to 30 September 2008 UK mutual funds gross inflows were £352m and net inflows were £53m.
(c) In the three months to 30 September 2008 Canadian mutual funds gross inflows were £55m and net inflows were £13m.
(d) Separate mandates refers to investment funds products sold in Canada exclusively to institutional customers. These products contain no insurance risk and consist primarily of defined benefit pension plan assets for which Standard Life Investments exclusively provides portfolio advisory services.
(e) 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 under money market and related funds in the table.
(f) Due to the nature of the 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 FUM.
(g) Historically, the Indian cash fund flows were calculated on the spot rate balances. Due to the volatility of these funds, the approach has been changed to ensure consistency with the methodology applied to UK money market funds. Included within the net flows for the period is £272m relating to prior period Indian cash fund net flows.
(h) Funds denominated in foreign currencies have been translated to Sterling using the closing exchange rates at 30 September 2009. 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 30 September 2009 were £1: C$1.72 (30 June 2009: £1: C$1.91) and £1:EUR1.09 (30 June 2009: £1: EUR1.17). The principal average exchange rates for the nine months to 30 September 2009 were £1: C$1.79 (2008: £1: C$1.98) and £1: EUR1.12 (2008: £1: EUR1.29).
Insurance operations new business
15 months ended 30 September 2009
Present Value of New Business Premiums (PVNBP)
3 months to 30 Sep 2009 3 months to 30 June 2009 3 months to 31 Mar 3 months to 3 months to 30 Sep 2008
2009 31 Dec 2008(d)
£m £m £m £m £m
UK
Individual SIPP 642 696 841 870 815
Individual pensions 97 191 91 87 136
Group pensions 378 911 616 464 489
Institutional pensions 470 525 419 272 590
Pensions 1,587 2,323 1,967 1,693 2,030
Investment bonds 40 70 84 112 161
Mutual funds (a) 288 266 276 172 195
Savings and investments 328 336 360 284 356
Annuities 95 110 148 110 109
Protection - 1 1 1 2
UK life and pensions (b) 2,010 2,770 2,476 2,088 2,497
Europe
Ireland (b) 217 208 164 417 234
Germany 80 86 99 178 140
Europe life and pensions 297 294 263 595 374
Canada
Group savings and retirement 214 393 357 204 176
Individual insurance, savings 202 130 110 110 72
and retirement
Group insurance 117 145 115 62 64
Mutual funds 53 49 53 49 49
Canada life and pensions 586 717 635 425 361
Asia
India (c) 98 58 145 70 95
China (c) 22 23 33 43 24
Hong Kong 32 23 14 9 14
Asia life and pensions 152 104 192 122 133
Total worldwide life and 3,045 3,885 3,566 3,230 3,365
pensions
(a) UK figures include Sigma UKFS mutual funds. 2008 figures have been re-stated to reflect inclusion of these mutual funds.
(b) 2008 comparatives have been restated to reflect the inclusion of Offshore business within the total Ireland result. The impact on the three months to 31 December 2008: £228m; 30 September 2008: £163m. This was previously included within UK life and pensions.
(c) Amounts shown reflect Standard Life's share of the Joint Venture Company's new business.
(d) The three month period to 31 December 2008 excludes the full impact of 2008 year end changes to non-economic assumptions. The effect of changes to year end non-economic assumptions was an increase in total PVNBP of £33m in the final PVNBP results published in the 2008 Preliminary results.
Insurance operations net flows (regulatory
basis)
15 months ended 30 September 2009
Net flows
3 months to 30 Sep 2009 3 months to 30 June 2009 3 months to 31 Mar 3 months to 3 months to 30 Sep 2008
2009 31 Dec 2008
£m £m £m £m £m
UK
Individual SIPP 364 518 441 545 484
Individual pensions (331) (228) (370) (500) (484)
Group pensions 291 378 293 278 316
Institutional pensions 342 279 281 30 361
Pensions 666 947 645 353 677
Investment bonds (215) (309) (516) (192) (192)
Mutual funds (a) 202 172 164 82 97
Savings and investments (13) (137) (352) (110) (95)
Annuities (149) (136) (89) (135) (128)
Protection 10 11 7 13 11
Legacy life (293) (292) (469) (359) (420)
UK life and pensions (b) 221 393 (258) (238) 45
Europe
Ireland (b) 10 53 9 250 114
Germany 166 162 164 231 160
Europe life and pensions 176 215 173 481 274
Canada
Group savings and retirement 104 83 80 59 2
Individual insurance, savings 55 (27) (43) (48) (57)
and retirement
Group insurance 18 15 16 31 32
Mutual funds 12 11 4 6 11
Canada life and pensions 189 82 57 48 (12)
Total worldwide life and 586 690 (28) 291 307
pensions
excluding Asia
(a) UK figures include Sigma UKFS mutual funds. 2008 figures have been re-stated to reflect inclusion of these mutual funds. The impact on the three months to 31 December 2008: £41m outflow; 30 September 2008: £54m outflow.
