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Standard Life posts Q3 net inflows of $3.7 bln

Reuters - UK Focus

LONDON, Oct (HKSE: 3366-OL.HK - news) 28 (Reuters) - British insurer and asset manager Standard Life (LSE: SL.L - news) saw net inflows of 2.4 billion pounds ($3.67 billion) in the third quarter, the firm said on Wednesday, beating analysts' expectations.

Standard Life's assets under administration rose 2 percent in the first nine months to 302 billion pounds.

Net (LSE: 0LN0.L - news) inflows for the first nine months were 5.8 billion pounds, the firm said in a trading statement.

Standard Life has been switching its focus from insurance products such as annuities to "fee-based" business such as more flexible drawdown pensions and its asset management arm.

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JP Morgan analysts had expected group net inflows of 900 million pounds for the quarter, while Panmure Gordon forecast net inflows of 1.1 billion pounds.

"Standard Life has performed well against a backdrop of volatile investment markets," chief executive Keith Skeoch said in the statement.

Analysts at JP Morgan reiterated its "buy" rating on the stock, calling the flows data "a solid set of numbers...with beats across the board".

($1 = 0.6533 pounds) (Reporting by Carolyn Cohn, editing by Sinead Cruise)