Released: 29/10/2009
Part 2 : For preceding part double-click [nRn1c5536B]
Total worldwide investment products excluding money market and 25,368 4,084 (1,959) 2,125 3,290 5,415 30,783
related funds
UKMoney market funds (f) 4,977 (683) - (683) (444) (1,127) 3,850
India cash funds (f)(g) 1,263 1,774 - 1,774 (810) 964 2,227
Total worldwide investment products 31,608 5,175 (1,959) 3,216 2,036 5,252 36,860
Total third party assets under management comprise the investment business noted
above together with third party insurance contracts. New business relating to
third party insurance contracts is disclosed as insurance business for reporting
purposes. An analysis of total third party funds under management is shown
below.
Opening FUM Gross inflows Redemptions Net inflows Market and other movements Net movement Closing FUM
1 Jan 2009 in FUM 30 Sep 2009
£m £m £m £m £m £m £m
Third party investment products 31,608 5,175 (1,959) 3,216 2,036 5,252 36,860
Third party insurance contracts (new business classified 13,861 2,149 (1,083) 1,066 2,266 3,332 17,193
as insurance products)
Total third party assets under management 45,469 7,324 (3,042) 4,282 4,302 8,584 54,053
Standard Life Investments - total assets under management 123,835 136,942
(a) Included within mutual funds are cash inflows which have also been reflected
in UK and Canada mutual fund new business sales.
(b) In the nine months to 30 September 2008 UK mutual funds gross inflows were
£925m and net inflows were £57m.
(c) In the nine months to 30 September 2008 Canadian mutual funds gross inflows
were £185m and net inflows were £53m.
(d) Separate mandates refers to investment funds products sold in Canada
exclusively to institutional customers. These products contain no insurance risk
and consist primarily of defined benefit pension plan assets for which Standard
Life Investments exclusively provides portfolio advisory services.
(e) International gross inflows include India where, due to the nature of the
Indian investment sales market, the new business is shown as the net of sales
less redemptions. India cash funds are included under money market and related
funds in the table.
(f) Due to the nature of the Money market funds and India cash funds the flows
are calculated using average net client balances. Other movements are derived as
the difference between these average net inflows and the movement in the opening
and closing FUM.
(g) Historically, the Indian cash fund flows were calculated on the spot rate
balances. Due to the volatility of these funds, the approach has been changed to
ensure consistency with the methodology applied to UK money market funds.
(h) Funds denominated in foreign currencies have been translated to Sterling
using the closing exchange rates at 30 September 2009. Investment fund flows are
translated at average exchange rates. Gains and losses arising from the
translation of funds denominated in foreign currencies are included in the
market and other movements column. The principal closing exchange rates used as
at 30 September 2009 were £1: C$1.72 (31 December 2008: £1:C$1.77) and £1:E1.09
(31 December 2008: £1: E1.03). The principal average exchange rates for the nine
months to 30 September 2009 were £1: C$1.79 (2008: £1: C$1.98) and £1: E1.12
(2008: £1: E1.29).
Insurance operations net flows (regulatory basis)
3 months ended 30 September 2009
Gross inflows Redemptions Net inflows Gross inflows Redemptions Net inflows
3 months to 3 months to 3 months to 3 months to 3 months to 3 months to
30 Sep 2009 30 Sep 2009 30 Sep2009 30 Sep2008 30 Sep 2008 30 Sep 2008
£m £m £m £m £m £m
UK
Individual SIPP (a) 649 (285) 364 689 (205) 484
Individual pensions 209 (540) (331) 257 (741) (484)
Group pensions(a) 570 (279) 291 609 (293) 316
Institutional pensions 612 (270) 342 629 (268) 361
Pensions 2,040 (1,374) 666 2,184 (1,507) 677
Investment bonds 59 (274) (215) 194 (386) (192)
Mutual funds (b) (c) 263 (61) 202 184 (87) 97
Savings and investments 322 (335) (13) 378 (473) (95)
Annuities 133 (282) (149) 136 (264) (128)
Protection 23 (13) 10 27 (16) 11
Legacy life 97 (390) (293) 114 (534) (420)
UK life and pensions(d) (e) 2,615 (2,394) 221 2,839 (2,794) 45
Europe
Ireland(d) 244 (234) 10 257 (143) 114
Germany 188 (22) 166 177 (17) 160
Europe life and pensions 432 (256) 176 434 (160) 274
Canada
Group savings and retirement 342 (238) 104 257 (255) 2
Individual insurance, savings and retirement 217 (162) 55 92 (149) (57)
Group insurance 88 (70) 18 77 (45) 32
Mutual funds (b) 53 (41) 12 49 (38) 11
Canada life and pensions 700 (511) 189 475 (487) (12)
Total worldwide life and pensions excluding Asia 3,747 (3,161) 586 3,748 (3,441) 307
(a) Included within non-insured SIPP is an element which is also included within
UK mutual fund net flows in the third party Investment operations figures.
