Standard Life 1st Half Operating Profit +10% On Sales Recovery; Lifts Dividend
11 Agosto 2010 - 3:49AM
Dow Jones News
U.K. insurer Standard Life PLC (SL.LN) Wednesday posted a 10%
rise in first-half operating profit and a 4.8% increase in its
interim dividend, helped by a strong recovery in sales amid signs
of improving financial markets.
The Edinburgh-based company also gave an upbeat outlook on its
business, expecting growth in assets and profits and a continued
rise in dividends.
Statutory operating profit for the six months ended June 30 was
GBP182 million, up from GBP166 million in the same period a year
earlier.
The result was in line with a GBP181 million average forecast
from eight analysts.
"This strong set of results demonstrates the progress we have
made as a business and the potential for increased profits and
dividends as we invest for growth," Chief Executive Officer David
Nish said.
"Our Canadian operations and Asian businesses, including the
joint ventures, have also performed well. In particular, there is
strong momentum building in India and we see great potential in
this very exciting market," Nish said.
On its outlook, the company said it sees "exciting opportunities
in our core markets and are confident that the investments we are
making will lead to continued strong growth in assets and cash
profitability, supporting our progressive dividend policy."
Total long-term savings new business sales on a present value of
new business premiums basis, or PVNBP, rose 29% to GBP9.6 billion,
significantly higher than the GBP8.93 billion average forecast from
analysts.
This contrasts from a year earlier when sales fell 18% to GBP7.5
billion.
PVNBP is a measure of life and pension sales, and is calculated
as 100% of single premiums plus the expected present value of new
regular premiums.
The company announced an interim dividend of 4.35 pence a share,
up from 4.15 pence a year earlier.
On Tuesday, the stock closed 0.6% higher at 216 pence. It has
risen steadily since June to reach roughly the same level at the
start of the year. Its market capitalization is around GBP4.86
billion.
Standard Life invests in many U.K. companies through its
Standard Life Investments unit. Recently, SLI has opposed the sale
of engineering and manufacturing company Tomkins PLC (TOMK.LN), in
which it has a more than 3% stake, to Canadian investors.
SLI head of U.K. equities David Cumming said the deal, worth
about GBP2.89 billion or 325 pence a share, was "without a shadow
of a doubt" too low, and that he expected a majority of
shareholders would oppose it.
-By Vladimir Guevarra, Dow Jones Newswires; +44 (0) 2078429486,
vladimir.guevarra@dowjones.com
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