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Standard Life AUM up to GBP204.2bn

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Standard Life has reported continued growth in assets under administration in its first half results for 2012, with group assets under administration now standing at GBP204.2bn (FY 2011: GBP198.4bn).



Over the same period, Standard Life saw long-term savings new business sales of GBP10.1bn (H1 2011: GBP11.2bn) and long-term savings net inflows of GBP1.6bn (H1 2011: GBP2.9bn1).

Third party net inflows totalled GBP0.6bn (H1 2011: GBP2.9bn1), with third party assets under management now standing at GBP74.3bn (FY 2011: GBP71.8bn) with increasing asset class and geographic reach.

Fee based revenue over the period increased to GBP620m (H1 2011: GBP611m), while Standard Life also saw lower unit and absolute costs with acquisition expenses of 146bps (FY 2011: 169bps) and maintenance expenses of 43bps (FY 2011: 46bps).

Operating profit before tax is up 15 per cent to GBP302m (H1 2011: GBP262m) helped by a significant improvement in UK performance, while IFRS profit after tax attributable to equity holders is up 28 per cent to GBP254m (H1 2011: GBP199m). Capital and cash generation is up 53 per cent, with the dividend up 6.5 per cent.

EEV operating capital and cash generation are 53 per cent higher at GBP295m (H1 2011: GBP193m), while the interim dividend is up 6.5 per cent to 4.90p.

Standard Life now has 205,000 customers on platforms with GBP12.8bn in assets under administration. Continued growth in SIPP has helped to increase assets to GBP18bn. MyFolio meanwhile, has attracted assets of GBP1.5bn since launch in October 2010 and GARS AUM exceeds GBP17bn

David Nish (pictured), chief executive, says: “These results show that Standard Life is performing well. We have delivered increased profits, cash flow and dividends and we are achieving ongoing 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.

“The market environment is challenging and those conditions look set to continue, however, our business model, leading market positions and strong balance sheet, will allow us to continue to deliver ongoing improvements in value for customers and shareholders.”

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