Standard Life sees group profits jump 10%

Standard Life has seen a 10% rise in group profit before tax for the first half of 2010.

Profit before tax stands at £182m for the six months to June 30, 2010, compared with £166m for the same period in 2009.

The group also reported a 71% increase in net inflows for the first half of 2010, totalling £5.3 billion

The group also reported a 71% increase in net inflows for the first half of 2010, totalling £5.3 billion, this compares with £3.1 billion in 2009. Group assets under administration rose 5% to £179m.

Standard Life UK reported pre-tax profits of £76m in the first half of 2010, a 5% fall on the £80m made in 2009.

The group saw a £404m net outflow in Britain in the first six months of 2010, down from £1.1 billion of outflows in the first half of 2009. Standard Life says the fall is owing to increased Sipp and mutual fund inflows. This was partly offset by increased outflows across all pension products mainly owing to the change in the minimum age at which customers can take retirement benefits from 50 to 55, which came into force in April 2010. Standard Life says the outflows fell once the rule came into effect. (article continues below)

Standard Life Investments reported that UK mutual fund sales more than doubled to £713m for the six months of 2010, this compares with £313m of sales in 2009. Third party inflows jumped to £4.7 billion, a 52% increase over the £3.1 billion in 2009.

In March 2010, Standard Life acquired the remaining 75% stake in threesixty, a move the group says will strengthen its position in the intermediary market. The group says it has commenced work with threesixty to develop the business for the benefit of their independent financial adviser client firms.