REG - Standard Life Aberdn - Final Results - Part 6 of 8
09/03/2021 07:00
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RNS Number : 5734R Standard Life Aberdeen plc 09 March 2021
Standard Life Aberdeen plc
Full Year Results 2020
Part 6 of 8
31. Insurance contracts, investment contracts and reinsurance contracts
Insurance contracts, participating investment contracts and reinsurance
contracts relate to SL Asia which was sold on 30 June 2020 (refer Note 1).
SL Asia held non-participating insurance and investment contracts. A contract
is classified as an insurance contract only if it transfers significant
insurance risk. Insurance risk is significant if an insured event could cause
an insurer to pay significant additional benefits to those payable if no
insured event occurred, excluding scenarios that lack commercial substance.
Life and pensions business contracts that are not classified as insurance
contracts are classified as investment contracts.
SL Asia's insurance and investment contracts did not contain any discretionary
participating features so were classified as non-participating.
SL Asia's non-participating investment contracts were unit linked and details
of the accounting policies for these contracts are given in Note 25. The
accounting policies for SL Asia's non-participating insurance contracts are
given below.
(a)(i) Premiums, claims and change in insurance contract liabilities
Premiums received on insurance contracts are recognised as revenue in the
consolidated income statement when due for payment except for unit linked
premiums which are accounted for when the corresponding liabilities are
recognised. For single premium business, this is the date from which the
policy is effective. For regular (and recurring) premium contracts,
receivables are established at the date when payments are due.
Claims paid on insurance contracts are recognised as expenses in the
consolidated income statement. Maturity claims and annuities are accounted for
when due for payment. Surrenders are accounted for when paid or, if earlier,
on the date when the policy ceases to be included within the calculation of
the insurance liability. Death claims and all other claims are accounted for
when notified. Claims payable include the direct costs of settlement.
Reinsurance recoveries are accounted for in the same period as the related
claim.
The change in insurance and participating investment contract liabilities,
comprising the full movement in the corresponding liabilities during the
period, is recognised in the consolidated income statement.
(a)(ii) Measurement - non-participating insurance contract liabilities
The Group's policy for measuring liabilities for non-participating insurance
contracts issued by overseas subsidiaries is to apply the valuation technique
used in the issuing entity's local statutory or regulatory reporting.
The Group applies a liability adequacy test at each reporting date to ensure
that the insurance contract liabilities (less related deferred acquisition
costs) are adequate in the light of the estimated future cash flows. This test
is performed by comparing the carrying value of the liability and the
discounted projections of future cash flows. If a deficiency is found in the
liability (i.e. the carrying value amount of its insurance liabilities is less
than the future expected cash flows), that deficiency is provided for in full.
The deficiency is recognised in the consolidated income statement.
(a)(iii) Measurement - reinsurance contracts
Reinsurance contracts are measured using valuation techniques and assumptions
that are consistent with the valuation techniques and assumptions used in
measuring the underlying policy benefits and taking into account the terms of
the reinsurance contract.
(a) Insurance contract premium income
2020 2019
£m £m
Gross earned premium 32 67
Premium ceded to reinsurers (1) (1)
Insurance contract premium income from continuing operations 31 66
(b) Insurance contract claims and change in liabilities
2020 2019
£m £m
Claims and benefits paid 28 61
Claim recoveries from reinsurers - (2)
Net insurance claims 28 59
Change in reinsurance assets and liabilities (3) 1
Change in insurance contract liabilities (8) 96
Insurance contract claims and change in liabilities from continuing operations 17 156
32. Financial liabilities
Management determines the classification of financial liabilities at initial
recognition. Financial liabilities which are managed and whose performance is
evaluated on a fair value basis are designated as at fair value through profit
or loss. Changes in the fair value of these financial liabilities are
recognised in the consolidated income statement.
Derivatives are also measured at fair value. Changes in the fair value of
derivatives are recognised in investment return in the consolidated income
statement except for derivative instruments that are designated as a cash flow
hedge or net investment hedge. The classification of derivatives and the
accounting treatment of derivatives designated as a hedging instrument are set
out in Note 20.
Other financial liabilities are classified as being subsequently measured at
amortised cost. Amortised cost is calculated, and the related interest expense
is recognised in the consolidated income statement, using the effective
interest method.
All financial liabilities are initially recognised at fair value less, in the
case of financial liabilities subsequently measured at amortised cost,
transaction costs that are directly attributable to the issue of the
liability.
Where the terms of a financial liability measured at amortised cost are
modified and the modification does not result in the derecognition of the
liability, the liability is adjusted to the net present value of the future
cash flows less transaction costs with a modification gain or loss recognised
in the income statement.
The methods and assumptions used to determine fair value of financial
liabilities measured at fair value through profit or loss and derivatives are
discussed in Note 40.
The table below sets out an analysis of financial liabilities excluding unit
linked financial liabilities which are set out in Note 25.
Designated as at fair value through profit or loss Cash flow hedge At amortised cost Total
2020 2019 2020 2019 2020 2019 2020 2019
Notes £m £m £m £m
Third party interest in consolidated funds 77 119 - - - - 77 119
Subordinated liabilities 33 - - - - 638 655 638 655
Derivative financial liabilities 20 7 3 6 - - - 13 3
Other financial liabilities 36 6 14 - - 1,171 1,301 1,177 1,315
Total 90 136 6 - 1,809 1,956 1,905 2,092
33. Subordinated liabilities
Subordinated liabilities are debt instruments issued by the Company which rank
below its other obligations in the event of liquidation but above the share
capital. Subordinated liabilities are initially recognised at the value of
proceeds received after deduction of issue expenses. Subsequent measurement is
at amortised cost using the effective interest rate method.
