St James's Place Regulatory News (STJ)

1 Nov 2007 07:00

St. James's Place PLC01 November 2007 PRESS RELEASE 1 November 2007 NEW BUSINESS FIGURES FOR THE NINE MONTHS TO 30 SEPTEMBER 2007 St. James's Place plc ("SJP"), the wealth management group, today announces itsnew business figures for the nine months ended 30 September 2007. The text of the announcement is attached: Enquiries: Mike Wilson, Chairman Tel: 020 7514 1907 Brunswick Tel: 020 7404 5959 Margaret Dinan Anita Scott ST. JAMES'S PLACE WEALTH MANAGEMENT NEW BUSINESS FIGURES FOR THE NINE MONTHS TO 30 SEPTEMBER 2007 28% GROWTH IN NEW BUSINESS WITH SINGLE PREMIUMS OF £2.5 BILLION Nine months to Change 30 September 2007 • New Business* Investment £176.8 million +31% Pensions £124.0 million +32% Protection £14.6 million -13% Total £315.4 million +28%* see note 1 • Funds under Management £17.6 billion, up 14% since the start of the year and up 23% over the previoustwelve months Mike Wilson, Chairman, commented: "We are delighted with the continued growth in new business which is up 20% inthe third quarter and 28% for the year to date. "In addition, growth in the size of the Partnership is particularly pleasing andwe now expect to exceed our stated target of a 5% increase for the full year,which bodes well for the future. "Despite uncertain market conditions and a tough new business comparative forthe final quarter of the year, the strong third quarter performance reinforcesour expectation (subject to no major change in circumstances) that new businessgrowth for the year will be at the top end of our longer term objective of15-20% growth per annum. "Last week St. James's Place won The Daily Telegraph Wealth Manager of the YearAward which is a tribute to the quality of the St. James's Place Partnership." ST. JAMES'S PLACE WEALTH MANAGEMENT NEW BUSINESS FIGURES FOR THE NINE MONTHS TO 30 SEPTEMBER 2007 NEW BUSINESS Unaudited Unaudited 3 Months to 9 Months to 30 September 2007 30 September 2007 New PREMIUMS 2007 2006 Change 2007 2006 Change £'m £'m % £'m £'m %New RegularPremiums Pensions 15.5 16.6 (7%) 52.2 47.8 9% Protection 4.8 5.2 (8%) 14.6 16.7 (13%) 20.3 21.8 (7%) 66.8 64.5 4% New SinglePremiums Investment 438.5 338.9 29% 1,219.7 927.7 31% Pensions 238.6 187.8 27% 718.4 461.8 56% 677.1 526.7 29% 1,938.1 1,389.5 39% Unit Trust Sales(including PEPs and ISAs) 139.3 105.8 32% 547.8 425.3 29% Unaudited Unaudited 3 Months to 9 Months to 30 September 2007 30 September 2007 New Business(RP + 1/10th SP) 2007 2006 Change 2007 2006 Change £'m £'m % £'m £'m % Investment 57.8 44.5 30% 176.8 135.3 31%Pensions 39.3 35.4 11% 124.0 94.0 32%Protection 4.8 5.2 (8%) 14.6 16.7 (13%) Total 101.9 85.1 20% 315.4 246.0 28% ST. JAMES'S PLACE WEALTH MANAGEMENT NEW BUSINESS FIGURES FOR THE NINE MONTHS TO 30 SEPTEMBER 2007 Notes 1. New business is calculated in accordance with the standard industry measure of adding together new regular premiums and one-tenth of single premiums and unit trust sales ("APE"). 2. Sales of manufactured business on an APE basis for the nine months were 87% of the total reported (2006: 86%). Sales of non-manufactured pensions including stakeholder by St. James's Place Partnership have been included in the reported figures under Pensions. These amount to £15.0 million regular premiums (2006: £12.8 million) and £22.2 million single premiums (2006: £40.4 million) for the nine months to 30 September 2007. This equates to £17.2 million new business premiums (2006: £16.8 million). Sales of annuities by St. James's Place Partnership have been included in the reported figures under Pensions. These amount to £61.3 million single premiums for the nine months to 30 September 2007 (2006: £31.8 million) and equate to £6.1 million new business premiums (2006: £3.2 million). Sales of protection business by St. James's Place Partnership through a panel of providers have been included in the reported figures under New Regular Premiums Protection. These amount to £8.6 million of new regular premiums (2006: £10.5 million) for the nine months to 30 September 2007. This equates to £8.6 million new business premiums (2006: £10.5 million). Sales of non-manufactured single premium investment business amounting to £74.2 million have been included in the reported figures under Investments for the nine months to 30 September 2007 (2006: £31.6 million). This equates to £7.4 million new business premiums (2006: £3.2 million). 3. Gross fees generated from other wealth management services amounted to £25.2 million for the nine months to 30 September 2007 (2006: £24.8 million). This information is provided by RNS The company news service from the London Stock Exchange