(b) The mutual funds net flows are also included within mutual fund net flows in
the third party Investment operations figures.
(c) UK figures include Sigma UKFS mutual funds. 2008 figures have been re-stated
to reflect inclusion of these mutual funds. The total net outflow for the period
was £13m (2008: £54m outflow).
(d) The offshore business is shown within the total Ireland result. This was
previously included within UK life and pensions. The total net inflow for the
period was £23m (2008: £155m inflow).
(e) UK life and pensions include a total net outflow of £486m in relation to
conventional with profits business (2008: £611m outflow).
Insurance operations new business
3 months ended 30 September 2009
Single Premiums New Regular Premiums PVNBP
3 months to 30 Sep 2009 3 months to 30 Sep 2008 3 months to 30 Sep 2009 3 months to 30 Sep 2008 3 months to 30 Sep 2009 3 months to 30 Sep 2008 Change Changein constant currency
(g) (g) (h)
£m £m £m £m £m £m % %
UK
Individual SIPP(a) 587 738 12 15 642 815 (21%) (21%)
Individual pensions(b) 85 118 5 7 97 136 (29%) (29%)
Group pensions(a)(b) 140 203 65 85 378 489 (23%) (23%)
Institutional pensions 477 590 (4) - 470 590 (20%) (20%)
Pensions 1,289 1,649 78 107 1,587 2,030 (22%) (22%)
Investment bonds 40 161 - - 40 161 (75%) (75%)
Mutual funds (c) 260 177 4 2 288 195 48% 48%
Savings and investments 300 338 4 2 328 356 (8%) (8%)
Annuities 95 109 - - 95 109 (13%) (13%)
Protection - - - 1 - 2 (100%) (100%)
UK life and pensions(d) 1,684 2,096 82 110 2,010 2,497 (20%) (20%)
Europe
Ireland(d) 211 219 2 2 217 234 (7%) (10%)
Germany 5 10 6 13 80 140 (43%) (49%)
Europe life and pensions 216 229 8 15 297 374 (21%) (26%)
Canada
Group savings and retirement 131 65 6 8 214 176 22% 11%
Individual insurance, savings and retirement 192 67 1 - 202 72 181% 153%
Group insurance(e) - - 7 9 117 64 83% 64%
Mutual funds 53 49 - - 53 49 8% (4%)
Canada life and pensions 376 181 14 17 586 361 62% 47%
Asia
India(f) 3 2 21 26 98 95 3% (2%)
China(f) 8 14 2 2 22 24 (8%) (24%)
Hong Kong 3 2 6 3 32 14 129% 95%
Asia life and pensions 14 18 29 31 152 133 14% 5%
Total worldwide life and pensions 2,290 2,524 133 173 3,045 3,365 (10%) (12%)
(a) Included within non-insured SIPP is an element which is also included within
UK mutual fund net flows in the third party Investment operations figures.
(b) Single premiums include Department of Work and Pensions rebate premiums of
£75m (2008: £93m), comprising Individual pension rebates of £41m (2008: £48m)
and Group pensions rebates of £34m (2008: £45m).
(c) UK figures include Sigma mutual funds. 2008 figures have been re-stated to
reflect inclusion of these mutual funds. The 2009 impact is £39m (2008: £26m).
(d) The offshore business is shown within the total Ireland result, comprising
single premiums of £79m (2008: £163m) and PVBNP of £79m (2008: £163m). This was
previously included within UK life and pensions.