2020 2019
Notes Principal Carrying Principal Carrying
amount
value
amount
value
Subordinated notes
4.25% US Dollar fixed rate due 30 June 2028 $750m £546m $750m £563m
5.5% Sterling fixed rate due 4 December 2042 £92m £92m £92m £92m
Total subordinated liabilities 40 £638m £655m
A description of the key features of the Group's subordinated liabilities as
at 31 December 2020 is as follows:
4.25% US Dollar fixed rate(1) 5.5% Sterling fixed rate
Principal amount $750m £92m
Issue date 18 October 2017 4 December 2012
Maturity date 30 June 2028 4 December 2042
Callable at par at option of the Company from Not applicable 4 December 2022 and on every interest
payment date (semi-annually) thereafter
If not called by the Company interest will reset to Not applicable 4.85% over the five-year gilt rate
(and at each fifth anniversary)
(1 ) The cash flows arising from the US dollar subordinated notes give
rise to foreign exchange exposure which the Group manages with a
cross-currency swap designated as a cash flow hedge. Refer Note 20 for further
details.
The difference between the fair value and carrying value of the subordinated
liabilities is presented in Note 40. A reconciliation of movements in
subordinated liabilities in the year is provided in Note 41.
The principal amount of all the subordinated liabilities is expected to be
settled after more than 12 months. The accrued interest on the subordinated
liabilities of less than £1m (2019: less than £1m) is expected to be settled
within 12 months.
During the year to 31 December 2020, the 5% 2015 Non-voting perpetual
non-cumulative redeemable preference shares issued by AAM PLC were
reclassified as subordinated liabilities. Refer Note 30 for further details.
The liabilities were recognised at fair value of £102m with fair value
movements since acquisition of £1m being transferred to retained earnings.
The fair value included the final dividend paid of £2m as part of the
redemption. The preference shares were redeemed on 8 July 2020 for a total
consideration of £102m which included the dividend.
During the year to 31 December 2019, the Company repurchased 5.5% Sterling
fixed rate subordinated notes with a principal amount of £408m (out of a
total principal amount of £500m). The total amount paid was £462m including
£7m of accrued interest and a repurchase loss of £49m was included in
restructuring and corporate transaction expenses for the year ended 31
December 2019 (refer Note 9).
34. Pension and other post-retirement benefit provisions
The Group operates two types of pension plans:
· Defined benefit plans which provide pension payments upon retirement to
members as defined by the plan rules. All of the Group's defined benefit
plans, with the exception of a small plan in Ireland, are closed to future
service accrual.
· Defined contribution plans where the Group makes contributions to a
member's pension plan but has no further payment obligations once the
contributions have been paid
The Group's liabilities in relation to its defined benefit plans are valued by
at least annual actuarial calculations. The Group has funded these liabilities
in relation to its UK and Ireland defined benefit plans by ring-fencing assets
in trustee-administered funds. The Group has further smaller defined benefit
plans some of which are unfunded.
The statement of financial position reflects a net asset or net liability for
each defined benefit pension plan. The liability recognised is the present
value of the defined benefit obligation (estimated future cash flows are
discounted using the yields on high quality corporate bonds) less the fair
value of plan assets, if any. If the fair value of the plan assets exceeds the
defined benefit obligation, a pension surplus is only recognised if the Group
considers that it has an unconditional right to a refund of the surplus from
the plan. The amount of surplus recognised will be limited by tax and
expenses. Our judgement is that, in the UK, an authorised surplus tax charge
is not an income tax. Consequently, the surplus is recognised net of this tax
charge rather than the tax charge being included within deferred taxation.
For the principal defined benefit plan (UK Standard Life Group plan), the
Group considers that it has an unconditional right to a refund of a surplus,
assuming the gradual settlement of the plan liabilities over time until all
members have left the plan. The plan trustees can purchase annuities to insure
member benefits and can, for the majority of benefits, transfer these
annuities to members. The trustees cannot unconditionally wind up the plan or
use the surplus to enhance member benefits without employer consent. Our
judgement is that these trustee rights do not prevent us from recognising an
unconditional right to a refund and therefore a surplus.
Net interest income (if a plan is in surplus) or interest expense (if a plan
is in deficit) is calculated using yields on high quality corporate bonds and
recognised in the consolidated income statement. A current service cost is
also recognised which represents the expected present value of the defined
benefit pension entitlement earned by members in the period. A past service
cost is also recognised which represents the change in the present value of
the defined benefit obligation for service in prior periods, resulting from an
amendment or curtailment to a plan.
Remeasurements, which include gains and losses as a result of changes in
actuarial assumptions, the effect of the limit on the plan surplus and returns
on plan assets (other than amounts included in net interest) are recognised in
other comprehensive income in the period in which they occur. Remeasurements
are not reclassified to profit or loss in subsequent periods.
For defined contribution plans, the Group pays contributions to separately
administered pension plans. The Group has no further payment obligations once
the contributions have been paid. The contributions are recognised in current
service cost in the consolidated income statement as staff costs and other
employee-related costs when they are due.
Defined contribution plans
The defined contribution plans comprise a mixture of arrangements depending on
the employing entity and other factors. Some of these plans are located within
the same legal vehicles as defined benefit plans. The Group contributes a
percentage of pensionable salary to each employee's plan. The contribution
levels vary by employing entity and other factors.
Defined benefit plans
UK plans
These plans are governed by trustee boards, which comprise employer and
employee nominated trustees and an independent trustee. The plans are subject
to the statutory funding objective requirements of the Pensions Act 2004,
which require that plans be funded to at least the level of their technical
provisions (an actuarial estimate of the assets needed to provide for benefits
already built-up under the plan). The trustees perform regular valuations to
check that the plans meet the statutory funding objective.
