Last checked at 22 Jan 2009 07:00
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PRESS RELEASE
22 January 2009
ST. JAMES'S PLACE WEALTH MANAGEMENT
NEW BUSINESS FIGURES
FOR THE YEAR ENDED 31 DECEMBER 2008
TOTAL NEW SINGLE INVESTMENTS £3.1 BILLION
St. James's Place plc ("SJP"), the wealth management group, today issues its new business figures for the year ended 31 December 2008.
Highlights for the year are:
New business
Funds under management
Partnership numbers at 1,340 up 7%
David Bellamy, Chief Executive, commented:
"Given the extraordinary market conditions that prevailed in the final quarter in particular, we are pleased with these results.
"We are particularly pleased with the total new single investments of £3.1 billion and the continued strong retention of funds under management. As a result funds under management were just 10% lower during a period when world markets moved 30-40% lower.
"Looking ahead to 2009, our advisor based approach to wealth management and the third consecutive year of strong growth in the Partnership numbers, will help us continue to outperform in challenging market conditions. Longer term, we remain confident about achieving our ambitious growth target."
The details of the announcement are attached.
Enquiries:
| David Bellamy | Chief Executive | Tel: | 020 7514 1985 |
| Anita Scott | Brunswick | Tel: | 020 7404 5959 |
| Carole Cable | |||
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ST. JAMES'S PLACE WEALTH MANAGEMENT
NEW BUSINESS FIGURES
FOR THE YEAR ENDED
31 DECEMBER 2008
NEW BUSINESS
| Unaudited 3 Months to 31 December 2008 | Unaudited 12 Months to 31 December 2008 | |||||||||||||
| New PREMIUMS | 2008 £'m | 2007 £'m | Change % | 2008 £'m | 2007 £'m | Change % | ||||||||
| New Regular Premiums | ||||||||||||||
| Pensions | 19.8 | 20.6 | (4%) | 87.8 | 72.8 | 21% | ||||||||
| Protection | 5.0 | 5.7 | (12%) | 19.1 | 20.3 | (6%) | ||||||||
| 24.8 | 26.3 | (6%) | 106.9 | 93.1 | 15% | |||||||||
| New Single Premiums | ||||||||||||||
| Investment | 315.3 | 445.7 | (29%) | 1,365.5 | 1,665.4 | (18%) | ||||||||
| Pensions | 267.4 | 276.7 | (3%) | 1,070.7 | 995.1 | 8% | ||||||||
| 582.7 | 722.4 | (19%) | 2,436.2 | 2,660.5 | (8%) | |||||||||
| Unit Trust Sales (including PEPs and ISAs) | 133.6 | 146.8 | (9%) | 685.0 | 694.6 | (1%) | ||||||||
| Unaudited 3 Months to 31 December 2008 | Unaudited 12 Months to 31 December 2008 | ||||||||||||||
| New Business (RP + 1/10th SP) | 2008 £'m | 2007 £'m | Change % | 2008 £'m | 2007 £'m | Change % | |||||||||
| Investment | 44.9 | 59.2 | (24%) | 205.0 | 236.0 | (13%) | |||||||||
| Pensions | 46.5 | 48.3 | (4%) | 194.9 | 172.3 | 13% | |||||||||
| Protection | 5.0 | 5.7 | (12%) | 19.1 | 20.3 | (6%) | |||||||||
| Total | 96.4 | 113.2 | (15%) | 419.0 | 428.6 | (2%) | |||||||||
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ST. JAMES'S PLACE WEALTH MANAGEMENT
NEW BUSINESS FIGURES
FOR THE YEAR ENDED
31 DECEMBER 2008
Notes
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 £28.2 million regular premiums (2007: £20.6 million) and £30.5 million single premiums (2007: £27.4 million) for the twelve months to 31 December 2008. This equates to £31.2 million new business premiums (2007: £23.3 million).
Sales of annuities by St. James's Place Partnership have been included in the reported figures under Pensions. These amount to £92.3 million single premiums for the twelve months to 31 December 2008 (2007: £79.9 million) and equate to £9.2 million new business premiums (2007: £8.0 million).
Sales of non-manufactured SIPP single premium business by St. James's Place Partnership amounting to £1.1 million have been included in the reported figures under Pensions for the twelve months to 31 December 2008 (2007: £4.9 million). This equates to £0.1 million new business premiums (2007: £0.5 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. This amounts to £12.4 million of new regular premiums (2007: £11.7 million) for the twelve months to 31 December 2008. This equates to £12.4 million new business premiums (2007: £11.7 million).
Sales of non-manufactured single premium investment business by St. James's Place Partnership amounting to £89.4 million have been included in the reported figures under Investments for the twelve months to 31 December 2008 (2007: £113.6 million). This equates to £8.9 million new business premiums (2007: £11.4 million).
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ST. JAMES'S PLACE WEALTH MANAGEMENT
NEW BUSINESS FIGURES
FOR THE YEAR ENDED
31 DECEMBER 2008
4. The table below provides an analysis of the movement in funds under management:
| | Unaudited Year Ended 31 December 2008 | | Unaudited Year Ended 31 December 2007 |
| | £’bn | | £’bn |
| | | | |
| Opening funds under management | 18.2 | | 15.4 |
| New money invested | 3.0 | | 3.1 |
| Net investment return | (3.6) | | 0.9 |
| | _________ | | _______ |
| | 17.6 | | 19.4 |
| Regular income withdrawals & maturities | (0.4) | | (0.3) |
| Surrenders & part surrenders | (0.9) | | (0.9) |
| | _________ | | _______ |
| Closing funds under management | 16.3 | | 18.2 |
| | _________ | | _______ |
| Annualised surrender rate as a % of average funds under management | 5.2% | | 5.1% |
| | | | |