Standard Life Plc · LSE:SDLF
Standard Life — Pearl Group — Investor Presentation (November 2009)
7 slides from Standard Life's investor presentation, Nov 11, 2009
Slide 1: The specialist closed life business: Supplementary information
“The specialist closed life business” Supplementary information 11 November 2009 0
Slide 2: Disclaimer
Disclaimer This presentation in relation to Pearl Group and its subsidiaries (the “Group”) contains forward looking statements concerning future events. Those forward looking statements are based on the current information and assumptions of the Group’s management concerning known and unknown risks
Slide 3: Illustration of Pearl Group Cashflows
Illustration of Pearl Group Cashflows Pearl Group Dividends Outflows Dividends / Loans / Interest Inflows Holding companies / SPVs Corporate costs Pension scheme contributions Outflows Debt service Dividends / Loans / Interest Inflows Life Service Asset companies companies managers VIF emergence Net
Slide 4: Breakdown of Embedded Value (EV) at 30 June 2009
Breakdown of Embedded Value (‘EV’) at 30 June 2009 Divisional Analysis of Pearl Group Embedded Value at 30 June 2009 Intrinsic Adjusted Time value Cost of Total EV at Total EV Net Value £m Burn Through Net of options & Required 30 June at 31 Dec Worth Inforce Cost(a) Worth guarantees Capital 2009 20
Slide 5: Runoff Profile of VIF
Runoff Profile of VIF • VIF of £3.1 billion at 30 June 2009 • £2 billion (65%) of VIF expected to run off within next 10 years 100% £0.3bn £0.3bn 10% £0.6bn £0.3bn £1.1bn 10% 80% £0.5bn 15% £2.0bn 60% £0.9bn 28% 40% £1.1bn 20% 37% 0% 1-5 6-10 11-15 16-20 21+ VIF emerged in earlier years Service co m
Slide 6: Runoff Profile of In Force Peak liabilities
Runoff Profile of In Force Peak 1 liabilities • 52% of in force peak 1 liabilities expected to run-off within 10 years • 6% of peak 1 liabilities expected to remain outstanding after 30 years 35% 31% 30% 25% 21% % of liabilities 20% 15% 15% 12% 9% 10% 6% 5% 0% 1-5 6-10 11-15 16-20 21-25 26-30 Years
Slide 7: Life company solvency - Pillar 1
Life company solvency - Pillar 1 • Individual life company solvency positions remain robust • Aggregate Pillar 1 free assets before capital policies at 30 June 2009 of £1.7 billion Summary of Pillar I Headroom at 30 June 2009 £m PA LLL NPIL PLL PALAL Capital Resources 998 274 176 3,272 363 Capital R