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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


Mike WilsonCHAIRMAN

David BellamyCHIEF EXECUTIVE

Andrew CroftFINANCE DIRECTOR


MIKE WILSON

Chairman


Agenda

IntroductionMIKE WILSON

Business UpdateDAVID BELLAMY

FinancialsANDREW CROFT

Outlook DAVID BELLAMY

Q&A


DAVID BELLAMY

Chief Executive


APE (Annual premiums plus 10% of single premiums)

2008

2009

2010

2011

Total new business by quarter

+12%

+18%


Record half year single investments (£’bn)

+14%

+60%

+0%

+42%

-12%


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

+30%

+33%

-1%

+29%

-2%

30 June


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


Growing number of partners

+3%

+6%

+9%

+7%

+8%

30 June


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


ANDREW CROFT

Finance Director


Analysis of EEV operating profit


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


New business margin


Analysis of EEV operating profit


Analysis of EEV pre-tax result


EEV net asset value per share


IFRS profit before shareholder tax


Analysis of post tax IFRS profit


Pre- tax IFRS profit


Analysis of shareholder tax charge


IFRS net asset value per share


Analysis of post tax cash result


Arising from in force business

* Ignores stock market movements and outflows


Return on the investment in new business


£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


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


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


Sovereign debt holdings


AAA Rated Money Market Funds


Bank balances


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%


DAVID BELLAMY

Chief Executive


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


The St. James’s Place Partnership

  • 1601 Partners

    • Sole Traders

    • Small Businesses

    • Large Practices

  • Strong support team

  • Specialised areas of advice

  • Average age 48


Geographic Distribution – Partners – 30 June 2011

5%

2%

22%

13%

5%

3%

16%

24%

11%


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%


Current Fund Houses


External product providers


Diversified Client Base

  • Retail investors

  • Professional investors

  • SME’s & PLC’s

  • Pension Trustees


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%


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


The SJP Market Place

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

Source: Datamonitor European Wealth Markets Database 2010


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


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


Growth Portfolios

Managed Funds

Conservative

Adventurous

Balanced


Income Portfolios

Immediate Income

Deferred Income

Balanced Income


David Levanson

Simon Todd

William Browne

New Fund Managers


Clients

  • Core market £50,000 - £500,000

  • Attractive high net worth market

  • Exploring private client division

  • Colin Jelley to lead


Partnership

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

  • Re-launching the Academy

  • STP programme


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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