(e) Canada Group insurance includes £0.1m (2008: £nil) of new regular premiums
in respect of Consultaction policies, representing the comparable full premium
for £nil (2008: £nil) of new annualised fee income.
(f) Standard Life's share of the Joint Venture Company's new business.
(g) % change is calculated on the figures rounded to millions.
(h) Calculated using constant rates of exchange.
(i) New business gross sales for overseas operations are calculated using
average exchange rates. The principal average rates for the nine months to 30
September 2009 were £1:C$1.79 (2008: £1: C$1.98) and £1: E1.12 (2008:£1:E1.29).
Investment operations
3 months ended 30 September 2009
Opening FUM Gross inflows Redemptions Net inflows Market and other movements Net movement Closing FUM
1 July 2009 in FUM 30 Sep 2009
£m £m £m £m £m £m £m
UK Mutual funds (a) 4,705 372 (b) (241) 131 661 792 5,497
Private equity 3,414 4 (1) 3 219 222 3,636
Segregated funds 10,995 338 (256) 82 1,474 1,556 12,551
Pooled property funds 832 - - - 277 277 1,109
Total UK 19,946 714 (498) 216 2,631 2,847 22,793
Canada Mutual funds (a) 1,267 60 (c) (47) 13 233 246 1,513
Separate mandates (d) 1,655 780 (10) 770 326 1,096 2,751
Total Canada 2,922 840 (57) 783 559 1,342 4,264
International Europe 1,500 180 (10) 170 215 385 1,885
Asia (excluding India) 87 1 (1) - 4 4 91
India(e) 1,595 (114) - (114) 269 155 1,750
Total International 3,182 67 (11) 56 488 544 3,726
Total worldwide investment products excluding money market and 26,050 1,621 (566) 1,055 3,678 4,733 30,783
related funds
Money market funds (f) 4,770 (1,117) - (1,117) 197 (920) 3,850
India cash funds (f) (g) 1,981 888 - 888 (642) 246 2,227
Total worldwide investment products 32,801 1,392 (566) 826 3,233 4,059 36,860
Total third party assets under management comprise the investment business noted
above together with third party insurance contracts. New business relating to
third party insurance contracts is disclosed as insurance business for reporting
purposes. An analysis of total third party funds under management is shown
below.
Opening FUM Gross inflows Redemptions Net inflows Market and other movements Net movement Closing FUM
1 July 2009 in FUM 30 Sep 2009
£m £m £m £m £m £m £m
Third party investment products 32,801 1,392 (566) 826 3,233 4,059 36,860
Third party insurance contracts (new business classified 14,523 721 (379) 342 2,328 2,670 17,193
as insurance products)
Total third party assets under management 47,324 2,113 (945) 1,168 5,561 6,729 54,053
Standard Life Investments - total assets under management 121,552 136,942
(a) Included within mutual funds are cash inflows which have also been reflected
in UK and Canada mutual fund new business sales.
(b) In the three months to 30 September 2008 UK mutual funds gross inflows were
£352m and net inflows were £53m.
(c) In the three months to 30 September 2008 Canadian mutual funds gross inflows
were £55m and net inflows were £13m.
(d) Separate mandates refers to investment funds products sold in Canada
exclusively to institutional customers. These products contain no insurance risk
and consist primarily of defined benefit pension plan assets for which Standard
Life Investments exclusively provides portfolio advisory services.
(e) International gross inflows include India where, due to the nature of the
Indian investment sales market, the new business is shown as the net of sales
less redemptions. India cash funds are included under money market and related
funds in the table.
(f) Due to the nature of the Money market funds and India cash funds the flows
are calculated using average net client balances. Other movements are derived as
the difference between these average net inflows and the movement in the opening
and closing FUM.
(g) Historically, the Indian cash fund flows were calculated on the spot rate
balances. Due to the volatility of these funds, the approach has been changed to
ensure consistency with the methodology applied to UK money market funds.
Included within the net flows for the period is £272m relating to prior period
Indian cash fund net flows.