While the IAS 19 valuation reflects a best estimate of the financial position
of the plan, the funding valuation reflects a prudent estimate. There is no
material difference in how assets are measured. The funding measure of
liabilities (technical provisions) and the IAS 19 measure are materially
different. The key differences are the discount rate and inflation
assumptions. While IAS 19 requires that the discount rate reflect corporate
bond yields, the funding measure discount rate reflects a prudent estimate of
future investment returns based on the actual investment strategy. The funding
valuation adopts a market consistent measure of inflation without any
adjustment. The IAS 19 assumption incorporates an adjustment to remove the
inflation risk premium believed to exist within market prices.
The trustees set the plan investment strategy to protect the ratio of plan
assets to the trustees' measure of technical provisions. This investment
strategy does not aim to protect the IAS 19 surplus or the ratio of plan
assets to the IAS 19 measure of liabilities.
After consulting the relevant employers, the trustees prepare statements of
funding and investment principles and set a schedule of contributions. If
necessary, this schedule includes a recovery plan that aims to restore the
funding level to the level of the technical provisions.
UK Standard Life Group plan (principal plan) This is the Group's principal defined benefit plan. The plan closed to new
membership in 2004 and changed from a final salary basis to a revalued career
average salary basis in 2008. Accrual ceased in April 2016.
Following a High Court ruling against a third party's pension scheme in 2018,
that required pension schemes to address inequalities for the effect of
unequal GMPs accrued between May 1990 and April 1997, an allowance for assumed
equalisation was recognised as a past service cost for our principal defined
benefit plan in 2018 and this adjustment has been carried forward to 2020.
There was a further judgment in 2020 requiring pension schemes to address
inequalities for the effect of unequal GMPs for those beneficiaries that
transferred out of the scheme between May 1990 and October 2018. The
estimated impact is immaterial and is recognised as a past service cost in
2020.
The funding of the plan depends on the statutory valuation performed by the
trustees, and the relevant employers, with the assistance of the scheme
actuary - i.e. not the IAS 19 valuation. The funding valuation was last
completed as at 31 December 2019, and measured plan assets and liabilities to
be £4.6bn and £3.3bn respectively. This corresponds to a surplus of £1.3bn
and funding level of 140%. As there is currently no deficit, no recovery plan
is required.
Other UK plans The Group also operates two UK defined benefit plans as a result of the
acquisition of AAM PLC in 2017. These plans are final salary based, with
benefits depending on members' length of service and salary prior to
retirement. At the last statutory valuation date, these plans were in deficit
and the Group agreed funding plans which aimed to eliminate the deficits, with
the plans' trustees. At 31 December 2020, one of the two schemes is in surplus
on an IAS 19 basis. The funding valuations were last competed as at 30 June
2019; both plans were in deficit and recovery plans have been agreed.
Other plans
Ireland Standard Life plan In December 2009, this plan closed to new membership and changed from a final
salary basis to a career average revalued earnings (CARE) basis. Following the
sale of the UK and European insurance business in 2018, there remain fewer
than 10 employees who continue to accrue benefits under this plan.
At the last funding valuation, effective 1 January 2019, the plan was 72%
funded on an ongoing basis.
Other The Group operates smaller funded and unfunded defined benefit plans in other
countries.
Plan regulations
The plans are administered according to local laws and regulations in each
country. Responsibility for the governance of the plans rests with the
relevant trustee boards (or equivalent).
(a) Analysis of amounts recognised in the consolidated income statement
The amounts recognised in the consolidated income statement for defined
contribution and defined benefit plans are as follows:
2020 2019
£m £m
Current service cost 59 60
Past service cost - (13)
Net interest income (23) (31)
Administrative expenses 3 2
Expense from continuing operations recognised in the consolidated income 39 18
statement
Contributions made to defined contribution plans are included within current
service cost, with the balance attributed to the Group's defined benefit
plans.
Contributions to defined benefit plans in the year ended 31 December 2020
comprised £14m (2019: £15m) to the Other UK plans and the Ireland Standard
Life plan. Contributions are expected to remain at this level over 2021 and
are not expected to change materially over the subsequent two years. These
contributions include a mixture of deficit funding and funding to achieve a
targeted level of overall financial strength.
(b) Analysis of amounts recognised in the consolidated statement of
financial position
2020 2019
Principal Other Total Principal Other Total
plan
plan
£m £m £m £m £m £m
Present value of funded obligation (3,015) (375) (3,390) (2,852) (339) (3,191)
Present value of unfunded obligation - (4) (4) - (3) (3)
Fair value of plan assets 5,253 343 5,596 4,609 308 4,917
Effect of limit on plan surplus (783) - (783) (615) - (615)
Net asset/(liability) 1,455 (36) 1,419 1,142 (34) 1,108
The principal plan surplus is considered to be recoverable as a right to a
refund exists. The surplus has been reduced to reflect an authorised surplus
payments charge that would arise on a refund. Other includes a defined benefit
plan with a surplus of £19m at 31 December 2020 (2019: £21m).
