Standard Life Financial has reported a net income of C$236m in fiscal 2013, a sharp decline from C$428m last year, reflecting lower benefits of one-off items.
The company’s premiums and deposits during the year have increased to C$6.2bn, compared to C$5.9bn in fiscal 2012. In the fourth quarter alone, the number increased by 21% to C$1.9bn.
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Underlying operating profit before tax was up 71% to C$295m, reflecting growing momentum in fee-based business. Fee-based revenues increased by 15% to C$314m.
Standard Life president Charles Guay said that the company has remained focused on improving the underlying operating performance of its business in Canada.
"During the year we introduced our Group Retirement Centre and our Financial Education Centre, designed to assist pension plan members in addressing their financial and investment needs.
"We also continue to leverage Standard Life Investments’ leading global investment capabilities. Last year we added several new funds to our offering, increasing our presence with advisors and investors," Guay added.
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By GlobalDataIn 2014, the company expects to further grow its fee-based business by continuing to focus on the customer needs in its three core market segments – Group defined contribution retirement plans; Health and wellness; and Retail investment funds.
