20th Feb 2015 07:20
LONDON (Alliance News) - Edinburgh-based Standard Life PLC Friday reported a 19% rise in operating profit before tax from continuing operations in 2014, bolstered by rising assets under administration on the back of net inflows, positive market movements and the acquisition of Ignis Asset Management.
In a statement, the group said that operating profit before tax from continuing operations amounted to GBP604 million in 2014.
The FTSE 100 constituent had been forecast by analysts to report an operating profit before tax from continuing operations of GBP559 million, according to consensus estimates provided by the company.
Assets under administration from continuing operations increased by 38% to GBP296.6 billion.
The group is to pay a final dividend of 11.43 pence, making a total of 17.03p, up 7.8% for the year.
The long-term savings and investments provider had a busy 2014, acquiring Ignis from Phoenix Group Holdings for GBP390 million in March and agreeing to dispose of its Canadian operations to Manulife Financial Corp for CAD4.0 billion, which will result in a GBP1.75 billion return to shareholders.
"We have made good strategic progress during the year with the acquisition of Ignis Asset Management and the sale of our Canadian operations increasing focus on fee business and enabling a GBP1.75 billion return to shareholders," Chief Executive David Nish said in a statement.
"We are also well positioned to deal with the far-reaching reforms to the savings and retirement income rules in the UK and to support customers through these changes. Standard Life Investments has continued to perform strongly and expand internationally," Nish said.
"Although investment markets are unsettled and may affect the near-term pace of asset and revenue growth, we are very well placed for the future. We have an excellent track record of succeeding in evolving markets and have the products, experience and proven investment performance to help our customers and clients in all of our markets to save and invest, so that they can look forward to their financial futures with confidence," Nish added.
By Samuel Agini; [email protected]; @samuelagini
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