(c) Movement in the net defined benefit asset
Present value Fair value of Total Effect of limit on plan surpluses Total
of obligation
plan assets
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
£m £m £m £m £m £m £m £m £m £m
At 1 January (3,194) (2,856) 4,917 4,527 1,723 1,671 (615) (598) 1,108 1,073
Total expense
Current service cost (1) (2) - - (1) (2) - - (1) (2)
Past service cost - 13 - - - 13 - - - 13
Interest (expense)/income (63) (79) 99 127 36 48 (13) (17) 23 31
Administrative expenses (3) (2) - - (3) (2) - - (3) (2)
Total (expense)/income recognised in consolidated income statement (67) (70) 99 127 32 57 (13) (17) 19 40
Remeasurements
Return on plan assets, excluding amounts included in interest income - - 712 385 712 385 - - 712 385
Gain from change in demographic assumptions 286 16 - - 286 16 - - 286 16
Loss from change in financial assumptions (607) (459) - - (607) (459) - - (607) (459)
Release of death in service obligation - 7 - - - 7 - - - 7
Experience gains 44 28 - - 44 28 - - 44 28
Change in effect of limit on plan surplus - - - - - - (155) - (155) -
Remeasurement (losses)/gains recognised in other comprehensive income (277) (408) 712 385 435 (23) (155) - 280 (23)
Exchange differences (7) 7 5 (5) (2) 2 - - (2) 2
Employer contributions - - 14 15 14 15 - - 14 15
Benefit payments 151 133 (151) (132) - 1 - - - 1
At 31 December (3,394) (3,194) 5,596 4,917 2,202 1,723 (783) (615) 1,419 1,108
(d) Defined benefit plan assets
Investment strategy is directed by the trustee boards (where relevant) who
pursue different strategies according to the characteristics and maturity
profile of each plan's liabilities. Assets and liabilities are managed
holistically to create a portfolio with the dual objectives of return
generation and liability management. In the principal plan this is achieved
through a diversified multi-asset absolute return strategy seeking consistent
positive returns, and hedging techniques which protect liabilities against
movements arising from changes in interest rates and inflation expectations.
Derivative financial instruments support both of these objectives and may lead
to increased or decreased exposures to the physical asset categories disclosed
below.
To provide more information on the approach used to determine and measure the
fair value of the plan assets, the fair value hierarchy has been used as
defined in Note 40. Those assets which cannot be classified as level 1 have
been presented together as level 2 or 3.
The distribution of the fair value of the assets of the Group's funded defined
benefit plans is as follows:
Principal plan Other Total
2020 2019 2020 2019 2020 2019
£m £m £m £m £m £m
Assets measured at fair value based on level 1 inputs
Derivatives 2 3 - - 2 3
Equity securities 183 171 - - 183 171
Interests in pooled investment funds(1)
Debt - 330 - 12 - 342
Equity - - - 34 - 34
Property - 117 - 6 - 123
Absolute return - 68 - 116 - 184
Cash - 275 - 22 - 297
Debt securities 4,431 3,098 - 4 4,431 3,102
Total assets measured at fair value based on level 1 inputs 4,616 4,062 - 194 4,616 4,256
Assets measured at fair value based on level 2 or 3 inputs
Derivatives 95 262 - (4) 95 258
Equity securities 101 102 - - 101 102
Interests in pooled investment funds(1)
Debt 434 104 13 - 447 104
Equity 37 - 32 - 69 -
Multi-asset private markets 164 157 - - 164 157
Property 119 - 12 10 131 10
Absolute return 74 - 100 - 174 -
Cash 43 - 16 - 59 -
Debt securities 139 121 78 34 217 155
Qualifying insurance policies 3 6 80 71 83 77
Total assets measured at fair value based on level 2 or 3 inputs 1,209 752 331 111 1,540 863
Cash and cash equivalents 175 222 12 3 187 225
Liability in respect of collateral held (743) (426) - - (743) (426)
Other (4) (1) - - (4) (1)
Total 5,253 4,609 343 308 5,596 4,917
(1 ) Transfers from level 1 to level 2 in the period primarily relate to
interests in pooled investment vehicles which are priced daily but where the
daily price is only offered by the fund manager. The Group now considers these
investments to be level 2. All other transfers relate to assets where changes
in the frequency of observable market transactions resulted in a change in
whether the market was considered active.
Further information on risks is provided in Section (g) of this note. The
£4,648m (2019: £3,257m) of debt securities includes £4,487m (2019:
£3,205m) government bonds (including conventional and index-linked). Of the
remaining £161m (2019: £52m) debt securities, £101m (2019: £22m) are
investment grade corporate bonds or certificates of deposit.
Included in the qualifying insurance policy asset of £83m (2019: £77m) is an
insurance policy purchased by the trustees of one of the Other UK defined
benefit plans to protect the plan against future investment and actuarial
risks.
The £743m liability in respect of collateral held (2019: £426m) consists of
repurchase agreements of £647m (2019: £125m), margins on derivatives of
£51m (2019: £25m) and collateral of £45m (2019: £276m).
One Other UK plan has a contract in place to hedge longevity risk for
pensioners. The fair value of this derivative is £nil at 31 December 2020
(2019: £nil).
e) Estimates and assumptions
Determination of the valuation of principal plan liabilities is a key estimate
as a result of the assumptions made relating to both economic and non-economic
factors.
The key economic assumptions for the principal plan, which are based in part
on current market conditions, are shown below:
2020 2019
% %
Discount rate 1.45 2.05
Rates of inflation
Consumer Price Index (CPI) 2.40 2.00
Retail Price Index (RPI) 2.90 2.90
The changes in economic assumptions over the period reflect changes in both
corporate bond prices and market implied inflation. The population of
corporate bond prices used in 2020 excludes bonds issued by UK universities
which is a change in methodology for calculating the discount rate and
therefore a change to the accounting estimate. The impact of this change in
accounting estimate on the defined benefit obligation was a reduction of
£72m. The inflation assumption reflects the future reform of RPI
effective from 2030 as described in (g)(i) and this is the primary driver of
the increase in the CPI assumption. The impact of the increase in the CPI
assumption on the defined benefit obligation was an increase of £203m.
