TIDMSL.
RNS Number : 9563U
Standard Life plc
04 August 2015
Standard Life plc
Half year results 2015
Part 4 of 4
5. Shareholder information
Registered office
Company registration number: SC286832
Standard Life House
30 Lothian Road
Edinburgh
EH1 2DH
Scotland
Phone: 0800 634 7474 or 0131 225 2552
For shareholder services call 0345 113 0045
Registrar
Capita Registrars Limited
Auditors
PricewaterhouseCoopers LLP
Solicitors
Slaughter and May
Brokers
JP Morgan Cazenove
Deutsche Bank
Shareholder services
We offer a wide range of shareholder services, some details of
which are set out below. If you need any further information about
any of these services, please:
Contact our registrar, Capita, on 0345 113 0045 if calling from
the UK. International numbers for Capita can be found on the last
page of this report
Visit our share portal at www.standardlifeshareportal.com
Sign up for ecommunications
You can choose to receive your shareholder communications
electronically. Just go to www.standardlife.com/shareholders to
find out how.
Signing up means:
-- You'll receive an email when documents like the Annual report
and accounts and AGM guide are available on our website. You can
then read these online in an easy-to-use, searchable format instead
of receiving paper copies in the post.
-- Voting instructions for the Annual General Meeting will be sent to you electronically
Set up a share portal account
Just go to www.standardlifeshareportal.com to find out how.
Having a share portal account means you can:
-- Manage your account at a time that suits you
-- Download your dividend tax vouchers when you need them
-- View your Standard Life Share Account statement
Preventing unsolicited mail
By law, the Company has to make certain details from its share
register publicly available. Because of this, it is possible that
some registered shareholders could receive unsolicited mail or
phone calls. You could also be targeted by fraudulent 'investment
specialists'. Remember, if it sounds too good to be true, it
probably is. You can find more information about share scams at the
Financial Conduct Authority website
www.fca.org.uk/consumers/scams
If you are a certificated shareholder, your name and address may
appear on a public register. Using a nominee company to hold your
shares can help protect your privacy. You can transfer your shares
into the Company-sponsored nominee - the Standard Life Share
Account - by contacting Capita, or you could get in touch with your
broker to find out about their nominee services.
If you want to limit the amount of unsolicited mail you receive
generally, please contact:
Mailing Preference Service (MPS)
DMA House
70 Margaret Street
London
W1W 8SS
You can also register online at www.mpsonline.org.uk
Analysis of registered shareholdings
as at 30 June 2015
---------------------------------------------------------------
Number % of % of
Range of total Number total
of shares holders holders of shares shares
--------------- --------- --------- -------------- --------
1-1,000 63,884 60.83 27,577,224 1.40
1,001-5,000 36,315 34.58 73,768,454 3.75
5,001-10,000 2,804 2.67 19,049,147 0.97
10,001-100,000 1,592 1.51 36,568,910 1.86
*100,001+ 433 0.41 1,812,303,985 92.02
--------------- --------- --------- -------------- --------
Total 105,028 100 1,969,267,720 100
--------------- --------- --------- -------------- --------
* These figures include the Company-sponsored nominee - the
Standard Life Share Account - which had 1,083,266 participants
holding 750,217,500 shares, and the Unclaimed Asset Trust, which
holds 15,907,401 shares on behalf of 60,007 eligible claimants.
Financial calendar
Ex-dividend date
for 2015 interim 10 September
dividend 2015
Record date for 11 September
2015 interim dividend 2015
Last date for DRIP
elections for 2015 23 September
interim dividend 2015
Interim dividend 20 October
payment date 2015
2015 Q3 AUA and 28 October
flows update 2015
6. Glossary
6.1 Product related terms
Annuity
A periodic payment made for an agreed period of time (usually up
to the death of the recipient) in return for a cash sum. The cash
sum can be paid as one amount or as a series of premiums. If the
annuity commences immediately after the payment of the sum, it is
called an immediate annuity. If it commences at some future date,
it is called a deferred annuity.
Auto enrolment
The UK Government introduced auto enrolment to help people save
for their retirement. Employers have to automatically enrol
eligible employees into a qualifying workplace pension scheme
(QWPS). This pension scheme needs to meet the standards set by the
Pensions Regulator.
