The UK-listed firm, which operates in a number of regions including Europe and Asia, reported a broadly strong set of figures for the first six months of 2016.

UK-listed Standard Life today said its pre-tax operating profit rose 18 per cent year-on-year to £341 million ($442.3 million) for the six months to the end of June, while fee-based revenue rose to £794 million, up from £761 million a year ago.

The business said total assets under administration reached £328 billion at 30 June, rising 7 per cent from the same period a year ago, benefiting from £900 million of inflows as well as positive market moves amounting to £19.7 billion.

Shares in Standard Life were up 4.65 per cent around 13:00 GMT today, at 333.3 pence per share.

Gross inflows stood at £21.8 billion, against £21.7 billion a year earlier, covering institutional, wholesale, pensions and retail areas of business.

The firm has developed a new business offering in the wealth management space to tap into demand for more advice around pensions, after former UK finance minister George Osborne unveiled new investment freedoms for people holding pension pots last year. (For more on such developments, see here and here.)

Standard Life Investments, the firm’s investments arm, “grew total assets under management by 6 per cent year-on-year to £269 billion at the end of June. Within this figure, third-party AuM rose 6 per cent to £137.7 billion.

Within Standard Life Wealth, net inflows increased to £200 million, the firm said.

Europe, Asia
European operating profit increased to £18 million, up from £6 million a year ago. Fee-earning assets under administration rose by 15 per cent year-on-year to £20.7 billion, which Standard Life said was driven by favourable foreign exchange movements and continued business momentum.

In the India and China businesses, operating profit before tax was £19 million for the six months to 30 June, down from £21 million, reflecting higher profit from associate and joint venture life businesses, but offset by lower profitability in Standard Life’s Hong Kong business which is continuing to adapt to regulatory change, it said.

In China, Heng An Standard Life logged growth in new business sales in the first half of this year, up 31 per cent.