Financial results

2009 Preliminary Results

Positive net flows across the Group

  • Net flows across the Group up 51% to £6.5bn (2008: £4.3bn) 1
  • Group assets under administration up 15% to £170bn (31 December 2008: £148bn)

Cash flow robust

  • EEV core capital and cash generation after tax up 16% to £350m (2008: £303m)
  • Full year dividend up 4.0% to 12.24p (2008: 11.77p)

Profits resilient in difficult markets

  • EEV operating profit before tax of £919m (2008: £933m)
  • IFRS profit after tax attributable to equity holders of £213m (2008: £100m)

strong platform for profitable growth

Quarter 4 New Business Results 2009

An impressive performance in a year of challenging markets

  • Life and pensions net inflows excluding bulk bond deals 57% higher at £3.2bn1 (2008: £2.1bn)
  • Standard life Investments third party net inflows 67% higher at £5.7bn (2008: £3.4bn)

Strong growth in assets

  • SIPP assets under administration 36% higher at £11.8bn (31 December 2008: £8.7bn)
  • Group pensions assets under administration 24% higher at £17.9bn (31 December 2008: £14.4bn)
  • Wrap assets under administration more than doubled to £3.6bn (31 December 2008: £1.7bn)
  • Standard life Investments third party assets under management 25% higher at £56.9bn (31 December 2008: £45.5bn)

Significant increase in flows and sales in the fourth quarter

  • Life and pensions net inflows over three times higher at £1.3bn (Q4 2008: £0.4bn)
  • Life and pensions sales of £4.2bn significantly higher than both the prior year and the third quarter (Q4 2008: £3.2bn, Q3 2009: £3.0bn)

Quarter 3 New Business Results 2009

Positive net inflows across the Group

  • Standard life Investments third party net inflows 75% higher at £4.3bn
  • Life and pensions net inflows of £1.2bn
  • Life and pensions net inflows excluding bulk bond deals 18% higher at £1.8bn
  • Life and pensions net inflows in the third quarter 91% higher at £586m

Strong growth in assets as markets recover

  • Standard life Investments total assets under management increased by £15.3bn in the third quarter
  • Standard life Investments third party assets under management 19% higher at £54.1bn
  • SIPP assets under administration 27% higher at £11.0bn
  • Wrap assets under administration 76% higher at £3.0bn
  • Group pensions assets under administration 19% higher at £17.1bn

New business sales reflect impact of weaker average financial market levels

  • Life and pensions sales 15% lower at £10.5bn

2009 Interim Results

Cash flow and capital position robust

  • Core capital and cash generation after tax of £167m (2008: £143m)
  • Financial Groups Directive surplus of £3.1bn (31 December 2008: £3.3bn)
  • Interim dividend of 4.15p, representing 2.0% growth

Positive net flows

  • Positive net flows of £2.1bn across the Group (2008: £3.3bn)
  • Life and pension PVNBP sales of £7.5bn (2008: £9.1bn)

 Profits impacted by lower financial market levels

  • EEV operating profit before tax of £348m (2008: £534m)
  • IFRS loss after tax attributable to equity holders of £20m (2008: profit £161m)

Strong progress made towards second phase efficiency target

  • On track to meet £75m annual efficiency savings target by the end of 2010 - £26m achieved to date

Quarter 1 New Business Results 2009

Net flows reflect our decision not to renew lower margin bulk investment bond deals

  • Worldwide life and pensions net inflows of £331m (2008: £491m), excluding lower margin bulk investment bond deals
  • Overall worldwide life and pensions net outflows of £28m (2008: net inflows of £931m)
  • Worldwide third party net investment inflows of £0.6bn (2008: £2.3bn)

New business sales reflect impact of weaker financial markets

  • Worldwide life and pensions sales 20% lower at £3.6bn (2008: £4.5bn)
  • UK life and pensions sales 27% lower at £2.5bn (2008: £3.4bn)
  • UK life and pensions sales excluding lower margin bulk investment bond deals 17% lower at £2.5bn (2008: £3.0bn)

Capital strength maintained

  • Estimated FGD surplus at 31 March 2009 of £3.2bn after the payment of the final dividend (31 December 2008: £3.3bn) has remained largely insensitive to volatile markets