Flexible income (drawdown)
Flexible income, also known as drawdown, allows the policyholder
to withdraw pension income as and when they request it. The
remainder of the pension fund remains invested, giving it the
potential for growth.
Global Absolute Return Strategies (GARS)
A discretionary multi-asset fund provided under several
regulated pooled and segregated structures globally by Standard
Life Investments. Their investment objective is to deliver
consistent positive returns at a level exceeding the risk free rate
by an average of 5% per annum, and to do so with as little risk as
possible.
Mutual fund
A collective investment vehicle enabling investors to pool their
money, which is then invested in a diverse portfolio of stocks or
bonds, enabling investors to achieve a more diversified portfolio
than they otherwise might have done by making an individual
investment.
Non-participating/non-profit policy
A policy, including a unit linked policy, which is not a
participating/with profits policy.
Participating/with profits policy
A policy where, in addition to guaranteed benefits specified in
the policy, additional bonuses may be payable from relevant
surplus. The declaration of such bonuses (usually annually)
reflects, amongst other things, the overall investment performance
of the fund of which the policy forms part.
Personal pension plan
An individual pension arrangement with particular tax advantages
whereby individuals who are self-employed or those who are not
members of employer-sponsored pension scheme arrangements can make
provision for retirement or provide benefits for their dependents
in a tax efficient manner.
SICAV
A SICAV (société d'investissement à capital variable) is an
open-ended collective investment scheme common in Western Europe.
SICAVs can be cross-border marketed in the EU under the
Undertakings for Collective Investment in Transferable Securities
(UCITS) directive.
SIPP
A self invested personal pension which provides the policyholder
with greater choice and flexibility as to the range of investments
made, how those investments are managed, the administration of
those assets and how retirement benefits are taken.
Unit linked policy
A policy where the benefits are determined by reference to the
investment performance of a specified pool of assets referred to as
the unit linked fund.
Wrap platform
An investment platform which is essentially a trading platform
enabling investment funds, pensions, direct equity holdings and
some life assurance contracts to be held in the same administrative
account rather than as separate holdings.
6.2 Key financial terms
Assets under administration (AUA)
A measure of the total assets that the Group administers on
behalf of individual customers and institutional clients. It
includes those assets for which the Group provides investment
management services, as well as those assets that the Group
administers where the customer has made a choice to select an
external third party investment manager. Assets under
administration reflect the value of the IFRS gross assets of the
Group adjusted, where appropriate, for consolidation adjustments,
inter-company assets and intangible assets. In addition, the
definition includes third party assets administered by the Group
which are not included on the consolidated statement of financial
position.
Assets under management (AUM)
A measure of the total assets that Standard Life Investments
manages on behalf of individual customers and institutional
clients, for which it receives a fee.
Business unit underlying performance
Business unit underlying performance is operating profit before
tax after excluding the impact of spread/risk operating actuarial
assumption changes, specific management actions, group centre costs
and group centre capital management in the reporting period.
Earnings before interest, tax, depreciation and amortisation
(EBITDA)
EBITDA is defined as earnings before interest, taxation,
depreciation, amortisation, foreign exchange gains and losses, fair
value movements on certain derivatives, restructuring costs and
non-controlling interest.
EBITDA margin
This is an industry measure of performance for investment
management companies. It is calculated as EBITDA divided by net
revenue.
Fee based business
Fee based business is a component of operating profit and is
made up of products where we generate revenue primarily from asset
management charges (AMCs), premium based charges and transactional
charges. AMCs are earned on products such as SIPP, corporate
pensions and mutual funds, and are calculated as a percentage fee
based on the assets held. Investment risk on these products rests
principally with the customer, with the major indirect Group
exposure to rising or falling markets coming from higher or lower
AMCs.
Group capital surplus
This is a regulatory measure of our financial strength and
compares the Group's capital resources to its capital resources
requirements in accordance with the Insurance Groups Directive.