The most significant non-economic assumption for the principal plan is
post-retirement longevity which is inherently uncertain. The assumptions
(along with sample expectations of life) are illustrated below:
Normal Retirement Age (NRA) Expectation of life from NRA
Male age today Fe
ma
le
ag
e
to
da
y
2020 Table Improvements NRA 40 NRA 40
Plan specific basis (calibrated by Club Vita) reflecting membership Core parameterisation of the CMI 2019 mortality improvements model (S(K) 60 27 28 29 31
demographics parameter of 7.0), with an initial improvement (or 'A') parameter of +0.5% for
males and females, and a long-term rate of improvement of 1.5%
Normal Retirement Expectation of life from NRA
Age (NRA)
Male age today Fe
ma
le
ag
e
to
da
y
2019 Table Improvements NRA 40 NRA 40
Plan specific basis (calibrated by Club Vita) reflecting membership Advanced parameterisation of CMI 2013 mortality improvements model - adjusted 60 30 32 32 34
demographics to assume that improvements continue to increase in the short term before
declining toward an ultimate long-term rate of 1.375%
The change in longevity assumptions over the period reflects the assumptions
that have been agreed with the trustees for the 2019 triennial funding
valuation. These assumptions reflect a cautious allowance for the recently
observed slowdown in longevity improvements.
(f) Duration of defined benefit obligation
The graph below provides an illustration of the undiscounted expected benefit
payments included in the valuation of the principal plan obligations.
Diagram removed for the purposes of this announcement. However it can be
viewed in full in the pdf document
2020 2019
Weighted average duration years years
Current pensioner 14 15
Non-current pensioner 27 28
(g) Risk
(g)(i) Risks and mitigating actions
The Group's consolidated statement of financial position is exposed to
movements in the defined benefit plans' net asset. In particular, the
consolidated statement of financial position could be materially sensitive to
reasonably likely movements in the principal assumptions for the principal
plan. By offering post-retirement defined benefit pension plans the Group is
exposed to a number of risks. An explanation of the key risks and mitigating
actions in place for the principal plan is given below.
Asset volatility
Investment strategy risks include underperformance of the absolute return
strategy and underperformance of the liability hedging strategy. As the
trustees set investment strategy to protect their own view of plan strength
(not the IAS 19 position), changes in the IAS 19 liabilities (e.g. due to
movements in corporate bond prices) may not always result in a similar
movement in plan assets.
Failure of the asset strategy to keep pace with changes in plan liabilities
would expose the plan to the risk of a deficit developing, which could
increase funding requirements for the Group.
Yields/discount rate
Falls in yields would in isolation be expected to increase the defined benefit
plan liabilities.
The principal plan uses both bonds and derivatives to hedge out yield risks on
the plan's funding basis, rather than the IAS 19 basis, which is expected to
minimise the plan's need to rely on support from the Group.
Inflation
Increases in inflation expectations would in isolation be expected to increase
the defined benefit plan liabilities.
The principal plan uses both bonds and derivatives to hedge out inflation
risks on the plan's funding basis, rather than the IAS 19 basis, which is
expected to minimise the plan's need to rely on support from the Group.
In the principal plan pensions in payment are generally linked to CPI, however
inflationary risks are hedged using RPI instruments due to lack of
availability of CPI linked instruments. Therefore, the plan is exposed to
movements in the actual and expected long-term gap between RPI and CPI.
A House of Lords report in 2019 raised the potential for changes to the RPI
measure of inflation, which was followed by recommendations from the UK
Statistics Authority. The results of the consultation on the reform of RPI
(announced on 25 November 2020) confirmed that RPI will be aligned to CPIH
(CPI excluding owner occupiers' housing costs) as proposed, but not before
2030. While uncertainty remains, there is a risk that future cash flows from,
and thus the value of, the plan's RPI-linked assets fall without a
corresponding reduction in the plan's CPI-linked liabilities. While not
directly observable from market data, the plan's RPI-linked asset values may
already reflect an element of the expected changes and risk of such changes.
Life expectancy
Increases in life expectancy beyond those currently assumed will lead to an
increase in plan liabilities. Regular reviews of longevity assumptions are
performed to ensure assumptions remain appropriate.
(g)(ii) Sensitivity to key assumptions
The sensitivity of the principal plan's obligation and assets to the key
assumptions is disclosed below.
2020 2019
Change in assumption (Increase)/decrease in present value Increase/(decrease) in fair value of (Increase)/decrease Increase/(decrease)
of obligation
plan assets
in present value
in fair value of
of obligation
plan assets
£m £m £m £m
Yield/discount rate Decrease by 1% (e.g. from 1.45% to 0.45%) (776) 1,666 (846) 1,522
Increase by 1% 617 (1,232) 593 (1,092)
Rates of inflation Decrease by 1% 555 (1,036) 587 (889)
Increase by 1% (698) 1,430 (756) 1,243
Life expectancy Decrease by 1 year 103 n/a 82 n/a
Increase by 1 year (103) n/a (96) n/a
35. Deferred income
Where the Group receives fees in advance (front-end fees) for services it is
providing, including investment management services, these fees are initially
recognised as a deferred income liability and released to the consolidated
income statement over the period services are provided.
2020 2019
£m £m
At 1 January 67 75
Additions during the year 25 -
Released to the consolidated income statement as revenue from contracts with (19) (8)
customers
At 31 December 73 67
The amount of deferred income expected to be settled after more than 12 months
is £3m (2019: £60m).
