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INTERIM RESULTS July 2011. Mike Wilson CHAIRMAN David Bellamy CHIEF EXECUTIVE Andrew Croft FINANCE DIRECTOR. MIKE WILSON Chairman. Agenda. Introduction MIKE WILSON Business Update DAVID BELLAMY Financials ANDREW CROFT Outlook DAVID BELLAMY Q&A. DAVID BELLAMY Chief Executive.

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INTERIM RESULTS July 2011

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Interim results july 2011 l.jpg

INTERIM RESULTS

July 2011


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Mike WilsonCHAIRMAN

David BellamyCHIEF EXECUTIVE

Andrew CroftFINANCE DIRECTOR


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MIKE WILSON

Chairman


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Agenda

IntroductionMIKE WILSON

Business UpdateDAVID BELLAMY

FinancialsANDREW CROFT

Outlook DAVID BELLAMY

Q&A


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DAVID BELLAMY

Chief Executive


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APE (Annual premiums plus 10% of single premiums)

2008

2009

2010

2011

Total new business by quarter

+12%

+18%


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Record half year single investments (£’bn)

+14%

+60%

+0%

+42%

-12%


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17% p.a. compound growth in funds under management over 5 years

+30%

+33%

-1%

+29%

-2%

30 June


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So, an excellent start to the year with;

  • APE growth of 15%

  • Total single investments of £2.7bn up 14% on 2010

  • Net inflows of £1.7bn

  • Bringing Funds under Management to £29.1bn


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Growing number of partners

+3%

+6%

+9%

+7%

+8%

30 June


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So, an excellent start to the year with;

  • APE growth of 15%

  • Total single investments of £2.7bn up 14% on 2010

  • Net inflows of £1.7bn

  • Bringing Funds under Management to £29.1bn

  • Partnership up 3% to 1601


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ANDREW CROFT

Finance Director


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Analysis of EEV operating profit


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New business margin

  • APE up 15%

  • Manufactured business up 16% and represents 93% of the total (2010: 91%)

  • Careful management of establishment expenses with growth of only 4.4%

  • Equalisation of Partner remuneration across bonds and unit trusts as part of RDR implementation

  • Corporation tax reduction (with more to come)

All lead to increased margin


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New business margin


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Analysis of EEV operating profit


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Analysis of EEV pre-tax result


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EEV net asset value per share


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IFRS profit before shareholder tax


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Analysis of post tax IFRS profit


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Pre- tax IFRS profit


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Analysis of shareholder tax charge


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IFRS net asset value per share


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Analysis of post tax cash result


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Arising from in force business

* Ignores stock market movements and outflows


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Return on the investment in new business


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£61.6m

2011

Double half year

Underlying post-tax cash result

£48.3m

£23.5m

£24.1m

£25.9m

2007

2008

2009

2010

Investment in new business


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Interim dividend

  • Two year period of rebasing the dividend and indicated a further significant increase in the 2011 dividend

  • Rebalancing the interim dividend to historic trend of 40% of full year dividend

  • Therefore we are increasing the interim dividend by 58% to 3.2p per share

  • Given notice that Scrip dividend will be replaced at the end of the year with a dividend reinvestment plan


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Capital position

  • Total group solvency assets at 30 June 2011 are £314.5 million

  • Solvency remains strong

  • Solvency II

  • Investment policy for solvency assets continues to be prudent


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Sovereign debt holdings


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AAA Rated Money Market Funds


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Bank balances


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Summary

  • New business on an APE basis £335.6 million up 15%

  • Establishment expenses of £47.6 million up 4.4%

  • EEV new business profit of £127.7 million up 27% with a strong increase in margin

  • EEV operating profit at £183.6 million up 13% and total profit of £182.6 million up 110%

  • IFRS profit before shareholder tax of £55.3 million up 52%

  • Cash result of £30.8 million up 65%

  • EEV net asset value per share of 379.5p up 29%

  • IFRS net asset value per share of 127.4p up 10%

  • Interim dividend of 3.2p per share up 58%


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DAVID BELLAMY

Chief Executive


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The Journey

Today

  • Diversified adviser team

  • Specialist advisers

  • Access to a wide range of asset classes and asset managers

  • Whole of market for protection, annuities, mortgages etc

  • Access to leading professional advice on trusts, wills etc


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The St. James’s Place Partnership

  • 1601 Partners

    • Sole Traders

    • Small Businesses

    • Large Practices

  • Strong support team

  • Specialised areas of advice

  • Average age 48


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Geographic Distribution – Partners – 30 June 2011

5%

2%

22%

13%

5%

3%

16%

24%

11%


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The St. James’s Place Partnership

  • 1601 Partners

    • Sole Traders

    • Small Businesses

    • Large Practices

  • Strong support team

  • Specialised areas of advice

  • Average age 48

  • No one partner accounts for more than 1%


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Current Fund Houses


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External product providers


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Diversified Client Base

  • Retail investors

  • Professional investors

  • SME’s & PLC’s

  • Pension Trustees


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New Funds 2011

4%

1%

21%

13%

4%

3%

18%

23%

10%

Funds

5%

1%

20%

13%

4%

3%

17%

24%

10%

Overseas Clients: 3%


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Diversified Client Base

  • Retail investors

  • Professional investors

  • SME’s & PLC’s

  • Pension Trustees

  • Average age 55

  • Average investment £150,000+

  • 140,000 wealth management clients

  • No one client represents more than 1% of FUM


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The SJP Market Place

UK Individuals with between €50k and €5m of liquid assets

Source: Datamonitor European Wealth Markets Database 2010


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The Journey

  • Diversified Wealth Management business

  • Wide range of funds and fund managers

  • Whole of market access to protection, annuities and mortgages

  • Experienced and qualified adviser team

  • Building long term relationships and trust


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17%p.a. compound growth over the last 5 and 10 years

+26%

27.0

+31%

+18%

-10%

+25%

+29%

+20%

+34%

+11%

-6%

30 June 2011: £29.1 billion


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Growth Portfolios

Managed Funds

Conservative

Adventurous

Balanced


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Income Portfolios

Immediate Income

Deferred Income

Balanced Income


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David Levanson

Simon Todd

William Browne

New Fund Managers


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Clients

  • Core market £50,000 - £500,000

  • Attractive high net worth market

  • Exploring private client division

  • Colin Jelley to lead


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Partnership

  • Over 80% of the Partnership qualified or close to it

  • Re-launching the Academy

  • STP programme


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Ambitious development programme

  • In our people

  • In our back office

  • In our investment approach

  • In the Partnership

  • And our overall client proposition


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