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 £260 million in 2016.
We delivered Net Client Cash Flow (NCCF) of £5.2 billion in 2016 despite a challenging year for the sector where UK net retail sales for the whole of the industry amounted to £4.7 billion.
Gross sales increased by 5% to £21.1 billion (2015: £20.1 billion) and funds under management hit a new high of £123.5 billion at the end of 2016 (2015: £104.4 billion).
Paul Feeney, chief executive of Old Mutual Wealth, comments:
“In 2016 we continued to transition Old Mutual Wealth into a leading, integrated, advice-led, UK investment and wealth management business. We made a number of acquisitions to grow and consolidate our distribution in the affluent and high net worth markets, we exited a number of non-core operations and continued to build the business for its independent future. We were particularly encouraged by the strong net client inflows, which reflect the increasing value of our wealth solutions for our customers and the attractive benefits of our integrated business model, in what has been a challenging year for the sector as a whole. We believe that Old Mutual Wealth will continue to benefit from the growing demand in the UK for financial advice, investment and wealth management solutions provided in a transparent and increasingly efficient manner.”
We are required to prepare and publish a Solvency and Financial Condition Report (SFCR) each year for the UK Regulator under the Solvency II regulations. This report details the financial position of the organisation and will enable a comparison with other life assurance firms’ financial positions. The reports are available here…
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