Note: All figures are based on IFRS and are shown in Canadian dollars.
All comparisons are with the corresponding period of 2012, unless
-- Premiums and deposits increased by 11.6% to $1.6 billion
-- Assets under administration grew by 9.7% to $46 billion
-- A solvency ratio of 262%
MONTREAL, April 24, 2013 /CNW Telbec/ - Standard Life Financial Inc.
("Standard Life") today reported premiums and deposits rose 11.6% to
$1.6billion (2012: $1.4 billion). The business delivered steady growth in
its group savings and retirement business and a slight increase in its group
benefit and disability management business. Figures for the retail savings and
investment solutions performed in line with last year. Assets under
administration were up by 9.7% to $46 billion (Q1 2012: $42 billion); an
increase of 2.8% from $45 billion at 2012 year end.
Charles Guay, President of Standard Life, said: "Our quarterly performance
shows we continue to build momentum. We are delivering on our value-added
solutions to customers and are well positioned to benefit from the growing
pension market in Canada. We continue to focus on actions to increase the
profitability and lower the level of risk in our business."
Group savings and retirement premiums and deposits rose to $892 million (2012:
$730 million), representing an increase of 22.2%. The company also secured
interest in its recently launched Pension in a Box: a simple, flexible
solution for small and medium sized enterprises.
Group benefits and disability management premiums grew by 3.5% to $182 million
(2012: $176 million). Most of the increase was driven by disability management
solutions. To meet the growing demand for health risk evaluation tools and
workplace health programs, the company also enhanced its life health and
Premiums and deposits for retail savings and retirement solutions were in line
with last year at $466 million (2012: $467 million). Standard Life's Ideal
Segregated Funds remained popular with investors with premiums and deposits up
6.5% to $316million (2012: $297 million). Excluding the discontinued Ideal
Income Series guaranteed lifetime withdrawal benefit product, segregated funds
increased 27.4% to $313 million (2012: $245 million). Mutual fund sales
decreased by 14.5% to $104 million (2012: $121 million).
Solid capital position
At March 31, 2013, Standard Life Financial's primary operating subsidiary, The
Standard Life Assurance Company of Canada, reported a strong solvency ratio of
262% (December 2012: 277%) following a payment of a dividend in the quarter.
The outlook for the Canadian economy remains steady and Standard Life is
confident in its growth prospects for the remainder of 2013. It will maintain
its focus on its three core business segments:
-- Group defined contribution retirement plans
-- Disability prevention and management services for employers
-- Retail investment funds
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
1. 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
2. As per UK securities regulations, Standard Life plc issues trading
results and interim management statements for the 3 months ending
March 31, and the 9 months ending September 30. It reports full
results for the 6 months ending June 30, and the 12 months ending
December 31. Standard Life Financial Inc. follows the same
3. Total premiums and deposits reported include those generated by
individual life insurance products sold prior to 2012. The
Standard Life Assurance Company of Canada stopped selling
individual life insurance and critical illness products in 2012,
but continues to service the in-force block of business.
4. Standard Life's main operating company in Canada holds a financial
strength rating of 'A+' from
Standard & Poor's.
5. Standard Life plc (LSE: SL.L) published earlier today its 2013 Q1
Trading Results and Interim Management, which are
About Standard Life
Standard Life plc is a leading long-term savings and investment company
headquartered in Edinburgh, Scotland. Standard Life has around ten million
customers worldwide and operates in the United Kingdom, Europe, North America
and Asia, and globally with Standard Life Investments Ltd.
In Canada, Standard Life has been doing business for 180 years. It operates
under Standard Life Financial Inc., which wholly owns The Standard Life
Assurance Company of Canada and Standard Life Mutual Funds Ltd. It is Standard
Life plc's largest operation outside the UK with about 2,000 employees. It
provides long-term savings, investment and insurance solutions to more than
1.4 million Canadians, including group retirement and insurance plan members.
As of March 31, 2013, Standard Life plc had $360 billion in assets under
administration, including $46billion in Canada through Standard Life
Ann-Marie Gagné 514-499-7999, ext. 4600 email@example.com
SOURCE: STANDARD LIFE
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