Half-year figures from life assurer St James's Place (STJ) modestly missed consensus estimates on some measures, yet growth remains robust. Operating profit on an embedded value basis - reflecting the profit stream from in-force policies - rose 12 per cent to £261m, while total new business sales jumped 19 per cent.
With net fund inflows up 23 per cent, St James's increasingly looks like a beneficiary of the pension reforms announced in the Budget. The decision to axe compulsory annuity purchases probably isn't so significant for St James's clients, which typically have between £50,000 and £5m of investible assets. Given its focus on advice, however, chief executive David Bellamy thinks "giving power to clients" - the Budget aimed to increase investment flexibility - is good news for the group. The big hike in the individual savings account (Isa) limit is also a positive, given that St James's is a major player in Isa funds.