36. Other financial liabilities
2020 2019
Notes £m £m
Outstanding purchases of investment securities 6 -
Accruals 408 469
Creation of units awaiting settlement 121 110
Lease liabilities 18 249 268
Cash collateral held in respect of derivative contracts 38 14 21
Bank overdrafts 24 202 338
Contingent consideration liabilities 40 6 14
Outstanding contractual obligation for share buyback 26 40 -
Other 131 95
Other financial liabilities 1,177 1,315
The amount of other financial liabilities expected to be settled after more
than 12 months is £217m (2019: £239m).
Accruals includes £nil (2019: £3m) relating to contracts with customers
(refer Note 4(b)).
37. Provisions and other liabilities
Provisions are obligations of the Group which are of uncertain timing or
amount. They are recognised when the Group has a present obligation as a
result of a past event, it is probable that a loss will be incurred in
settling the obligation and a reliable estimate of the amount can be made.
(a) Provisions
The movement in provisions during the year is as follows:
Separation Other Total
provisions
provisions
costs
2020 2019 2020 2019 2020 2019
£m £m £m £m £m £m
Opening balance carried forward 77 80 25 25 102 105
Effect of change in accounting policy to IFRS 16(1) - - - (12) - (12)
At 1 January 77 80 25 13 102 93
Charged/(credited) to the consolidated income statement
Additional provisions - - 16 19 16 19
Release of unused provision - - (7) (7) (7) (7)
Used during the year (9) (3) (9) - (18) (3)
At 31 December 68 77 25 25 93 102
(1 ) The Group has initially applied IFRS 16 at 1 January 2019. Under the
transition method chosen, comparative information is not restated and the
cumulative effect of initially applying this standard is recognised in
retained earnings at the date of initial application.
The provision for separation costs of £68m (2019: £77m) is for costs
expected to be incurred following the sale of the UK and European insurance
business to Phoenix. Our judgement is that a provision should be recognised
for costs for which the Group will not derive ongoing benefits such as those
relating to the de-coupling and decommissioning of systems and data but that a
provision should not be recognised for costs related to the development of
replacement systems and services as these will give future benefits. Our
estimate of the total separation costs, including those relating to the
development of replacement systems and services, remains unchanged at £310m
of which £282m has been accounted for as at 31 December 2020. The £282m
includes the £80m provision recognised in 2018 for separation costs of which
£68m remains unused at 31 December 2020. The main uncertainty relating to the
provision relates to the costs required to complete the de-coupling of
systems. The costs covered by the provision are expected to be incurred in the
next two years.
Other provisions primarily relate to restructuring and are expected to be
settled within 12 months.
The amount of provisions expected to be settled after more than 12 months is
£12m (2019: £34m).
(b) Other liabilities
As at 31 December 2020, other liabilities totalled £6m (2019: £5m). The
amount of other liabilities expected to be settled after more than 12 months
is £2m (2019: £2m).
38. Financial instruments risk management
(a) Overview
The principal risks and uncertainties that affect the Group's business model
and the Group's approach to risk management are set out in the Risk management
section of the Strategic report.
The Group's exposure to financial instrument risk is derived from the
financial instruments that it holds directly, the assets and liabilities of
the unit linked funds of the life operations of the Group and the Group's
defined benefit pension plans. In addition due to the nature of the business,
the Group's secondary exposure extends to the impact on investment management
and other fees that are determined on the basis of a percentage of AUM and are
therefore impacted by financial risks borne by third party investors. In this
note exposures and sensitivities provided relate to the financial instrument
assets and liabilities, in scope of IFRS 7, to which the shareholder is
directly exposed.
For the purposes of this note:
· Shareholder business refers to the assets and liabilities to which the
shareholder is directly exposed. The shareholder refers to the equity holders
of the Company and the preference shareholders.
· Unit linked funds refers to the assets and liabilities of the unit linked
funds of the life operations of the Group. It does not include the cash flows
(such as asset management charges or investment expenses) arising from the
unit linked fund contracts. These cash flows are included in shareholder
business.
· Third party interest in consolidated funds and non-controlling interests
refers to the assets and liabilities recorded on the Group's consolidated
statement of financial position which belong to third parties. The Group
controls the entities which own the assets and liabilities but the Group does
not own 100% of the equity or units of the relevant entities.
Unit linked funds are excluded from the analysis in this note. Details
regarding the financial risks of instruments relating to the Group's unit
linked funds can be found in Note 25 and the risks relating to the Group's
principal defined benefit pension plan are explained in Note 34.
Third party interests in consolidated funds do not expose the shareholder to
market, credit or liquidity risk since the financial risks from the assets and
obligations are borne by third parties. As a result equity risk, interest rate
risk and credit risk quantitative disclosures in this note exclude these
assets.
Under IFRS 7 the following financial instruments are excluded from scope:
· Interests in subsidiaries, associates and joint ventures
· Rights and obligations arising from employee benefit plans
· Insurance contracts as defined by IFRS 4
· Share-based payment transactions
For the purposes of managing risks to the Group's financial instrument assets
and liabilities, the Group considers the following categories:
Risk Definition and exposure
Market The risk of financial loss as a result of adverse financial market movements.
The shareholder is directly exposed to the impact of movements in equity
prices, interest rates and foreign exchange rates on the value of assets held
by the shareholder business.
Credit The risk of financial loss as a result of the failure of a counterparty,
issuer or borrower to meet their obligations or perform them in a timely
manner. The shareholder is directly exposed to credit risk from holding cash,
debt securities, loans and derivative financial instruments.
Liquidity The risk of financial loss as a result of being unable to settle financial
obligations when they fall due, as a result of having insufficient liquid
resources or being unable to realise investments and other assets other than
at excessive costs. The shareholder is directly exposed to the liquidity risk
from the shareholder business if it is unable to realise investments and other
assets in order to settle its financial obligations when they fall due, or can
do so only at excessive cost.