(b) 2008 comparatives have been restated to reflect the inclusion of Offshore business within the total Ireland result. The impact on the three months to 31 December 2008: £212m inflow; 30 September 2008: £155m inflow. This was previously included within UK life and pensions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 28-10-09 | AFX UK Focus |
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LONDON, Oct 28 (Reuters) - M&G, the fund arm of UK insurer Prudential, on Tuesday posted a near 50-percent rise in net inflows over the third quarter after sitting in a sweet spot as demand for bond funds spiked among retail investors.
(Reporting by Raji Menon and Joel Dimmock) ($1=.6107 Pound) Keywords: PRUDENTIAL/M&G (raji.menon@thomsonreuters.com; +44 (0) 20 7542 3551; raji.menon.thomsonreuters.com@reuters.net)) (For the Hedge Hub blog: http://blogs.reuters.com/hedgehub) (For Global Investing: http://blogs.reuters.com/globalinvesting)
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| 28-10-09 | RNS |
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RNS Number : 4978B Standard Life plc 28 October 2009 Standard Life plc Board Change The Board of Standard Life plc ('the Company') announces today that David Grigson has been appointed as a non-executive director of the Company with effect from 1 November 2009. Commenting on the appointment Gerry Grimstone, Chairman of the Company said: "I am very pleased that David has agreed to join our Board. As a former top Chief Financial Officer of a FTSE 100 company, he brings us a wealth of experience both in the UK and internationally." Following this appointment, the Board of Standard Life plc comprises three executive directors and eight non-executive directors, including the Chairman. Regulatory approval for the appointment has been obtained and no other information is required to be disclosed pursuant to paragraph LR 9.6.13R of the Listing Rules of the Financial Services Authority. 28 October 2009 Enquiries:
END Notes to Editors Biographical Details David Grigson has spent much of his career in senior financial executive positions, firstly with EMAP where he served as Group Finance Director from 1989 to 2000, and more recently with Reuters Group plc, where he was Chief Financial Officer from 2000 to 2008 when Reuters Group integrated with Thomson to form Thomson Reuters Group Limited. Prior to joining EMAP in 1989, he held financial director positions in Saatchi & Saatchi's international operations. He has been a non-executive director of The Carphone Warehouse Group PLC since 2007, where he chairs the audit committee. David is a Fellow of The Institute of Chartered Accountants in England and Wales. This information is provided by RNS The company news service from the London Stock Exchange END
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| 27-10-09 | RNS |
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RNS Number : 4631B Standard Life plc 27 October 2009 Standard Life plc Standard Life plc ('the Company') was advised today by Capita Registrars Limited that the under mentioned executive directors and other persons discharging managerial responsibilities acquired the following interests in ordinary shares on 26 October 2009 as a result of participation in The Standard Life Share Plan:
Executive Directors
Other PDMRs
Each individual also received from the Company 10 free shares (except Mr Iannicelli who received the right to acquire 12 matching shares at a future date) in accordance with the share purchase matching commitment under the Share Plan. This notice is given in fulfilment of obligations under DTR 3.1.4 (R). 27 October 2009 Enquiries: Julie Durie, Group Secretariat, 0131 245 6772 Barry Cameron, Media Relations, 0131 245 6165 Gordon Aitken, Investor Relations, 0131 245 6799
END This information is provided by RNS The company news service from the London Stock Exchange END
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| 26-10-09 | AFX UK Focus |
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Oct 26 (Reuters) - Standard Life Plc:
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 26-10-09 | AFX UK Focus |
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By Steve Slater
LONDON, Oct 26 (Reuters) - Barclays Plc bought the bank arm of British insurer Standard Life Plc for 226 million pounds ($369 million) on Monday to build up its UK mortgage and savings business.
($1=.6119 Pound) (Editing by Will Waterman) Keywords: BARCLAYS STANDARDLIFE/ (steve.slater@reuters.com; +44 207 542 4367; Reuters Messaging: steve.slater.reuters.com@reuters.net)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 26-10-09 | AFX UK Focus |
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LONDON, Oct 26 (Reuters) - Barclays Plc bought the bank arm of British insurer Standard Life Plc for 226 million pounds ($369 million) on Monday, in a move to build up its UK mortgage and savings business.
