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19 Jan 2012 07:00
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ST. JAMES'S PLACE plc
27 St. James's Place, London SW1A 1NR
Telephone 020 7493 8111 Facsimile 020 7493 2382
PRESS RELEASE
19 January 2012
ST. JAMES'S PLACE WEALTH MANAGEMENT
2011 NEW BUSINESS
TOTAL NEW INVESTMENTS £5.2 BILLION UP 10%
WITH NET INFLOWS OF £3.3 BILLION ALSO UP 10%
St. James's Place plc ("SJP"), the wealth management group, today issues its new business update for the twelve months ended 31 December 2011.
Highlights for the twelve months are:
New Business
·; Total single investments of £5.2 billion (2010: £4.75 billion), up 10%
·; Total new business on an APE basis of £642.3 million (2010: £581.8 million), up 10%
·; Pensions new business on an APE basis of £288.2 million (2010: £240.6 million), up 20%
·; Our own business represents 91% of the total (2010: 91%)
Funds Under Management
·; Net inflow of funds under management of £3.3 billion (2010: £3.0 billion)
·; Continue to retain 95% of existing clients' funds
·; Funds under management of £28.5 billion, up some 6% over the year
Partnership
·; Partnership numbers up 6.3% to 1,649
·; 80% of the Partnership have achieved Diploma level (the new regulatory qualification requirement) with a further 11% within one or two exams
David Bellamy, Chief Executive, commented:
"I am very pleased to report another record year for new business despite the difficult economic conditions that prevailed throughout the year and in particular the extreme volatility that characterised stock markets in the second half of the year.
St James's Place attracted £5.2 billion of new investments in 2011, while the strength of client relationships established by our Partners saw fund retention continue at 95%. As a result assets under management have grown to £28.5 billion.
We also have excellent momentum in other aspects of the business. The growth in Partner numbers, the addition of new investment funds and the progress made in achieving the new regulatory qualification levels all bode well for the future. Consequently, while mindful of the difficult economic conditions that persist, we have a good platform for further growth in new business in 2012."
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The details of the announcement are attached.
Enquiries:
David Bellamy, Chief Executive | Tel: | 020 7514 1963 |
Andrew Croft, Group Finance Director | Tel: | 020 7514 1963 |
Tulchan Communications Group Ltd John Sunnucks/Mal Patel | Tel: | 020 7353 4200 |
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ST. JAMES'S PLACE WEALTH MANAGEMENT
NEW BUSINESS FIGURES TO 31 DECEMBER 2011
TOTAL LONG TERM SAVINGS
Unaudited 3 Months to 31 December 2011 | Unaudited 12 Months to 31 December 2011 | ||||||||||||||
New PREMIUMS |
2011 £'m |
2010 £'m |
Change % |
2011 £'m |
2010 £'m | Change % | |||||||||
New Regular Premiums | |||||||||||||||
- Pensions | 26.3 | 22.1 | 19% | 102.2 | 86.9 | 18% | |||||||||
- Protection | 5.9 | 5.3 | 11% | 19.8 | 20.0 | (1%) | |||||||||
32.2 | 27.4 | 18% | 122.0 | 106.9 | 14% | ||||||||||
New Single Premiums | |||||||||||||||
- Investment | 451.1 | 542.0 | (17%) | 1,974.1 | 1,965.4 | 0% | |||||||||
- Pensions | 495.9 | 417.2 | 19% | 1,859.9 | 1,537.2 | 21% | |||||||||
947.0 | 959.2 | (1%) | 3,834.0 | 3,502.6 | 9% | ||||||||||
Unit Trust Sales (including PEPs and ISAs) | 259.0 | 293.9 | (12%) | 1,368.8 | 1,246.2 | 10% | |||||||||
Unaudited 3 Months to 31 December 2011 | Unaudited 12 Months to 31 December 2011 | ||||||||||||||
2011 £'m |
2010 £'m |
Change % |
2011 £'m |
2010 £'m | Change % | ||||||||||
NEW BUSINESS (RP + 1/10TH SP) | |||||||||||||||
Investment | 71.0 | 83.6 | (15%) | 334.3 | 321.2 | 4% | |||||||||
Pensions | 75.9 | 63.8 | 19% | 288.2 | 240.6 | 20% | |||||||||
Protection | 5.9 | 5.3 | 11% | 19.8 | 20.0 | (1%) | |||||||||
