Final Results - Part 1 of 5
Part 1 of 5
Increased operating profits and cash flow delivered in challenging market conditions
Continuing growth in assets and strong net flows
-- Long-term savings new business sales up 7% to GBP19.7bn (2010: GBP18.5bn)
-- Long-term savings net inflows of GBP4.0bn(1) (2010: GBP4.7bn(1) )
-- Standard Life Investments third party net inflows of GBP4.3bn(1,2) (2010: GBP5.7bn(1,2) ) and third party assets under management (AUM) of GBP71.8bn (2010: GBP67.7bn(2) )
-- Group assets under administration of GBP198.4bn (2010: GBP192.9bn(2) )
Operating profit(3) increased by 28%
-- Including fee based revenue up 8% to GBP1,223m (2010: GBP1,131m)
-- Lower unit costs with acquisition expenses of 140bps (2010: 149bps) and maintenance expenses of 41bps (2010: 42bps)
-- Operating profit before tax from continuing operations up 28% to GBP544m (2010: GBP425m)
-- IFRS profit after tax attributable to equity holders of GBP298m (2010: GBP432m) lower largely due to year end financial market levels
Capital and cash generation increased by 53%, dividend up 6.2% and strong capital position
-- EEV operating capital and cash generation 53% higher at GBP438m (2010: GBP287m)
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Final dividend up 6.4% to 9.20p, resulting in total dividend for 2011 up 6.2% to 13.80p
-- IGD surplus of GBP3.1bn (2010: GBP3.8bn) following successful tender for EUR687m of lower tier two subordinated liabilities
Delivering for our customers
-- Now over 1,000 adviser firms on Wrap with platform assets reaching GBP11.4bn
-- Continued growth of MyFolio with assets now exceeding GBP1.0bn and launch of suite of income funds
-- HDFC Asset Management Company is the largest mutual fund company in India with AUM of GBP9.8bn