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St. James’s Place Wealth ManagementNew Business FiguresFor the Six Months to 30 June 2011Non Manufactured Long Term SavingsFor the three months:–– Investment premiums of £17.0 million (2010: £15.9 million), amounting to £1.7 million (2010: £1.6 million)on an APE basis.–– Pension single premiums of £30.4 million (2010: £34.7 million) and regular premiums of £4.0 million(2010: £7.0 million), amounting to £7.0 million (2010: £10.4 million) on an APE basis.–– Protection business of £3.1 million regular premiums (2010: £3.9 million).–– Total new business, on an APE basis, of £11.8 million (2010: £15.9 million).For the six months:–– Investment premiums of £28.7 million (2010: £19.6 million), amounting to £2.9 million(2010: £2.0 million) on an APE basis.–– Pension single premiums of £63.4 million (2010: £72.9 million) and regular premiums of £9.0 million(2010: £9.3 million), amounting to £15.3 million (2010: £16.6 million) on an APE basis.–– Protection business of £6.4 million regular premiums (2010: £7.0 million).–– Total new business, on an APE basis, of £24.6 million (2010: £25.6 million).04St. James’s Place plc. Registered No. 3183415
Interim Management ReportInterim StatementDespite the uncertain and fragile economic recovery,St. James’s Place continues to attract new investmentsand perform strongly across all of its key measures.During the first six months of the year we havecontinued to grow new business, funds undermanagement, the Partnership, profits and the dividend.New business and funds undermanagementTotal new business for the six months, on an annualpremium equivalent basis (“APE”) was up 15% withthe second quarter being our highest ever.New single investment and pension business at £2.73billion was 14% higher than the same period last yearwith unit trust and ISA business up 18%.We continue to maintain strong retention of existingclient funds which combined with the new businessresulted in a net fund inflow of £1.7 billion.Total funds under management at 30 June 2011, at£29.1 billion, were 30% higher then 30 June 2010 and8% higher than the start of the year.Financial performanceIn line with previous years, we have presented ourresults on both an IFRS (International FinancialReporting Standards) basis and on an EEV (EuropeanEmbedded Value) basis.On an IFRS basis the operating profit beforeshareholder tax at £55.3 million was 52% higher thanthe £36.3 million for the prior period last year, whilston an EEV basis the operating profit at £183.6 millionwas some 13% higher than the same period of 2010.After taking into account the investment into newbusiness, the cash result for the half year, was £30.8million, 65% higher than the £18.7 million recordedin the first six months of 2010.The Financial Commentary on pages 7 to 28 providescomprehensive detail on the performance of theGroup on these profit measures.DividendAs shareholders will recall, the final 2010 dividendwas increased by 49% to provide for a full yeardividend increase of 33% as part of a two yearrebasing of the dividend. We also indicated thatshareholders could expect a further significantincrease in the 2011 dividend.Subject to any unforeseen circumstances, this remainsthe Board’s intention and the performance of thebusiness during the first six months reinforces ourconfidence in this regard. Consequently in order torebalance the interim dividend to the historic level ofabout 40% of the anticipated full year dividend, theBoard propose increasing the interim dividend by 58%to 3.2p per share.The dividend will be paid on 14 September 2011 toshareholders on the register at the close of business on5 August 2011.Shareholders will again be offered a scrip dividend.This scrip alternative will be replaced with a DividendReinvestment Plan (‘DRIP’) for the 2011 finaldividend payment.Investment managementGlobal investment markets started the year on agrowth trajectory but fell back on sovereign debt andeconomic recovery concerns, ending the six monthsrelatively flat. The FTSE 100 for example was up lessthan 1%.Against this backdrop our funds have performedsolidly during the period. Over five and ten years,consistent with a medium to long term investmenthorizon, more than 60% of our clients’ money was inthe top half of the respective fund peer group.Half Year Report 201105
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