(b) Market risk
Market risk exposures in the Asset management, platforms and wealth segment
primarily arise as a result of holdings in newly established investment
vehicles which the Group has seeded and co-investments in property and
infrastructure funds. Seed capital is classified as held for sale when it is
the intention to dispose of the vehicle in a single transaction and within one
year. Co-investments are typically held for a longer term and align the
Group's economic interests with those of property, private equity and
infrastructure fund co-investors. The consolidated statement of financial
position includes the following amounts in respect of seed capital and
co-investments.
2020 2019
Notes £m £m
Equity securities and interests in pooled investment funds at FVTPL 222 195
Debt securities 54 78
Assets held for sale 23 1 2
Total seed capital 277 275
Equity securities and interests in pooled investment funds at FVTPL 86 84
Total co-investments 86 84
The Group sets limits for investing in seed capital and co-investment activity
and regularly monitors exposures arising from these investments. The Group
will consider hedging its exposure to market risk in respect of seed capital
investments where it is appropriate and efficient to do so. The Group will
also consider hedging its exposure to currency risk in respect of
co-investments where it is appropriate and efficient to do so. Other market
risks associated with co-investments are not hedged given the need for the
Group's economic interests to be aligned with those of the co-investors.
Market risk exposures in the Insurance associates and joint ventures segment
primarily relates to our investment in HDFC Life.
(b)(i) Elements of market risk
The main elements of market risk to which the Group is exposed are equity
risk, interest rate risk and foreign currency risk, which are discussed on the
following pages.
Information on the methods used to determine fair values for each major
category of financial instrument measured at fair value is presented in Note
40.
(b)(i)(i) Exposure to equity risk
The Group is exposed to the risk of adverse equity market movements which
could result in losses. This applies to daily changes in the market values and
returns on the holdings in its equity securities portfolio.
At 31 December 2020 the shareholder exposure to equity markets was £1,411m
(2019: £199m) in relation to equity securities. This primarily relates to the
Group's investment in HDFC Life of £1,216m (2019: £nil), seed capital
investments of £109m (2019: £118m), and equity securities held by the
Standard Life Foundation of £53m (2019: £48m).
The Group is also exposed to adverse market price movements on its interests
in pooled investment funds. The shareholder exposure of £523m (2019: £458m)
to pooled investment funds primarily relates to £199m (2019: £161m) of seed
capital and co-investments, corporate funds held in absolute return funds of
£223m (2019: £210m), investments in certain managed funds to hedge against
liabilities from variable pay awards that are deferred and settled in cash by
reference to the price of those funds of £58m (2019: £44m) and pooled
investment funds held by the Standard Life Foundation of £36m (2019: £35m).
The Equities and interests in pooled investment funds at FVTPL included in the
consolidated statement of financial position includes £46m (2019: £68m) of
third party interest in consolidated funds to which the shareholder is not
exposed.
Exposures to equity risk are primarily managed though the hedging of market
risk in respect of seed capital investments where it is appropriate and
efficient to do so. Additionally limits are imposed on the amount of seed
capital and co-investment activity that may be undertaken. The Group does not
hedge equity risk in relation to its investment in HDFC Life.
(b)(i)(ii) Exposure to interest rate risk
Interest rate risk is the risk that arises from exposures to changes in the
shape and level of yield curves which could result in losses due to the value
of financial assets and liabilities, or the cash flows relating to these,
fluctuating by different amounts.
The main financial assets held by the Group which give rise to interest rate
risk are debt securities and cash and cash equivalents. The Group is also
exposed to interest rate risk on its investments in pooled investment funds
where the underlying instruments are exposed to interest rate risk.
Interest rate exposures are managed in line with the Group's risk appetite.
(b)(i)(iii) Exposure to foreign currency risk
Foreign currency risk arises where adverse movements in currency exchange
rates impact the value of revenues received from, and the value of assets and
liabilities held in, currencies other than UK Sterling. The Group's financial
assets are generally held in the local currency of its operational geographic
locations. The Group generally does not hedge the currency exposure relating
to revenue and expenditure, nor does it hedge translation of overseas profits
in the income statement. Where appropriate, the Group may use derivative
contracts to reduce or eliminate currency risk arising from individual
transactions or seed capital and co-investment activity. The Group does not
hedge foreign exchange risk in relation to its investment in HDFC Life.
The table below summarises the financial instrument exposure to foreign
currency risks in UK Sterling.
UK Indian Rupee Euro US Singapore Other Total
Sterling
Dollar
currencies
Dollar
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Notes £m £m £m £m £m £m £m £m £m £m £m £m £m £m
Financial assets 19 3,170 3,387 1,233 - 258 256 373 356 37 80 179 211 5,250 4,290
Financial liabilities 32 (1,025) (1,246) - - (60) (57) (750) (718) (23) (19) (47) (52) (1,905) (2,092)
Cash flow hedges (549) (566) - - - - 549 566 - - - - - -
Non- designated derivatives 297 266 - - (80) (62) (156) (131) (1) - (60) (73) - -
1,893 1,841 1,233 - 118 137 16 73 13 61 72 86 3,345 2,198
The Indian Rupee exposure primarily relates to the Group's investment in HDFC
Life. Other currencies include assets of £10m (2019: £12m) and liabilities
of £6m (2019: £nil) in relation to the fair value of derivatives used to
manage currency risk.
On 18 October 2017, the Group issued US dollar subordinated notes with a
principal amount of US$750m. The related cash flows expose the Group to
foreign currency risk on the principal and coupons payable. The Group manages
the foreign exchange risk with a cross-currency swap which is designated as a
cash flow hedge.
