Insurer and asset manager Standard Life reported a 13% dip in group pre-tax operating profits for 2013 despite strong inflows.
It blamed the fall in pre-tax profit of £751m - down from £963m last year - on "lower benefits of other operating income".
Despite this, assets under administration were up 12% to £244.2bn, driven it said, by strong net inflows up 92% to £9.6bn.
The final dividend was up 8% to 10.58p making a total of 15.80p or £375m for the year. The insurer reported strong operational performance with fee revenue up 15% to £1.4bn.
Chief executive David Nish said: "Standard Life has had another strong year with business unit underlying performance up 25% to £704m. We continue to invest to meet the large scale changes to our markets. As a result, higher growth has been delivered."
Nish added: “In the UK we are capitalising on the opportunities created by the Retail Distribution Review and auto-enrolment. We attracted 340,000 new customers and increased assets by 13% to £150bn. Standard Life Investments had a particularly good year with third party net inflows of more than £10bn
“Our balance sheet remains strong. We are generating significant cash flows and have once again increased our dividend.
“Our business has been shaped and positioned to benefit from evolving customer needs and regulatory changes. This, combined with our investment expertise and focus on providing value for our customers, is driving demand for our propositions across the retail, workplace, institutional and wholesale channels. We remain very well positioned for the future and look forward with confidence to delivering growing returns for our shareholders.”
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