All figures are based on IFRS and are shown in Canadian dollars. All
comparisons are with the corresponding period of 2012, unless otherwise
Total assets under administration up 4% to $46.1 billion
Fee-based assets under administration increased 14% to $28.2 billion
Segregated funds sales up 66% to $321.7 million
MONTREAL, Oct. 30, 2013 /CNW Telbec/ - Standard Life Financial Inc.
("Standard Life") today reported that premiums and deposits were stable
at $4.3 billion for the first nine months of 2013 and reached
$1.4 billion in the third quarter (2012: $1.6 billion). These results
reflect a strong performance in the company's retail investment funds.
Charles Guay, President, said: "We're seeing strong momentum in our
retail business. We continue to gain ground with the fastest growing
segregated funds offering in Canada, to add innovative funds to our
offering, and to leverage the global expertise and capabilities of our
asset manager, Standard Life Investments."
Mr. Guay added: "I'm pleased with the work we've accomplished,
especially with continuing to address the needs of our customers. We
just launched our Financial Inertia Program. This is a major commitment to encouraging Canadians to become more
proactive in managing their savings and investments. We also completely
revamped our Education Centre to help employees who have a group
savings and retirement plan with Standard Life to gain more confidence
and be more engaged in planning their financial future."
Increase in fee-based assets under administration
Total assets under administration were up 4% over last year to $46.1
billion (2012: $44.3 billion), mainly due to net inflows and positive
market movement. Fee-based assets under administration increased by 14%
over last year to $28.2 billion (2012: $24.8 billion).
Momentum in retail business
Overall premiums and deposits for retail savings and investment
solutions increased by 12% to $1.4 billion for the first nine months of
2013 (2012: $1.2 billion), and by 32% to $471 million in the third
quarter (2012: $357.5 million). The growth was driven by the continued
success of Standard Life's retail segregated funds, which grew 22% to
$922.7 million year-to-date (2012: $755.5 million), and 66% over the
same quarter last year, to $321.7 million (2012: $194.1 million).
Continued growth in defined contributions retirement plans
Overall premiums and deposits from the group savings and retirement
business amounted to $2.3 billion for the first nine months of 2013
(2012: $2.4 billion), and to $725 million in the third quarter (2012:
$984 million), impacted by the uneven pattern of this business.
Premiums and deposits in the core segment of defined contribution plans
improved by 4.5% to $1.9 billion year-to-date (2012: $1.8 billion), and
were up slightly to $566 million in the third quarter (2012: $565
Group insurance and disability management activities were in line with
the first nine months of last year at $532 million (2012: $533
million), and experienced a 3% decrease to $174 million in the third
quarter (2012: $180 million).
Solid capital position maintained
Standard Life Financial's main operating subsidiary, The Standard Life
Assurance Company of Canada, reported a solvency ratio of 245% at the
end of September (June 2013: 263%) following a dividend payment of $205
million to Standard Life plc.
This press release may contain forward-looking statements about certain
of Standard Life's current plans, goals and expectations relating to
future financial conditions, performance, results, strategy and
objectives. Statements containing the words: 'believes', 'intends',
'expects', 'plans', 'seeks' and 'anticipates' and any other words of
similar meaning are forward-looking. All forward-looking statements
involve risk and uncertainty because they relate to future events and
circumstances beyond Standard Life's control. As a result, Standard
Life's actual financial condition, performance and results may differ
materially from the plans, goals and expectations set out in the
forward-looking statements. The company will not undertake any
obligation to update any of the forward-looking statements in this
press release or any other forward-looking statements that it may make.
Notes to Editors
Total premiums and deposits reported in Q3 of 2013 include those
generated by individual life insurance products sold prior to 2012. The
Standard Life Assurance of Canada stopped selling individual life
insurance and critical illness products in 2012, but continues to
service the in-force block of business.
Premiums and deposits is a non-IFRS measure. Standard Life includes in
its calculation deposits from segregated and mutual funds, and premium
equivalents of administrative services only (ASO).
As per UK securities regulations, Standard Life plc issues trading
results and interim management statements for the three months ending
March 31, and the nine months ending September 30. It reports full
results for the six months ending June 30, and the twelve months ending
December 31. Standard Life Financial Inc. follows the same schedule.
In May 2013, Standard & Poor's reaffirmed the financial strength ratings
of Standard Life's main operating company in Canada at 'A+.
Standard Life plc (LSE: SL.L) 2013 Q3 results published earlier today
are available online.
About Standard Life
Standard Life provides long-term savings, investment and insurance
solutions to more than 1.4 million Canadians, including group
retirement and insurance plan members. Standard Life in Canada has been
doing business for 180 years and has approximately 2,000 employees. It
operates under Standard Life Financial Inc., which wholly owns The
Standard Life Assurance Company of Canada and Standard Life Mutual
Standard Life Financial is the largest operation outside the United
Kingdom of Standard Life plc, its parent company headquartered in
Edinburgh, Scotland. Standard Life plc has around six million customers
worldwide and operates in the UK, Canada, Europe, Asia, the Middle East
and globally with Standard Life Investments Ltd.
Standard Life plc had $396 billion in assets under administration,
including $46.1 billion in Canada through Standard Life Financial Inc.
(at September 30, 2013).
SOURCE: Standard Life
For further information:
514-499-7999 or 1-877-499-9555, ext. 4600