Group underlying cash generation
This is a measure of the underlying shareholder cash flow of the
Group. Group underlying cash generation adjusts Group underlying
performance for non-cash items. Adjustments are made for deferred
acquisition costs/deferred income reserve, fixed/intangible assets
and the Asian joint ventures and associates. Depreciation/
amortisation that would normally be included in operating profit is
replaced with the cash movement in the period. The measure is
stated net of current (cash) tax on Group underlying
performance.
Group underlying performance
Group underlying performance is Group operating profit before
tax after excluding the impact of spread/risk operating actuarial
assumption changes and specific management actions in the reporting
period.
International Financial Reporting Standards (IFRS)
International Financial Reporting Standards are accounting
standards issued by the International Accounting Standards Board
(IASB). The Group's consolidated financial statements are required
to be prepared in accordance with IFRS.
Net flows
Net flows represent gross inflows less redemptions. For
long-term savings business, gross inflows are premiums and deposits
recognised in the period on a regulatory basis (excluding any
switches between funds). Redemptions are claims and annuity
payments (excluding any reinsurance transactions and switches
between funds).
Operating profit
The Group's chosen supplementary measure of performance is
operating profit. This is a non-Generally Accepted Accounting
Principles (GAAP) measure. Operating profit excludes impacts
arising from short-term fluctuations in investment return and
economic assumption changes. It is calculated based on expected
returns on investments backing equity holder funds, with consistent
allowance for the corresponding expected movements in equity holder
liabilities. Impacts arising from the difference between the
expected return and actual return on investments, and the
corresponding impact on equity holder liabilities except where they
are directly related to a significant management action, are
excluded from operating profit and are presented within profit
before tax. The impact of certain changes in economic assumptions
is also excluded from operating profit and is presented within
profit before tax.
Operating profit also excludes the impact of the following
items:
-- Restructuring costs and significant corporate transaction expenses
-- Impairment of intangible assets
-- Profit or loss arising on the disposal of a subsidiary, joint venture or associate
-- Amortisation of intangibles acquired in business combinations
-- Items which are one-off in nature and outside the control of
management and which, due to their size or nature, are not
indicative of the long-term operating performance of the Group
Return on equity (RoE)
The annualised post-tax profit on an IFRS basis expressed as a
percentage of the opening IFRS equity, adjusted for time
apportioned dividends paid to equity holders. Operating RoE is
based on operating profit after tax and total RoE is based on IFRS
profit after tax attributable to equity holders.
Spread/risk based business
Spread/risk based business mainly comprises products where we
provide a guaranteed level of income for our customers in return
for an investment, for example, Annuities. The 'spread' referred to
in the title primarily relates to the difference between the
guaranteed amount we pay to customers and the actual return on the
assets over the period of the contract.
Spread/risk margin
Spread/risk margin is a component of operating profit and
reflects the margin earned on spread/risk business. This includes
net earned premiums, claims and benefits paid, net investment
return using long-term assumptions and reserving changes.
Standard Life Investments Institutional
Standard Life Investments institutional business sell to
institutions (including corporates, pension schemes, local
authorities, government agencies and insurance companies) either
directly or through intermediaries.
Standard Life Investments Wholesale
Standard Life Investments wholesale sell retail products through
wholesale distributors including third party fund supermarkets,
global financial institutions and private banks.
Strategic partner life business
A measure of the assets that Standard Life Investments manages
on behalf of Standard Life Group companies and under other
long-term life book partnership agreements, such as Phoenix
Group.
Third party (excluding strategic partner life business)
A measure of the assets that Standard Life Investments manages
on behalf of individual customers and institutional clients, for
which it receives a fee. This measure excludes the assets that are
managed on behalf of strategic partners in life assurance
books.
UK retail
This relates to business where we have a relationship with the
customer either directly or through an independent financial
adviser. We analyse this type of business into new and old
categories. Retail new includes the products, platforms, investment
solutions and services of our UK retail business that we continue
to market actively to our customers. Retail old includes business
that was predominantly written before demutualisation.
UK workplace
UK workplace pensions, savings and benefits to UK employers and
employees. These are sold through corporate benefit consultants,
independent financial advisers, or directly to employers.
