Standard Life reports improving 2009 second quarter results in Canada



    
        Note: All figures are based on Canadian GAAP measures. All
       comparisons are in Canadian dollars and are with Q2 2008, unless
                              otherwise stated.
    

    MONTREAL, Aug. 5 /CNW Telbec/ - Standard Life Financial Inc. today
reported a net income of $48 million for the second quarter of 2009, an
increase of 35% compared to a net income of $35 million reported in the second
quarter of 2008. Its subsidiary and main operating entity, The Standard Life
Assurance Company of Canada, reported a solvency ratio of 206% up from 203%
reported as at March 31, 2009, without any need to access additional capital.
    Standard Life Financial Inc. is part of the UK-based group Standard Life
plc (LSE: SL.L), which published detailed results as at June 30, 2009, earlier
today.
    "I am pleased that Standard Life's Canadian business continues to
contribute positively to the capital strength and resilience of our group,"
said Joseph Iannicelli, President. "We delivered positive Q2 operating results
in Canada that have had a favourable impact on year-to-date results, despite
the difficult market conditions. They were underpinned by improving sales
traction and by continued strong client retention. We are particularly
encouraged by the progress that has been made in our retail product lines
following the repositioning of the business."
    Excluding the impact of a large defined benefit administration mandate
secured in 2008 and an extraordinary defined contribution win in 2009, overall
premiums and deposits grew 7.5% to $1.1 billion. Client retention remained at
94.3%.
    Premiums and deposits for retail retirement, savings and life insurance
products, excluding mutual funds, increased by 41% to $265 million. However,
the challenging Canadian retail market is reflected in lower sales of mutual
funds by 21%. Premiums and deposits in the company's core defined contribution
segment of its group savings and retirement business increased slightly to
$471 million. Group insurance premiums were up by 5% to $159 million.
    "Our operating performance remains positive, but we remain cautious about
growth prospects in the short term due to the weak economy. We believe that we
can take advantage of the momentum we've gained in our retail business. We are
also well positioned to continue leveraging our strengths in our core chosen
segments of defined contribution pension and disability insurance," concluded
Iannicelli.

    About Standard Life

    With 10,000 employees globally, Standard Life plc is a major
international financial services group headquartered in Scotland. It provides
asset-managing services for retirement, investment and protection to over 6.5
million customers globally. It had $278.9 billion in assets under
administration, as at June 30, 2009. It has offices in the United Kingdom,
Canada, Ireland, Germany, Austria, India, China and Hong Kong.
    Standard Life Financial Inc., of which the main operating unit is The
Standard Life Assurance Company of Canada, is Standard Life plc's largest
operation outside the U.K., with 2,000 employees based in Montreal and across
Canada, serving more than 1.3 million Canadians, including group insurance and
pension plan participants. The Standard Life Assurance Company of Canada had
$33.7 billion of assets under administration, as at June 30, 2009.
    Standard Life plc has around 1.5 million shareholders in over 50
countries, including over 13,500 institutional and individual shareholders in
Canada. It has been trading on the London Stock Exchange since The Standard
Life Assurance Company demutualized in 2006. Standard Life plc is listed on
the FTSE 100, Europe's largest index, and on the FTSE4Good Index, which
identifies companies adhering to globally recognized corporate responsibility
standards.

    Forward-looking statements

    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.

    Note to editors:

    You can access Standard Life plc 2009 half-year results from the Latest
News section at www.standardlife.ca




For further information:

For further information: Ann-Marie Gagné, Manager, external
communications and public affairs, (514) 499-7999, ext. 4600,
ann-marie.gagne@standardlife.ca

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