Old Mutual Wealth, which is set to be rebranded as Quilter, has posted a pre-tax adjusted operating profit (AOP) of £363m for the year ended December 2017, a jump of 40% compared to £260m a year ago.
The company’s pre-tax operating margin during the year was 36% versus 32% in 2016.
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Net client cash flow (NCCF) was £10.9bn, a 110% surge from £5.2bn in the previous year.
Assets under management and administration £138.5bn as at 31 December 2017, a 12% rise from £123.5bn last year.
The company’s single strategy business, which the company agreed to sell for £600m in December last year, posted pre-tax adjusted-operating profit of £152m, a surge of 153% compared to £60m a year ago.
Old Mutual Wealth CEO Paul Feeney said: “I am delighted with our business performance in 2017. We have attracted very high levels of net flows, our business model is proving a huge success in providing what customers want and our normalised profitability has been stable despite significant investment into the business ahead of our listing.
“We have a strong balance sheet, a strong capital and liquidity position and we are financially independent from Old Mutual plc. We have completed our separation activities and we are ready to list as Quilter plc.”
In November 2017, Old Mutual Wealth unveiled plans to rebrand as Quilter following its managed separation from parent Old Mutual in 2018. The rebranded business is divided into two segments- Advice and Wealth Management, and Wealth Platforms.
In the advice and wealth management segment, pre-tax normalised operating profit increased 39% to £82m from £59m last year.
Pre-tax normalised operating profit in the Wealth Platforms segment dropped 5% year-on-year to £158m.
