TIDMSTJ
RNS Number : 1272D
St. James's Place PLC
25 April 2013
-1-
ST. JAMES'S PLACE plc
27 St. James's Place, London SW1A 1NR
Telephone 020 7493 8111 Facsimile 020 7493 2382
PRESS RELEASE
25 April 2013
ST. JAMES'S PLACE WEALTH MANAGEMENT
INTERIM MANAGEMENT STATEMENT
FOR THREE MONTHS TO 31 MARCH 2013
CONTINUED SIGNIFICANT GROWTH IN NEW BUSINESS WITH FUNDS
UNDER MANAGEMENT UP GBP4.2 BILLION TO A RECORD GBP39 BILLION
Highlights:
New Business
-- Total new investments of GBP1.6 billion (2012: GBP1.3 billion) - up 28%.
-- Total new business on an Annual Premium Equivalent (APE)
basis of GBP199.2 million (2012: GBP152.6 million) - up 31%.
Growth in Funds under Management
-- Net inflow of funds under management of GBP947 million (2012:
GBP698 million) and continued 95% retention of existing client
funds.
-- Funds under management of GBP39 billion, representing an
increase of GBP4.2 billion in the three month period, up 12% year
to date and 26% over the last 12 months.
David Bellamy, Chief Executive, commented:
"I am very pleased to be reporting another quarter of strong
growth in new investments, which combined with positive equity
markets, and specifically the performance of our client funds, has
seen our funds under management increase by GBP4.2 billion to GBP39
billion.
Net inflows for the first three months of the year are up 36%
reflecting the consistency of our year on year retention record and
the strong new business growth.
These excellent results were driven by a number of factors
including improved investor sentiment, the sustained low interest
rate environment, the breadth and quality of our investment
proposition, high levels of client satisfaction and the growth in
adviser numbers.
Whilst we face more challenging comparatives later in the year,
the above factors together with the continued strong growth in the
Partnership and the good momentum we have across all aspects of our
business gives us confidence in our ability to deliver future
growth."
Enquiries:
David Bellamy, Chief Tel: 020
Executive 7514 1963
Andrew Croft, Chief Tel: 020
Financial Officer 7514 1963
Tulchan Communications Tel: 020
Group Ltd 7353 4200
Michelle Clarke
-2-
ST. JAMES'S PLACE GROUP
NEW BUSINESS FIGURES
FIRST QUARTER 2013
TOTAL
LONG TERM SAVINGS
Unaudited
3 Months to
31 March 2013
NEW PREMIUMS 2013 2012 Change
GBP'm GBP'm %
New Regular
Premiums
- Investment 3.3 - -
- Pensions 30.6 22.1 38%
- Protection 5.1 5.0 2%
39.0 27.1 44%
-------- ------ -------
New Single Premiums
- Investment 531.1 409.9 30%
- Pensions 580.9 521.6 11%
1,112.0 931.5 19%
-------- ------ -------
Unit Trust Sales 489.4 324.2 51%
(including ISAs)
NEW BUSINESS 2013 2012 Change
(RP + 1/10(th) GBP'm GBP'm %
SP)
Investment 105.4 73.4 44%
Pensions 88.7 74.2 20%
Protection 5.1 5.0 2%
Total 199.2 152.6 31%
-------- ------ -------
-3-
ST. JAMES'S PLACE GROUP
NEW BUSINESS FIGURES
FIRST QUARTER 2013
MANUFACTURED
LONG TERM SAVINGS
Unaudited
3 Months to
31 March 2013
NEW PREMIUMS 2013 2012 Change
GBP'm GBP'm %
New Regular
Premiums
- Investment 3.3 - -
- Pensions 18.8 17.8 6%
- Protection 0.6 0.7 (14%)
22.7 18.5 23%
------ ------ -------
New Single Premiums
- Investment 498.3 391.4 27%
- Pensions 490.8 466.0 5%
989.1 857.4 15%
------ ------ -------
Unit Trust Sales 489.4 324.2 51%
(including ISAs)
NEW BUSINESS 2013 2012 Change
(RP + 1/10(th) GBP'm GBP'm %
SP)
Investment 102.1 71.6 43%
Pensions 67.9 64.4 5%
Protection 0.6 0.7 (14%)
Total 170.6 136.7 25%
------ ------ -------
% of total new
business 86% 90%
-4-
ST. JAMES'S PLACE GROUP
NEW BUSINESS FIGURES
FIRST QUARTER 2013
NON MANUFACTURED
LONG TERM SAVINGS
-- Investment premiums of GBP32.8 million (2012: GBP18.5
million), amounting to GBP3.3 million (2012: GBP1.8 million) on an
APE basis.
