Our strategy of offering trusted financial advice, flexible products, discretionary investment management and high performing asset management, all underpinned by first class support for advisers and our customers, resulted in an adjusted operating profit of £307 million in 2015 (2014: £227 million), a 35% increase on the prior year.
Net Client Cash Flow (NCCF) of £6.9 billion in 2015 (2014: £3.7bn) was 86% higher than prior period driven by strong demand for Old Mutual Wealth’s platform products, including the Collective Retirement Account offering access to the full range of flexible withdrawal options following the introduction of ‘pension freedoms’ in April 2015.
Gross sales increased by 30% to £20.8 billion (2014: £16.0 billion) and funds under management hit a new high of £104.4 billion at the end of 2015 (2014: £82.5 billion) due to good fund performance and strong NCCF across the year.
Paul Feeney, chief executive of Old Mutual Wealth, comments:
“By putting client needs at the heart of our business strategy, Old Mutual Wealth has transformed from a standalone investment platform into an award-winning, next generation wealth management business. Our company has delivered outstanding results for 2015 despite being faced with some of the most difficult global stock markets I have ever seen.
“Our aim is to create prosperity for today’s generation and those of tomorrow. We will continue to grow by being close to our clients, true to our values and supportive of our communities.”
To find out about our performance, please visit our Investor Relations section on Oldmutual.com.
Old Mutual Wealth Life and Pensions, annual PRA insurance returns for the year ended 31 December 2015
Old Mutual Wealth Life Assurance Limited, annual PRA insurance returns for the year ended 31 December 2015