(Reporting by Steve Slater; Editing by David Holmes) ($1=.6119 Pound) Keywords: BARCLAYS STANDARDLIFE/ (steve.slater@reuters.com; +44 207 542 4367; Reuters Messaging: steve.slater.reuters.com@reuters.net)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 26-10-09 | AFX UK Focus |
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LONDON, Oct 26 (Reuters) - Barclays Plc:
Barclays ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 26-10-09 | RNS |
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RNS Number : 3795B Standard Life plc 26 October 2009 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION Standard Life plc 26 October 2009
SALE OF STANDARD LIFE BANK TO BARCLAYS AND STRATEGIC AGREEMENT BETWEEN STANDARD LIFE AND BARCLAYS UK RETAIL BANKING Highlights
enter into a strategic agreement. Standard Life plc ("Standard Life") today announces it has entered into an agreement with Barclays Bank PLC ("Barclays"), to sell Standard Life Bank plc ("Standard Life Bank"), its UK mortgage and savings business. The consideration of at least £226 million is payable in cash upon completion, subject to adjustment based on changes to Standard Life Bank's tangible net assets at completion. As previously announced, Standard Life has limited the lending activity of Standard Life Bank during the recent economic downturn. Standard Life no longer sees growing the volume of lending activity as being consistent with the long-term financial objectives of the group. The transaction is therefore in the best interests of the group, its shareholders and its customers. Separately, Standard Life and Barclays UK Retail Banking have agreed heads of terms to enter into a strategic agreement to explore joint opportunities in the UK retail long-term savings and investments sector. The initial focus is expected to be on the development of a simplified pension product. Thereafter, both parties will continue to explore and develop further opportunities in this market. Commenting on the transaction, Sir Sandy Crombie, Group Chief Executive of Standard Life said: "Since its launch in 1998 Standard Life Bank has grown steadily, but we no longer believe that increasing the lending activity of the bank is consistent with our long-term financial objectives. The transaction we have agreed with Barclays, along with the strategic agreement we have also announced today, supports our plan for growth as an asset managing business and will result in significant potential for future value creation for both parties. "Barclays is an attractive partner for Standard Life, and also provides continuing security for the existing depositors and bondholders of Standard Life Bank. We look forward to working with Barclays to shape this strategic agreement and explore new market opportunities." Standard Life Bank is Standard Life's wholly owned UK mortgage and savings subsidiary, with outstanding mortgage loans of £8.8 billion and customer deposits of £5.5 billion at 30 June 2009. For the year ended 31 December 2008, Standard Life Bank reported IFRS underlying profit before tax of £26 million. (Note 1) On completion of the transaction, the 268 employees who support Standard Life's UK mortgage and savings business will transfer to Barclays, in accordance with TUPE (Note 2) transfer regulations. The sale will result in a reduction of group tangible shareholders' equity of approximately £40 million on completion. The cash proceeds will be retained for general corporate purposes and Standard Life's regulatory capital surplus will remain strong at approximately £3.1 billion (Note 3). The transaction is subject to certain conditions, including regulatory approval, and is expected to complete in January 2010. BofA Merrill Lynch is acting as sole financial adviser to Standard Life in connection with the transaction. BofA Merrill Lynch and UBS are acting as joint corporate brokers.
