Standard Life reported an increase in net income during the first half of 2014, driven in part by its individual wealth and group savings and retirement business.
On August 5, Standard Life reported net income of $158 million for the first half of 2014, up from $48 million for the same period in in 2013, as well as an increase of 18% in premiums and deposits for a total of $1.5 billion in the second quarter of the year. The insurers' assets under administration also increased to $52 billion, an increase of 7% compared to the $48 billion reported at the end of 2013.
Premiums and deposits for individual wealth solutions increased by 34% to $601 million, driven by sales of the insurer's Ideal Segregated Funds Signature 2.0. Seen separately, segregated funds sales were up 39% in the second quarter to $403 million. As for mutual fund sales, they increased by 29% to $107 million. The insurer says this gain is partly due to the success of the global funds it has introduced in the last few years.
Finally, group savings and retirement premiums and deposits rose by 12% to $752 million, up from the $671 million reported for the same period in 2013. Standard Life’s core defined contribution business was up by 14% to $664 million.