MONTREAL - Standard Life Financial Inc., a Canadian financial services company that's part of the Scottish-based Standard Life plc group, reports its net profits for 2009 rose to $109 million from just $3 million the previous year.
"In Canada, Standard Life has delivered a strong performance in 2009, despite the uncertain market conditions," president Joseph Iannicelli said in a release Wednesday.
"We have delivered significant growth in our core segments of retail investment funds, defined contribution pensions and disability management."
In 2008, the plunge in net income to $3 million reflected investment losses and other related charges resulting from the weak financial markets. The unrealized losses on bond and stock investments were fully reflected on the bottom line due to the accounting methods used by Standard Life Canada.
In the 2009 financial report, total net inflows fell to $639 million from $665 million, reflecting higher sales in retail operations and lower deposits in the group savings and retirement business.
Overall premiums and deposits fell two per cent year over year to more than $4.6 billion from $4.7 billion. However, fourth-quarter premiums rose 12 per cent after a good performance in retail products, the company said.
Standard Life is headquartered in Scotland and has 10,000 employees across the U.K., Canada, Ireland, Germany, Austria, India, Hong Kong and mainland China.
The company, which trades on the London Stock Exchange, had $300.7 billion in assets under administration at the end of 2009.
In Canada, Standard Life has 2,000 employees and provides group insurance and retirement management and other financial products and services.