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INTERIM RESULTS July 2012

INTERIM RESULTS July 2012. Agenda. Business Update DAVID BELLAMY Financials ANDREW CROFT Outlook DAVID BELLAMY Q&A. APE (Annual premiums plus 10% of single premiums). Total new business by quarter. Single investment by quarter. APE (Annual premiums plus 10% of single premiums).

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INTERIM RESULTS July 2012

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  1. INTERIM RESULTS July 2012

  2. Agenda Business UpdateDAVID BELLAMY FinancialsANDREW CROFT Outlook DAVID BELLAMY Q&A

  3. APE (Annual premiums plus 10% of single premiums) Total new business by quarter

  4. Single investment by quarter

  5. APE (Annual premiums plus 10% of single premiums) Pensions new business by quarter

  6. Strong retention of funds • Retention 95% • Net inflows + £1.51 bn

  7. Funds under management £30.9bn +8% +6% +26% +31% +18% -10% +25% +29% +20% +34% -6% June

  8. Growth in number of Partner numbers +3.2% +6% +6% +9% +7% +8%

  9. Partner Qualification • 91% Partners qualified • 6% require one or two exams

  10. Highlights • APE growth +5% (Q2 +13%) • New Single Investments - £2.76 bn • Net inflows - £1.51 bn • FUM up £2.4 bn to £30.9 bn • Partner numbers up to 1,702 • Dividend increase +33%

  11. ANDREW CROFT Chief Financial Officer

  12. Introduction • Challenging market during first six months of the year • Strong operating performance in all financial measures • Of particular note is the continuing growth in the cash emergence of the business • Resulting in a 33% increase in the interim dividend • Capital and solvency position remains strong

  13. Analysis of EEV operating profit

  14. New business margin

  15. Non – manufactured business • Manufactured proportion 85% compared with 93% in 2011 • In 2nd quarter one large £21 million APE group pension case • Excluding this case manufactured proportion would be 90% • This is a one-off nice to have but distorts the total margin • This is most definitely not a trend or anything to be concerned about

  16. Analysis of EEV operating profit

  17. Analysis of EEV pre-tax result

  18. Analysis of funds under management

  19. Analysis of EEV pre-tax result

  20. EEV net asset value per share

  21. IFRS profit before shareholder tax

  22. Pre- tax IFRS profit

  23. Analysis of shareholder tax charge

  24. IFRS net asset value per share

  25. Analysis of post tax cash result

  26. Analysis of EEV pre-tax result

  27. Analysis of post tax cash result

  28. Return on the investment in new business

  29. Analysis of post tax cash result

  30. Post-tax cash result 34% Double Half Year* Investment in new business * For illustration purposes

  31. Growth in cash result

  32. Unbroken dividend growth +33% +33% +2.5% +2% +18% +33% +16% Interim * Plus special dividend of 6.35 pence

  33. Expenses • Establishment expense growth for the half year was 4.2% • We will maintain pressure on these costs but will continue to invest in the business where appropriate (eg Partner recruitment) • Development costs were £4.0 million in the first six months and we anticipate a similar spend in the second half of the year • Our full year contribution to the FSCS levy to be some £6-7 million (double last year)

  34. Capital position • Total group solvency assets at 30 June 2012 were £368.2 million • Solvency remains strong • Holding a £35.0 million dividend reserve • Investment policy for solvency assets continues to be prudent • Solvency II

  35. DAVID BELLAMY Chief Executive

  36. ‘Trust’ in financial services at an all time low • Scandal surrounding LIBOR fixing • Product failures • Key Data; Arch Cru; MF Global etc. • Regulatory sanctions • Increasing FSCS levies • Corporate culture & trust – never more important

  37. Business momentum Driven by:- • Dedicated team • Focused on delivering good outcomes for clients • Partner development • Quality of new recruits • New funds & fund managers

  38. Predictability

  39. USP’s • The Partnership • Our Investment approach • Our Culture ‘Relationship based business’

  40. 2012 Awards

  41. Annual Company meeting

  42. Foundation Fund Raising Target

  43. Growth in Partner numbers +3.2% +6% +6% +9% +7% +8%

  44. Advice marketplace

  45. Adviser Community • Over 400 Advisers

  46. New Advisers

  47. Adviser Community • Over 400 Advisers • Average experience 10yrs • Average age 44 • 156 Partners formerly advisers • 30 ‘second generation’

  48. Academy • Two intakes • Average earnings c£100,000 • Average age 39 • Second generation later this year

  49. Professional Qualifications • 91% qualified • 6% - 2 exams or less • Over 2,000 qualified individuals • 100 Chartered Planners – many more to come

  50. SRA

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