(h) Funds denominated in foreign currencies have been translated to Sterling
using the closing exchange rates at 30 September 2009. Investment fund flows are
translated at average exchange rates. Gains and losses arising from the
translation of funds denominated in foreign currencies are included in the
market and other movements column. The principal closing exchange rates used as
at 30 September 2009 were £1: C$1.72 (30 June 2009: £1: C$1.91) and £1:E1.09 (30
June 2009: £1: E1.17). The principal average exchange rates for the nine months
to 30 September 2009 were £1: C$1.79 (2008: £1: C$1.98) and £1: E1.12 (2008: £1:
E1.29).
Insurance operations new business
15 months ended 30 September 2009
Present Value of New Business Premiums (PVNBP)
3 months to 30 Sep 2009 3 months to 30June 2009 3 months to 31 Mar 2009 3 months to 3 months to 30 Sep 2008
31Dec2008(d)
£m £m £m £m £m
UK
Individual SIPP 642 696 841 870 815
Individual pensions 97 191 91 87 136
Group pensions 378 911 616 464 489
Institutional pensions 470 525 419 272 590
Pensions 1,587 2,323 1,967 1,693 2,030
Investment bonds 40 70 84 112 161
Mutual funds(a) 288 266 276 172 195
Savings and investments 328 336 360 284 356
Annuities 95 110 148 110 109
Protection - 1 1 1 2
UK life and pensions (b) 2,010 2,770 2,476 2,088 2,497
Europe
Ireland(b) 217 208 164 417 234
Germany 80 86 99 178 140
Europe life and pensions 297 294 263 595 374
Canada
Group savings and retirement 214 393 357 204 176
Individual insurance, savings and retirement 202 130 110 110 72
Group insurance 117 145 115 62 64
Mutual funds 53 49 53 49 49
Canada life and pensions 586 717 635 425 361
Asia
India(c) 98 58 145 70 95
China(c) 22 23 33 43 24
Hong Kong 32 23 14 9 14
Asia life and pensions 152 104 192 122 133
Total worldwide life and pensions 3,045 3,885 3,566 3,230 3,365
(a) UK figures include Sigma UKFS mutual funds. 2008 figures have been re-stated
to reflect inclusion of these mutual funds.
(b) 2008 comparatives have been restated to reflect the inclusion of Offshore
business within the total Ireland result. The impact on the three months to 31
December 2008: £228m; 30 September 2008: £163m. This was previously included
within UK life and pensions.
(c) Amounts shown reflect Standard Life's share of the Joint Venture Company's
new business.
(d) The three month period to 31 December 2008 excludes the full impact of 2008
year end changes to non-economic assumptions. The effect of changes to year end
non-economic assumptions was an increase in total PVNBP of £33m in the final
PVNBP results published in the 2008 Preliminary results.
Insurance operations netflows (regulatory basis)
15 months ended 30 September 2009
Net flows
3 months to 30 Sep 2009 3 months to 30 June 2009 3 months to 31 Mar 2009 3 months to 3 months to 30 Sep 2008
31 Dec 2008
£m £m £m £m £m
UK
Individual SIPP 364 518 441 545 484
Individual pensions (331) (228) (370) (500) (484)
Group pensions 291 378 293 278 316
Institutional pensions 342 279 281 30 361
Pensions 666 947 645 353 677
Investment bonds (215) (309) (516) (192) (192)
Mutual funds(a) 202 172 164 82 97
Savings and investments (13) (137) (352) (110) (95)
Annuities (149) (136) (89) (135) (128)
Protection 10 11 7 13 11
Legacy life (293) (292) (469) (359) (420)
UK life and pensions (b) 221 393 (258) (238) 45
Europe
Ireland(b) 10 53 9 250 114
Germany 166 162 164 231 160
Europe life and pensions 176 215 173 481 274
Canada
Group savings and retirement 104 83 80 59 2
Individual insurance, savings and retirement 55 (27) (43) (48) (57)
Group insurance 18 15 16 31 32
Mutual funds 12 11 4 6 11
Canada life and pensions 189 82 57 48 (12)
Total worldwide life and pensions 586 690 (28) 291 307
excluding Asia
(a) UK figures include Sigma UKFS mutual funds. 2008 figures have been re-stated
to reflect inclusion of these mutual funds. The impact on the three months to 31
December 2008: £41m outflow; 30 September 2008: £54m outflow.
More to follow, for following part double-click [nRn3c5536B]