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| Company Summary for Standard Life Plc |
HQ Address
30 Lothian Road
Edinburgh
Scotland
EH1 2DH |
Telephone Number
Fax Number
Website
Email
Number Of Employees
Number Of UK Locations |
0131 225 2552
NA
ukgroup.standardlife.com
web_enquiries@standardlife.com.
NA
1 |
| Standard Life provides an extensive range of financial products and services, and a leading pensions provider in the UK. Standard Life has operations in the United Kingdom, Canada, Germany, the Republic of Ireland, Hong Kong, India and China. The Standard Life group of companies also includes: Standard Life Investments, an investment manager; Standard Life Bank, offering a range of mortgages and savings products; Standard Life Healthcare, which offers private medical insurance and with the recent acquisition of FirstAssist is one of the largest such insurers in the UK. On 31 May 2006, Standard Life's voting members voted in favour of the Special Resolution for the demutualisation of The Standard Life Assurance Company and the flotation of Standard Life plc on the London Stock Exchange. |
| Activities in Sector(s) |
| Banks & Financial service : |
Financial services and accountants |
| Turnover in the Banking & Financial service sector has grown a solid 19% to £473.9bn in the past year and profits have increased by 20% to £83.1bn. Employee numbers over the same period have increased by 14% to a total of around 1m people. |
| Insurance & Assurance : |
Life Assurance |
| Turnover in the Insurance and Assurance sector grown by 50% in the past year, rising to £206.7bn, with profits remaining stable at around £10.4m. Employee numbers have also remained relatively stable, dropping by only 1% to reach approximately 570,000 people over the same time period, indicating high productivity as decreased staff numbers have made a significant positive impact on turnover in the sector. |
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| Presences in Region(s) |
| Scotland(1) |
| Key Financial Data |
Latest |
Year -1 |
Year -2 |
Year -3 |
Year -4 |
| Turnover |
| UK Turnover |
| Overseas Turnover |
| Cost of Sales |
| Operating Profit |
| Profit Margin |
| Remuneration |
| Land & Building |
| Fixtures & Fittings |
| Plant & Vehicles |
| Stock & W.I.P |
| Short Term Loans & Overdrafts |
| Hire Purch. & Leas. (short t.) |
| Hire Purchase & Leas. (long t.) |
|
| £15,349m |
| £11,988m |
| £3,361.0m |
| NA |
| £285.0m |
| 5.00 |
| NA |
| NA |
| NA |
| NA |
| NA |
| £6,506.0m |
| NA |
| NA |
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| NA |
| NA |
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| Key Employee Data |
Latest |
Year -1 |
Year -2 |
Year -3 |
Year -4 |
| Number of Employees |
| Wages & Salaries |
| Pension Costs |
| Directors' Remuneration |
| Highest Paid Director |
| Average Remuneration per Employee |
| Turnover per Employee |
| Profit per Employee |
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| Company News |
| 21 Sep 2007 |
Considering Offer for Resolution - Could Exceed £4.5b - 100's Jobs at Risk |
| |
Standard Life Plc, is considering an offer for Resolution, which could exceed £4.5b, a decision which will generate uncertainty over hundreds of Glasgow-based jobs. Resolution is expecting to merge with Friends Provident for £8b. A merger of fund management divisions Standard Life Investments (SLI) and Glasgow-based Resolution Asset Management (RAM) would offer significant scope for economies. Resolution also used to employ 1800 life and pensions staff in Glasgow, however approximately 1550 transferred to Capita on August 1 under an outsourcing deal announced in June. It is unclear how their futures will be affected by a Standard Life takeover. Although Resolution and Friends Provident have posted documents on their merger to shareholders, the contract has been affected by reports over opposition from investors and the potential for competing bids. Entrepreneur Hugh Osmond's unlisted Pearl Assurance, which owns around 16% of Resolution, is also said to be considering an all-cash bid of its own, having been vocal in its opposition to the Friends deal. Swiss Re and Axa have also been linked to possible interest. Resolution, the aggressive and highly-successful acquirer of closed life office books, is known to have approached Standard before the latter's July 2006 flotation. Gerry Grimstone is the Chairman of Standard Life Plc. Clive Cowdery is the Chairman of Resolution Asset Management. |
| 06 Aug 2007 |
Expansion Strategy - Considering Bidding for Insurance Group - Business Developments |
| |
Standard Life Plc, is considering the possibility of a bid for Resolution, the zombie fund insurer. London-listed insurer Old Mutual is also believed to be interested after holding early stage negotiations with Friends prior to Friends and Resolution announcing their plans. Standard and Resolution have been linked together in a number of tie-up negotiations during the past year. |
| 06 Apr 2007 |
Plans to save £100m by 2009 – 1000 jobs to go over next 2 years – Operating profit rose to £614m |
| |
Standard Life Plc, the Edinburgh-based life and pensions group, is planning to cut a further 1,000 jobs over the next two years, in order to save £100m a year by 2009 The life and pensions group, reporting its first full-year results since its stock market listing, has already scrapped 4,500 posts since 2004. Most of its 8,500 staff are based in Edinburgh and it hopes most of the cuts will come from normal staff turnover. The firm reported better-than-expected results with operating profits rising 55% to £614m. |
| 22 Mar 2007 |
Subsidiary trading well - Assets of £316m - Record new investment activity |
| |