Enquiries: Standard Life
Media
Barry Cameron
Institutional Equity Investors
Gordon Aitken
+44 (0)131 245 6799
Debt Investors Andy Townsend +44 (0)131 245 7260
BofA Merrill Lynch
Henrietta Baldock
UBS
Tim Waddell
Barclays
Media
Alistair Smith
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Note 1 - Per Standard Life Group Annual Report and Accounts 2008 Note 2 - Transfer of Undertakings (Protection of Employment) Regulations 2006 Note 3 - As at 30 June 2009
Notes to editors:
Note 1 - New business sales are measured on a Present Value of New Business Premium (PVNBP) basis. This information is provided by RNS The company news service from the London Stock Exchange END
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| 26-10-09 | RNS |
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RNS Number : 3794B Barclays PLC 26 October 2009 26 October 2009 Barclays PLC Barclays to acquire Standard Life Bank Barclays Bank PLC ("Barclays") has agreed to acquire Standard Life Bank Plc ("Standard Life Bank") from Standard Life Plc ("Standard Life") for a consideration of £226m, payable in cash upon completion. Under the terms of the transaction, Barclays will acquire a savings book of approximately £5.5bn, as at 30 June 2009, and a mortgage book with outstanding balances of approximately £8.8bn, as at 30 June 2009, with an average indexed loan to value ratio of 48% at that date. On completion, approximately 270 Standard Life employees will transfer to Barclays. Standard Life Bank reported IFRS underlying profit before tax of £26m for the year ended 31 December 2008 and £15m for the half-year ended 30 June 2009. Standard Life has confirmed to Barclays that Standard Life Bank has traded well since 30 June 2009. The price is based on an estimated tangible net book value of £293m and is subject to adjustment based on changes to Standard Life Bank's tangible net book value at completion. Completion is subject, amongst other things, to regulatory approval and is expected to occur in the first quarter of 2010. Separately, Barclays UK Retail Banking and Standard Life have also agreed heads of terms to enter into a strategic agreement to explore joint opportunities in the UK retail long-term savings and investments sector. The initial focus is expected to be on the development of a multi-channel, simplified pension product. Frits Seegers, Chief Executive of Barclays Global Retail and Commercial Banking, said: "The acquisition of Standard Life Bank is a good fit with Barclays existing UK retail banking business. This transaction brings to Barclays high-quality savings and mortgage books, and an attractive customer base. We also look forward to working together with Standard Life in the long-term savings and investments sector. We believe that we will be able to drive significant value for customers and shareholders - both through this acquisition and through the strategic initiative."
For further information, please contact: Barclays
Standard Life
Notes to editors: As at 30 June 2009, Barclays UK Retail Banking had approximately 13.0m savings accounts and total customer deposit balances of £88.5bn. As at 30 June 2009, Standard Life Bank had approximately 287,000 savings accounts and total customer deposit balances of £5.5bn. As at 30 June 2009, Barclays UK Retail Banking had approximately 824,000 mortgage accounts and a total mortgage book of £84.4bn. The average loan to value ratio of the mortgage book on a current valuation basis was 44%, and the average loan to value ratio of new mortgage lending was 46%. For the six months to 30 June 2009, net new mortgage lending was £2.2bn in a market of £1.1bn. Three-month arrears were 1.16%. As at 30 June 2009, Standard Life Bank had approximately 78,000 mortgage accounts and a total mortgage book of £8.8bn. The average indexed loan to value of the mortgage book was 48%. Three-month arrears were 0.68%. About Barclays Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the USA, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 145,000 people. Barclays moves, lends, invests and protects money for over 49 million customers and clients worldwide. For further information about Barclays, please visit our website www.barclays.com. About Standard Life Standard Life is a major asset managing company headquartered in Edinburgh and operating across the globe. Established in 1825, Standard Life provides life assurance and pensions, investment management, banking and healthcare insurance products to over 6.5 million customers worldwide. The Group has around 10,000 employees across the UK, Canada, Ireland, Germany, Austria, India, USA, Hong Kong and mainland China. At the end of June 2009 the Group had total assets under administration of £156.5bn. Forward-looking statements This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to certain of the Group's plans and its current goals and expectations relating to its future financial condition and performance. Barclays cautions readers that no forward-looking statement is a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as "may", "will", "seek", "continue", "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe" or other words of similar meaning. Examples of forward-looking statements include, among others, statements regarding the Group's future financial position, income growth, assets, impairment charges, business strategy, capital ratios, leverage, payment of dividends, projected levels of growth in the banking and financial markets, projected costs, estimates of capital expenditures, and plans and objectives for future operations and other statements that are not historical fact. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, including, but not limited to, UK domestic and global economic and business conditions, the effects of continued volatility in credit markets, market related risks such as changes in interest rates and exchange rates, effects of changes in valuation of credit market exposures, changes in valuation of issued notes, the policies and actions of governmental and regulatory authorities, changes in legislation, the further development of standards and interpretations under International Financial Reporting Standards (IFRS) applicable to past, current and future periods, evolving practices with regard to the interpretation and application of standards under IFRS, the integration of the Lehman Brothers North American businesses into the Group's business and the quantification of the benefits resulting from such acquisition, the proposed disposal of Barclays Global Investors and the impact on the Group, the outcome of pending and future litigation, the success of future acquisitions and other strategic transactions and the impact of competition - a number of which factors are beyond the Group's control. As a result, the Group's actual future results may differ materially from the plans, goals, and expectations set forth in the Group's forward-looking statements. Any forward-looking statements made herein speak only as of the date they are made. Except as required by the UK Financial Services Authority, the London Stock Exchange or applicable law, Barclays expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in Barclays expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any additional disclosures that Barclays has made or may make in documents it has filed or may file with the SEC. <HR>--------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange END
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