Standard Life reports strong first quarter results in Canada

 Note:  All figures are based on IFRS and are shown in Canadian dollars. All  comparisons are with the corresponding period of 2013, unless otherwise stated.            --  Premiums and deposits increased by 23% to $1.9 billion         --  Assets under administration grew by 8% to $50 billion         --  Solvency ratio at 228%  MONTREAL, April 30, 2014 /CNW Telbec/ - Standard Life Financial Inc.  ("Standard Life") today reported that premiums and deposits increased by 23%  to $1.9 billion (2013: $1.6 billion) in the first quarter of 2014. The  momentum in fee-based business is driven by the strong sales of segregated  funds. The group business also continued to progress. Assets under  administration grew by 8% to $50 billion (2013: $46 billion).  Charles Guay, President of Standard Life, said: "Our performance for the first  three months of the year reflects our constant focus on delivering innovative  products and solutions for our customers. We launched a new online tool that  simplifies reporting and enhances governance of pension plans for employers  and their advisors. We also continued our campaign against financial inertia  with the introduction of the Standard Life Investor Confidence Index, which  showed that investors have greater confidence in their personal finances than  they do in the economy. Moreover, we recently submitted our application to the  AMF to be an authorized administrator of Quebec's VRSP.  Our revenue is steadily increasing with the notable success of our individual  wealth solutions, which include segregated funds and mutual funds. We continue  to strengthen our position in the market by leveraging Standard Life  Investments' leading global investment capabilities through global funds such  as the Global Absolute Return Strategies fund and the US Monthly Income Fund,"  added Mr. Guay.  Standard Life Financial's primary operating subsidiary, The Standard Life  Assurance Company of Canada, reported a solvency ratio of 228% (December 2013:  261%) following the payment of a $345 million dividend in the quarter.  Premiums and deposits for individual wealth solutions increased by 52% to $707  million (2013: $466 million). The growth is mainly due to the success of the  Ideal Segregated Funds. In the first quarter of 2014, sales were up 52% to  $474 million (2013: $312 million), thanks to its flagship Ideal Segregated  Funds Signature 2.0 solution, which continues to innovate by providing  guarantees and features that meet client needs in today's volatile environment.  Mutual fund sales also contributed to the growth of individual wealth  solutions. They gained 17% to $121 million (2013: $104 million), partly  because of the new global funds introduced in 2013, including the US Monthly  Income Fund.  Group savings and retirement premiums and deposits rose by 14% to $1 billion  (2013: $892 million). Core defined contribution business was up by 7% to $780  million (2013: $727 million). The increase was driven in part by Standard  Life's new solutions, such as the Financial Education Centre and the Group  Retirement Centre, which assists pension plan members through all their life  stages.  Group insurance and disability management premiums and deposits were stable at  $180 million (2013: $182 million).  Outlook Standard Life is committed to helping Canadians look forward to their  financial future with confidence and optimism. To do so, the company expects  to continue to grow its business by maintaining its focus on the needs of  customers in its core business segments:         --  Group defined contribution retirement plans         --  Health and wellness, including disability prevention and             management services for employers         --  Retail investment funds  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.  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          (ASO). They also 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.       2. Fee-based business includes segregated funds revenues from group          savings and retirement and individual wealth and mutual funds          revenues.       3. As one of Canada's leading          providers of saving and retirement plans to Canadian employers,          Standard Life offers a suite of solutions that range from low-cost          PRPP and VRSP as well as basic Express and Flexible Pension in a          Box that meet the specific needs of small and medium-sized          businesses, to fully customizable defined contribution plans.       4. On December 3, 2013, the National Assembly of Quebec passed Bill          39 that aims at creating the Quebec pooled registered pension plan          version for Quebec salaried and self-employed workers, which is          the Voluntary Retirement Savings Plan (VRSP).The Voluntary          Retirement Savings Plan Act will come into effect on July 1, 2014.       5. In May 2013, Standard & Poor's reaffirmed the financial strength          ratings of Standard Life's main operating company in Canada at          'A+.       6. Standard Life plc (LSE: SL.L) published earlier today its 2014 Q1          Trading Results and Interim Management statement, which are          available online.       7. 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          schedule.  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. It has 2,000 employees, and the main operating subsidiaries in  Canada are The Standard Life Assurance Company of Canada and Standard Life  Mutual Funds Ltd.  The Canadian operation of Standard Life plc, its parent company, is the  largest outside the United Kingdom. Headquartered in Scotland, Standard Life  plc has around six million customers worldwide and operates in the UK, Canada,  Europe, Asia and the Middle East.  Standard Life plc had $456 billion in assets under administration, including  $50 billion in Canada, as at March 31, 2014.    SOURCE  Standard Life  Anne-Julie Gratton 514-499-7999, ext. 8150 Anne-Julie.Gratton@standadlife.ca  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/April2014/30/c5763.html  CO: Standard Life ST: Quebec NI: INS ERN  
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