Montreal-based Standard Life Financial Inc. said Wednesday that premiums and deposits were stable at $4.3 billion for the first nine months of 2013, and reached $1.4 billion in the third quarter, down slightly from $1.6 billion in the 2012 third quarter.
These results reflect a strong performance in the company’s retail investment funds, the company says.
Total assets under administration were up 4% over last year to $46.1 billion from $44.3 billion, mainly due to net inflows and positive market movement. Fee-based assets under administration increased by 14% over last year to $28.2 billion from $24.8 billion.
Overall premiums and deposits for retail savings and investment solutions increased by 12% to $1.4 billion for the first nine months of 2013, from $1.2 billion, and by 32% to $471 million in the third quarter from $357.5 million. The growth was driven by the continued success of Standard Life’s retail segregated funds, which grew 22% to $922.7 million year-to-date , and 66% over the same quarter last year, to $321.7 million.
Overall premiums and deposits from the group savings and retirement business amounted to $2.3 billion for the first nine months of 2013, down slightly from $2.4 billion a year ago, and to $725 million in the third quarter, down from $984 million in the year earlier period. Premiums and deposits in the core segment of defined contribution plans improved by 4.5% to $1.9 billion year-to-date, and were up slightly to $566 million in the third quarter from $565 million a year ago.
Group insurance and disability management activities were in line with the first nine months of last year at $532 million, and experienced a 3% decrease to $174 million in the third quarter.
Standard Life Financial’s main operating subsidiary, The Standard Life Assurance Company of Canada, reported a solvency ratio of 245% at the end of September following a dividend payment of $205 million to Standard Life plc.
“We’re seeing strong momentum in our retail business. We continue to gain ground with the fastest growing segregated funds offering in Canada, to add innovative funds to our offering, and to leverage the global expertise and capabilities of our asset manager, Standard Life Investments,” said Charles Guay, president, in a release.
Standard Life Financial Inc. wholly owns The Standard Life Assurance Company of Canada and Standard Life Mutual Funds Ltd.