Standard Life has reported half year pre-tax profit up 18 per cent to £341m, amid strong growth in assets on its platform.
The firm’s assets under administration are up 7 per cent to £328bn against 2015’s figure of £307.4bn.
Standard Life stated its assets under administration figure was aided by gross inflows into its growth channels - primarily Standard Life Investments, and pensions and savings’ workplace and retail - of £20.6bn against £20.5bn in 2015.
Net inflows were £4.1bn against £7.4bn in 2015.
The groups’ workplace and retail business arms saw inflows of £2.8bn against 2015’s figure of £2.9bn.
Elsewhere, assets on the wrap platform were up 20 per cent year-on-year to £28bn against 2015’s £23.3bn with net inflows in the first half 2016 up 3 per cent to £2.1bn.
Additionally, regular contributions into workplace were pensions up 4 per cent to £1.5bn.
Standard Life Investments delivered growth of 6 per cent of total assets under management, reaching £269bn compared to £253.2bn last year.
Keith Skeoch, chief executive, said: “Standard Life continues to make good progress towards building a world-class investment company, against a backdrop of volatile investment markets, by growing assets, profits, cash flows and returns to shareholders.
“Despite elevated uncertainty we are benefiting from our strong long-term relationships with a broad range of clients and customers who reacted in different ways to the changing market environment.
“Targeted investments to further our diversification agenda, together with our sharpened focus on operational efficiency will increase our pace of strategic delivery. This will ensure we continue to meet changing client and customer needs and generate sustainable returns for our shareholders.”
Earnings per share are up 16 per cent to 13.5p against 2015’s figure for the same period of 11.6p.
ruth.gillbe@ft.com
