Standard Life executives add to holdings
Mar 11, 2010
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Life insurer Standard Life's executive directors have added to their shareholdings following Wednesday's full year results.
Chief executive David Nish's wife Caroline has bought 75,000 shares at 206.05p each. This investment of nearly £155,000 takes the Nish family stake to 261,981 shares.
Nish was appointed chief executive at the beginning of 2010 and was previously finance director.
Norman Skeoch, the chief executive of Standard Life Investments, has bought the same number of shares at the same price. Skeoch owns 558,775 shares.
Non-executive chairman Gerald Grimstone acquired 25,000 shares at 203.59p each. That takes his stake to 175,545 shares.
Standard Life is lifting its efficiency targets after delivering 2009 profits ahead of market expectations on Wednesday.
'We are announcing today that we will target a further £100m of efficiency savings by 2012. These savings, which will improve new business margins, will be achieved through transforming our operations to become lower cost and scalable, while maintaining the quality of customer service,' claimed Nish.
Underlying profit before tax in 2009 rose to £291m from £154m the year before, while European Embedded Value (EEV) operating profit before tax dipped to £919m from £933m. That trumped market expectations of a figure around £665m.
Profit attributable to equity shareholders after tax more than doubled to £213m from £100m but the diluted underlying earnings per share (EPS) only edged up to 12p from 11.7p.
On an EEV basis, diluted operating EPS eased to 29.1p from 29.8p.
Gross earned premiums held steady at £3,562m from £3,564m (restated) in 2008.
Top Director Buys
Standard Life (SL.)
Director name: Mr Keith Skeoch
Amount purchased: 75,000 @ 206.05p
Value: £154,538
Standard Life (SL.)
Director name: Mr David Thomas Nish
Amount purchased: 75,000 @ 206.05p
Value: £154,538
Anglo American (AAL)
Director name: Sir John Parker
Amount purchased: 5,505 @ 2,707.50p
Value: £149,048
Prudential (PRU)
Director name: Ms Bridget Macaskill
Amount purchased: 15,000 @ 524.50p
Value: £78,675
Leaf Clean Energy (LEAF)
Director name: Mr Peter Tom
Amount purchased: 100,000 @ 60.00p
Value: £60,000
Standard Life (SL.)
Director name: Mr Gerry Grimstone
Amount purchased: 25,000 @ 203.59p
Value: £50,898
Angel Mining (ANGM)
Director name: Mr Francis David Sherston Chapman
Amount purchased: 500,000 @ 7.00p
Value: £35,000
Leaf Clean Energy (LEAF)
Director name: Mr Bran Keogh
Amount purchased: 50,000 @ 62.00p
Value: £31,000
Leaf Clean Energy (LEAF)
Director name: Mr Bran Keogh
Amount purchased: 50,000 @ 60.00p
Value: £30,000
Pennon Group (PNN)
Director name: Mr Gerard Connell
Amount purchased: 4,000 @ 521.39p
Value: £20,856
Top Director Sells
Brit Insurance Holdings NV (BRE)
Director name: Mr Dane Jonathan Douetil
Amount sold: 24,227 @ 745.13p
Value: £180,523
Fuller Smith and Turner (FSTA)
Director name: Mr Simon Emeny
Amount sold: 30,000 @ 540.00p
Value: £162,000
Amlin (AML)
Director name: Mr Brian D Carpenter
Amount sold: 27,492 @ 419.39p
Value: £115,299
Brit Insurance Holdings NV (BRE)
Director name: Mr Matthew Scales
Amount sold: 12,112 @ 745.13p
Value: £90,250
Senior (SNR)
Director name: Mr M Rollins
Amount sold: 80,435 @ 90.10p
Value: £72,472
Senior (SNR)
Director name: Mr Michael Sheppard
Amount sold: 36,673 @ 90.10p
Value: £33,042
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