Standard Life European Private Equity Trust, an investment company managed by Standard Life Investments (Private Equity) Limited, enjoying a healthy level of realised and unrealised gains from its private equity investments in the first quarter to 31 December 2006. The Company’s net assets were £316.1 million at 31 December 2006. During the quarter ended 31 December 2006 a total of £32.2 million was received by way of distributions from the Company’s portfolio of 45 private equity fund interests. Realised gains and income represented £15.7 million of these distributions. The average return on the Company’s acquisition cost of realised investments was 2.0X. The level of new investment activity was the highest since the Company’s listing, reflecting the record final quarter of 2006 for new private equity transactions in Europe. |
| 08 Feb 2007 |
UK Sales Up 54% to £1.44b - Final Quarter Sales Up 86% to £431m - Bus Growth |
| |
Standard Life Insurance Ltd, has delivered new strong sales figures, despite increased competition in the market for one of its key products. The insurance group confirmed that a push by a number of its rivals into the area of self-invested personal pensions (SIPPs) has failed to affect its own performance. UK life and pension sales were up 54% to £1.44b, slightly ahead of forecasts. The figure was helped by a strong final quarter, when sales increased 86% to £431m. The 'A-Day' changes to pension rules introduced in April 2006, are continuing to have a positive effect on business. SIPPs assets under management increased £4.3b at end-December 2006, compared to £1.3b in 2005. The group has warned that long-term policy lapse rates are on the rise. Sandy Crombie is the Chief Executive of Standard Life Insurance Ltd. |
| 26 Oct 2006 |
Acquisition of 10% shareholding |
| |
Standard Life plc purchase a 10% shareholding in Simply Biz plc in October 2006 – Leading UK provider of training and support services to financial advisers |
| 12 Oct 2006 |
Boardroom Reorganisation - Planned Acquisition - Business Developments |
| |
Standard Life Insurance Ltd, a company offering financial products and services, based in Edinburgh, Scotland, is planning a boardroom reorganisation, ahead of a possible acquisition, flotation of Jupiter Asset Management is being speeded up and possible rival bidders for AWG. |
| 09 Oct 2006 |
Worse-Than-Expected Results - Customer Policies Cashed In - Profit Margins Up - Executive Management Changes |
| |
Standard Life Insurance Ltd, a financial products services company, based in Edinburgh, Scotland, has recorded a worse-than-expected set of results in October 2006, attributed to a high number of customers cashing-in their policies following the company demutualisation and flotation in summer 2006. Operating profits were £206m for the period, analysts predicted a figure of approximately £250m. The company is still expecting to meet its £30m cost-cutting target, which will achieve a return on embedded value of between 9 and 10% in the first half. Profit margins have also increased, attributed to price increases and a reduction in the commission the group pays to advisers. Trevor Matthews is the UK Chief Executive of Standard Life Insurance Ltd. Sandy Crombie is the Group Chief Executive of Standard Life Insurance Ltd. Alison Reed, Finance Director, is to leave the company, following the completion of its demutualisation. The company is currently seeking a replacement. Sir Brian Stewart, Chairman, is also expecting to stand down by the end of 2006. |
| 02 Aug 2006 |
Standard Life 17 pc increase in sales in H1 – Boom in home sales – Britain's fifth-largest life insurer – Demand for core UK pension products – Domestic business up by 25 pc –First earnings update since it floated on the market in July 2006 – Global sales on an annual premium equivalent (APE) basis for 6 months ending June 30 2006 £745 million up – £624 million same time 2005 – UK Life and Pensions sales 25 pc increase to £594 million – 36 pc increase for Q2 compared to 2005 – Self Invested Personal Pension up 75 pc to £105 million – Funds under management up 79 pc to £2.2 billion – Optimistic about rest of 2006 – Standard Life Investments also had very good H1 – Investment product inflows up to £3.1 billion – Third party funds under management up by 12 pc to £31.5 billion. |
| 11 Jul 2006 |
Standard Life heading straight into FTSE 100 Index 10 July 2006 – Stock originally priced at 230p – Market value of £4.7bn – 2.4 million members get average share windfalls of £1,475 – Shares priced lower than first indication due to recent stockmarket volatility – Share offer expected to raise £1.1bn of new capital – 2005 profits of £152m – 3,200 job cuts. |
| 05 Jun 2006 |
Standard Life's members voted in favour for demutualisation of The Standard Life Assurance Company and flotation of Standard Life plc on London Stock Exchange – 98% voted in favour of Special Resolution – 15 June 2006 mail Members, customers and employees details of Preferential Offer and launch share offers – Proposed flotation July 2006. |
| 03 May 2006 |
Standard Life sales increase 7% in Q1 – Set to become 5th largest UK-listed life insurer if members vote for initial public offering May 2006 –Worldwide Q1 sales £342 million – £320 million 2005 – Decline in Germany offset by stronger sales in Canada and Ireland – Core UK market sales up 13% to £263 million – Single-premium sales including self-invested personal pensions (SIPP) up 52% – SIPP sales more than doubled – Onshore bond sales increased by 166% to £425 million –Significant turnaround – Worldwide investment sales up 141% at £2.5 billion – Manages £124.8 billion of funds – Aims to raise £1.1 billion in its flotation – Potential market value of £4.8-5.5 billion. |
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