Note: All figures are based on IFRS and are shown in Canadian dollars.
All comparisons are with the corresponding period of 2012, unless
-- Total assets under administration up 4% to $46.1 billion
-- Fee-based assets under administration increased 14% to $28.2
-- 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 $1.4billion 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
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 million.)
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
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
1. 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.
2. 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
3. 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.
4. In May 2013, Standard & Poor's reaffirmed the financial strength
ratings of Standard Life's main operating company in Canada at
5. Standard Life plc (LSE: SL.L) 2013 Q3 results published earlier
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 Funds Ltd.
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
Standard Life plc had $396 billion in assets under administration, including
$46.1 billion in Canada through Standard Life Financial Inc. (at September 30,
SOURCE Standard Life
Ann-Marie Gagné 514-499-7999 or 1-877-499-9555, ext. 4600
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CO: Standard Life
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-0- Oct/30/2013 11:00 GMT
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