6.3 Other terms
B/C share scheme
Following the completion of the sale of the Canadian business on
30 January 2015 the Company returned 73 pence per share to
shareholders via a B/C share scheme. Eligible shareholders were
able to elect to receive one B share or one C share for each
ordinary share that they held on 13 March 2015. The B shares were
redeemable and had a nominal value of 73 pence each. The Company
redeemed all outstanding B shares on 20 March 2015 giving rise to a
capital receipt for shareholders. The C shares were non-redeemable
and had a negligible nominal value. A dividend was declared on the
C shares of 73 pence per share on 20 March 2015, giving rise to an
income receipt for shareholders. Thereafter C shares were
automatically reclassified as deferred shares.
Board
The Board of Directors of the Company.
Canadian business
On 3 September 2014 the Group announced its intention to sell
its Canadian business to The Manufacturers Life Insurance Company
(MLC), a subsidiary of Manulife Financial Corporation (Manulife).
The assets and liabilities of the Canadian business were classified
as held for sale at 31 December 2014 and the results of this
business were classified as discontinued operations for the year
then ended. The comparative consolidated income statement,
statement of comprehensive income and related notes were restated
on this basis. The Canadian business comprises the Canadian
long-term savings and retirement, individual and group insurance
business (Standard Life Financial Inc. and its subsidiaries), the
Canadian investment management business (Standard Life Investments
Inc. and its subsidiaries) and the business of the Canadian branch
of Standard Life Assurance Limited (SLAL Canada branch).
The sale of Standard Life Financial Inc. and Standard Life
Investments Inc. completed on 30 January 2015. Under the agreements
entered into in September 2014, the business of the SLAL Canada
Branch will transfer to MLC and one or more subsidiaries of
Manulife once certain conditions to completion, including
regulatory approval, are fulfilled. The net assets of the SLAL
Canada branch classified as held for sale are GBPnil at 31 December
2014 and no further consideration will be received when the
transfer takes place.
Capital resources (CR)
Capital resources include the assets in excess of liabilities,
valued on a regulatory basis, and certain other components of
capital.
Capital resources requirement (CRR)
A company must hold capital resources in excess of the capital
resources requirement. The CRR represents the total of the
individual capital resources requirements (ICRR) of each regulated
company in the Group.
Chief Operating Decision Maker
The executive team.
Company
Standard Life plc.
Constant currency
Eliminates the effects of exchange rate fluctuations and is used
when calculating financial performance on a range of measures.
Deferred acquisition costs (DAC)
The method of accounting whereby acquisition costs on long-term
business are deferred on the consolidated statement of financial
position as an asset and amortised over the life of those
contracts. This leads to a smoothed recognition of up front
expenses instead of the full cost in the year of sale.
Deferred income reserve (DIR)
The method of accounting whereby front end fees that relate to
services to be provided in future periods are deferred on the
consolidated statement of financial position as a liability and
amortised over the life of those contracts. This leads to a
smoothed recognition of up front income instead of the full income
in the year of sale.
Director
A director of the Company.
Discounting
The reduction to present value at a given date of a future cash
transaction at an assumed rate, using a discount factor reflecting
the time value of money. The choice of a discount rate will usually
greatly influence the value of insurance provisions, and may give
indications on the conservatism of provisioning methods.
Dividend cover
This is a measure of how easily a company can pay its dividend
from profit. It is calculated as profit for the year attributable
to equity holders of Standard Life plc divided by the total
dividend for that financial period.
Earnings per share (EPS)
EPS is a commonly used financial metric which can be used to
measure the profitability and strength of a company over time. EPS
is calculated by dividing profit by the number of ordinary shares.
Basic EPS uses the weighted average number of ordinary shares
outstanding during the year. Diluted EPS adjusts the weighted
average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares, for example share awards
and share options awarded to employees.
Effective tax rate
Tax expense/(credit) attributable to equity holders' profit
divided by profit before tax attributable to equity holders'
profits expressed as a percentage.
Executive team
The executive team is responsible for the day-to-day running of
the Group and comprises: the Chief Executive, Chief Executive - UK
and Europe, Chief Executive - Standard Life Investments, the Group
Operations Officer, Chief Financial Officer and the Chief Risk
Officer.