Total | 152.8 | 152.7 | 0% | 642.3 | 581.8 | 10% | |||||||||
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ST. JAMES'S PLACE WEALTH MANAGEMENT
NEW BUSINESS FIGURES TO 31 DECEMBER 2011
MANUFACTURED LONG TERM SAVINGS
Unaudited 3 Months to 31 December 2011 | Unaudited 12 Months to 31 December 2011 | ||||||||||||||
New PREMIUMS |
2011 £'m |
2010 £'m |
Change % |
2011 £'m |
2010 £'m | Change % | |||||||||
New Regular Premiums | |||||||||||||||
- Pensions | 21.5 | 18.0 | 19% | 85.2 | 68.3 | 25% | |||||||||
- Protection | 0.8 | 1.5 | (47%) | 4.1 | 5.2 | (21%) | |||||||||
22.3 | 19.5 | 14% | 89.3 | 73.5 | 21% | ||||||||||
New Single Premiums | |||||||||||||||
- Investment | 427.7 | 537.1 | (20%) | 1,904.2 | 1,924.6 | (1%) | |||||||||
- Pensions | 434.7 | 387.5 | 12% | 1,674.0 | 1,399.5 | 20% | |||||||||
862.4 | 924.6 | (7%) | 3,578.2 | 3,324.1 | 8% | ||||||||||
Unit Trust Sales (including PEPs and ISAs) | 259.0 | 293.9 | (12%) | 1,368.8 | 1,246.2 | 10% | |||||||||
Unaudited 3 Months to 31 December 2011 | Unaudited 12 Months to 31 December 2011 | ||||||||||||||
2011 £'m |
2010 £'m |
Change % |
2011 £'m |
2010 £'m | Change % | ||||||||||
NEW BUSINESS (RP + 1/10TH SP) | |||||||||||||||
Investment | 68.6 | 83.1 | (17%) | 327.3 | 317.1 | 3% | |||||||||
Pensions | 65.0 | 56.7 | 15% | 252.6 | 208.2 | 21% | |||||||||
Protection | 0.8 | 1.5 | (47%) | 4.1 | 5.2 | (21%) | |||||||||
Total | 134.4 | 141.3 | (5%) | 584.0 | 530.5 | 10% | |||||||||
% of total new business | 88% | 93% | 91% | 91% |
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ST. JAMES'S PLACE WEALTH MANAGEMENT
NEW BUSINESS FIGURES TO 31 DECEMBER 2011
Non Manufactured Long Term Savings
For the three months:
§ Investment premiums of £23.4 million (2010: £4.9 million), amounting to £2.4 million (2010: £0.5 million) on an APE basis.
§ Pension single premiums of £61.2 million (2010: £29.7 million) and regular premiums of £4.8 million (2010: £4.1 million), amounting to £10.9 million (2010: £7.1 million) on an APE basis.
§ Protection business of £5.1 million regular premiums (2010: £3.8 million).
§ Total new business, on an APE basis, of £18.4 million (2010: £11.4 million).
For the twelve months:
§ Investment premiums of £69.9 million (2010: £40.8 million), amounting to £7.0 million (2010: £4.1 million) on an APE basis.
§ Pension single premiums of £185.9 million (2010: £137.7 million) and regular premiums of £17.0 million (2010: £18.6 million), amounting to £35.6 million (2010: £32.4 million) on an APE basis.
§ Protection business of £15.7 million regular premiums (2010: £14.8 million).
§ Total new business, on an APE basis, of £58.3 million (2010: £51.3 million).
Funds Under Management
The table below provides an analysis of the movement in funds under management:
| Unaudited Year Ended 31 December 2011 | Unaudited Year Ended 31 December 2010 | ||
|
| £'bn |
| £'bn |
|
|
|
|
|
Opening funds under management |
| 27.0 |
| 21.4 |
New money invested |
| 5.2 |
| 4.7 |
Net investment return |
| (1.8) |
| 2.6 |
|
| 30.4 |
| 28.7 |
Regular income withdrawals & maturities |
| (0.5) |
| (0.5) |
Surrenders & part surrenders |
| (1.4) |
| (1.2) |
|
|
|
|
|
Closing funds under management |
| 28.5 |
| 27.0 |
|
|
|
|
|
Implied surrender rate as a % of average funds under management |
|
5.2% |
|
5.0% |
Capital
There have been no material changes to solvency capital during the final quarter. The investment policy for non-linked assets remains on a prudent basis, with no exposure to equity investments: non-linked liabilities are matched by government backed gilts and bonds, and surplus assets are invested in AAA rated money market funds. This policy continues to immunise the capital base from stock market falls and both widening spreads and credit defaults on corporate bonds.
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