-- Pension single premiums of GBP90.1 million (2012: GBP55.6
million) and regular premiums of GBP11.8 million (2012: GBP4.3
million), amounting to GBP20.8 million (2012: GBP9.8 million) on an
APE basis.
-- Protection business of GBP4.5 million regular premiums (2012: GBP4.3 million).
-- Total new business, on an APE basis, of GBP28.6 million (2012: GBP15.9 million).
-5-
Commentary
The improvement in retail investor sentiment seen in the fourth
quarter of 2012 continued into the first quarter of 2013.
Against this backdrop we have continued to attract strong levels
of new investments and experienced strong growth in funds under
management.
Review of new business
Total new single investments for the quarter were GBP1.60
billion (2012: 1.26 billion), with particularly strong growth in
investments, which were up 30% to GBP531 million together with unit
trust sales up 51% to GBP489 million.
On an APE measure, total new business for the quarter was 31%
higher at GBP199.2 million, with a 44% increase in investment
business reflecting the improvement in retail investor
sentiment.
Our manufactured business during the quarter represented 86% of
total business.
Funds under management
The GBP1.6 billion of new investments together with the
continued strong retention of existing client funds resulted in a
36% increase in net inflow to GBP947 million, compared with GBP698
million in the same period last year.
This contributed to growth in funds under management of GBP4.2
billion over the quarter to a record of GBP39 billion.
The table below provides an analysis of the movement in funds
under management for the three months.
Unaudited
3 months 3 months
to to
31 March 31 March
2013 2012
--------- ---------
GBP' bn GBP' bn
Opening funds under
management 34.8 28.5
New money invested 1.6 1.3
Net investment return 3.3 1.8
--------- ---------
39.7 31.6
Regular income withdrawals
& maturities (0.2) (0.2)
Surrenders & part
surrenders (0.5) (0.4)
--------- ---------
Closing funds under
management 39.0 31.0
--------- ---------
Annualised surrender
rate as a % of average
funds under management 5.1% 5.4%
--------- ---------
-6-
Analysis of funds under management
The following table provides an analysis of the funds under
management at 31 March split by geography and asset type:
FUM
GBP'bn % of total
------- -----------
UK Equities 11.3 29%
European Equities 4.2 11%
North American Equities 7.1 18%
Asia & Pacific Equities 3.9 10%
Property 0.9 2%
Fixed Interest 5.6 15%
Alternative Investments 1.3 3%
Cash 3.2 8%
Other 1.5 4%
Total 39.0 100%
======= ===========
European Embedded Value (EEV) net asset value
The EEV net asset value per share at 31 March 2013 was around
507 pence (501 pence after the payment of the full year
dividend).
Capital
There have been no material changes to group solvency capital
during the period.
Outlook
Improved investor sentiment, the sustained low interest rate
environment, the breadth and quality of our investment proposition,
high levels of client satisfaction and the growth in adviser
numbers have all contributed to these results.
Whilst we face more challenging comparatives later in the year,
the above factors together with the continued strong growth in the
Partnership and the good momentum we have across all aspects of our
business gives us confidence in our ability to deliver future
growth.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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