Standard Life increases profits by sixth

 The pensions, savings and investment firm Standard Life has increased it’s profits- partly helped by cost cutting.Standard Life increases profits by sixthIt reported operating pre tax profits of £302 million for the first half of the year- an increase of 15%.

The UK figures were particularly strong, with pre-tax profits up from £87 million in the first half of 2011 to £141 million this year.

The costs of winning new business were significantly down on the full year figure for 2011, from £175 million to £144 million- and the cost of maintaining existing business also fell.

There was a slight increase in assets under management at the company, rising from £198 billion at the end of 2011 to £204 billion in late June.

New sales of long term savings products fell back compared with the start of last year, and inflows of long-term savings fell from £2.9 billion to £1.6 billion.

Standard Life Investments- saw an inflow of third party assets of £600 million, down sharply on last year’s first-half figure of £2.9 billion.

Chief executive David Nish said the business environment looked set to remain challenging.

He said: “We have delivered increased profits, cash flow and dividends and we are achieving improvements in operational and financial performance.

“The UK results- where profits benefited from higher income and significantly lower costs, demonstrate the strength and scalability of our propositions and our brand.

“The industry is undergoing a period of significant change and we believe that this brings opportunity. We are well prepared for the regulatory and market changes on the horizon, and have invested to make sure we are even better placed to meet the needs of our customers and their advisers.”

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August 30, 2012  Tags: , , , , , , , , , ,   Posted in: Business Finance, Business Profits, Business Sales, Business Win, Finance Business, Global Business, Growing Business, Growing Profits, Growing Sales, Uncategorized, Winning Business

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