Fair value through profit or loss (FVTPL)
FVTPL is an IFRS measurement basis permitted for assets and
liabilities which meet certain criteria. Gains or losses on assets
or liabilities measured at FVTPL are recognised directly in the
income statement.
Group, Standard Life Group or Standard Life
Prior to demutualisation on 10 July 2006, SLAC and its
subsidiaries and, from demutualisation on 10 July 2006, the Company
and its subsidiaries.
Heritage With Profits Fund (HWPF)
The Heritage With Profits Fund contains all business - both with
profits and non profit - written before demutualisation in the UK,
Irish or German branches, with the exception of the classes of
business which the Scheme of Demutualisation allocated to the
Proprietary Business Fund. The HWPF also contains increments to
this business.
Investment grade
Debt securities with a credit rating of BBB or higher.
Key performance indicators (KPI)
This is a measure by reference to which the development,
performance or position of the business can be measured
effectively.
Liability aware
Liability Aware is a framework for proactively managing the
various liability risks and requirements that are faced by defined
benefit pension schemes and insurance companies.
Proprietary Business Fund
The Proprietary Business Fund in Standard Life Assurance Limited
(SLAL) contains, amongst other things, most new insurance business
written after demutualisation in the UK, Ireland and Germany and
certain classes of business written before demutualisation -
pension contribution insurance policies, income protection plan
policies and a number of SIPP policies.
Recourse cash flow (RCF)
Certain cash flows arising in the HWPF on specified blocks of UK
and Irish business, which are transferred out of the fund on a
monthly basis and accrue to the ultimate benefit of equity holders,
as determined by the Scheme of Demutualisation.
Regular premium
A regular premium contract (as opposed to a single premium
contract), is one where the policyholder agrees at inception to
make regular payments throughout the term of the contract.
Retail Distribution Review (RDR)
Rules introduced in the UK in 2013 aimed at introducing greater
transparency and fairness in the investment industry. RDR led to
changes in advice provision, professionalism, adviser charging and
platform rules.
Single premium
A single premium contract (as opposed to a regular premium
contract), involves the payment of one premium at inception with no
obligation for the policyholder to make subsequent additional
payments.
SLAC
The Standard Life Assurance Company (renamed The Standard Life
Assurance Company 2006 on 10 July 2006).
SLAL
Standard Life Assurance Limited.
SLIL
Standard Life International Limited.
Solvency II
Solvency II is an EU-wide initiative that brings consistency to
how EU insurers manage capital and risk. Solvency II will be
implemented on 1 January 2016.
7. Contact details
We want to make sure you have answers to all your questions.
Visit Mail Phone
------------------------------------- ------------------------------------ ---------------
UK and Ireland
If you have questions@standardlifeshares.com
any questions Address: 0345 113
about voting Standard Life 0045*
at the Annual Shareholder Services
General Meeting, 34 Beckenham +44 (0)20
dividends Road 3367 8224*
or your shareholding, Beckenham
please contact Kent (01) 431
our registrar: www.standardlifeshareportal.com BR3 4TU 9829*
------------------------ ------------------------------------- ------------------------------------ ---------------
Germany and
Austria
If you have
any questions
about voting fragen@standardlifeshares.de
at the Annual Address:
General Meeting, Standard Life
dividends Aktionärsservice
or your shareholding, Postfach 2705
please contact 36243 Niederaula +49 (0)69
our registrar: www.standardlifeshareportal.com/de Germany 9753 3030
------------------------ ------------------------------------- ------------------------------------ ---------------
Canada
If you have
any questions questions@standardlifeshares.ca
about voting Address:
at the Annual Standard Life
General Meeting, www.standardlifeshareportal.com Shareholder Services
dividends (English) PO Box 4636
or your shareholding, Station A
please contact www.standardlifeshareportal.com/fr Toronto M5W
our registrar: (French) 7A4 1-866-982-9939
------------------------ ------------------------------------- ------------------------------------ ---------------
* Calls may be monitored and/or recorded to protect both you and
us and help with our training. Call charges will vary.
Secretary, registered office and head office
Kenneth A Gilmour
Standard Life plc
Standard Life House
30 Lothian Road
Edinburgh
EH1 2DH
Scotland
This information is provided by RNS
The company news service from the London Stock Exchange
END
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