Non-designated derivatives relate to foreign exchange forward contracts that
are not designated as cash flow hedges or net investment hedges and primarily
relate to the management of currency risk arising from seed capital and
co-investment activity.
In addition to financial instruments analysed above, the principal source of
foreign currency risk for shareholders arises from the Group's investments in
overseas subsidiaries and associates and joint ventures accounted for using
the equity method. The carrying value and, where listed, market value of the
Group's Indian and Chinese associates and joint ventures are disclosed in Note
16. The Group does not hedge foreign currency risk in relation to these
investments.
(b)(ii) Sensitivity of financial instruments to market risk analysis
The Group's profit after tax and equity are sensitive to variations in respect
of the Group's market risk exposures and a sensitivity analysis is presented
below. The analysis has been performed by calculating the sensitivity of
profit after tax and equity to changes in equity security prices (equity
risk), changes in interest rates (interest rate risk) and changes in foreign
exchange rate (foreign currency risk) as at the reporting date applied to
assets and liabilities other than those classified as held for sale, and after
allowing for the Group's hedging strategy.
The variables used in the sensitivity analysis are considered reasonable
assumptions and are consistent with market peers. Changes to variables are
provided by internal specialists who determine what are reasonable
assumptions.
Profit after tax and equity sensitivity to market risk
31 December 2020 31 December 2019
A reasonable change in the variable within the next calendar year Increase/ (decrease) in A reasonable change in the variable within the next calendar year Increase/ (decrease) in
post-tax profit post-tax profit
% £m % £m
Equity prices Increase 10 146 10 40
Decrease 10 (146) 10 (40)
Indian Rupee against US Dollar Strengthen 10 136 - -
Weaken 10 (110) - -
US dollar against Sterling Strengthen 10 11 10 11
Weaken 10 (9) 10 (11)
Euro against Sterling Strengthen 10 12 10 15
Weaken 10 (9) 10 (15)
The equity prices and Indian Rupee sensitivities primarily relate to the
Group's investment in HDFC Life which is held by an intermediate subsidiary
which has a US Dollar functional currency.
The reasonable change in variables have no impact on any other components of
equity. These sensitivities concern only the impact on financial instruments
and exclude indirect impacts of the variable on fee income and certain costs
which may be affected by the changes in market conditions.
Interest rate sensitivity to a reasonable change in the variable within the
next calendar year are not material in both 2020 or 2019.
Limitations
The sensitivity of the Group's profit after tax and equity may be non-linear
and larger or smaller impacts should not be derived from these results. The
sensitivities provided illustrate the impact of a reasonably possible change
in a single sensitivity factor, while the other sensitivity factors remain
unchanged. Correlations between the different risks and/or other factors may
mean that experience would differ from that expected if more than one risk
event occurred simultaneously.
(c) Credit risk
Exposures to credit risk and concentrations of credit risk are managed by
setting exposure limits for different types of financial instruments and
counterparties. The limits are established using the following controls:
Financial instrument with credit risk exposure Control
Cash and cash equivalents Maximum counterparty exposure limits are set with reference to internal credit
assessments.
Derivative financial instruments Maximum counterparty exposure limits, net of collateral, are set with
reference to internal credit assessments. The forms of collateral that may be
accepted are also specified and minimum transfer amounts in respect of
collateral transfers are documented.
Debt securities The Group's policy is to set exposure limits by name of issuer, sector and
credit rating.
Other financial instruments Appropriate limits are set for other financial instruments to which the Group
may have exposure at certain times.
Group Treasury perform central monitoring of exposures against limits and are
responsible for the escalation of any limit breaches to the Chief Risk
Officer.
Expected credit losses (ECL) are calculated on financial assets which are
measured at amortised cost.
Financial assets attract an ECL allowance equal to either:
12 month ECL (losses resulting from possible default within the next 12 - No significant increase in credit risk since initial recognition
months)
- Trade receivables or contract assets with significant financing
component, or lease receivables if lifetime ECL measurement has not been
elected
Lifetime ECL (losses resulting from possible defaults over the remaining life - Significant increase in credit risk since initial recognition
of the financial asset)
- Trade receivables or contract assets with no significant financing
component
- Trade receivables or contract assets with significant financing
component, or lease receivables for which lifetime ECL measurement has been
elected
Changes in Lifetime ECL - Credit-impaired at initial recognition
In determining whether a default has taken place, or where there is an
increased risk of a default, a number of factors are taken into account
including a deterioration in the credit quality of a counterparty, the number
of days that a payment is past due, and specific events which could impact a
counterparty's ability to pay.
The Group assumes that a significant increase in credit risk has arisen when
contractual payments are more than 30 days past due. The Group assumes that
credit risk on a financial instrument has not increased significantly since
initial recognition if the financial instrument is determined to have low
credit risk at the reporting date. Financial instruments with an external
rating of 'investment grade' are presumed to have low credit risk in the
absence of evidence to the contrary. Investment grade financial instruments
are financial assets with credit ratings assigned by external rating agencies
with classification within the range of AAA to BBB. If a financial asset is
not rated by an external agency it is classified as 'not rated'.
The Group applies the simplified approach, as permitted under IFRS 9, to
calculate the ECL allowance for trade receivables, contract assets and lease
receivables. Under the simplified approach, the ECL allowance is calculated
over the remaining life of the asset, using a provision matrix approach based
on historic observed default rates adjusted for knowledge of specific events
which could influence loss rates. Historically, default levels have been
insignificant. Trade debtors past due but not in default as at 31 December
2020 were £44m (2019: £45m) the majority of which were less than 90 days
past due (2019: less than 90 days).
At 31 December 2020 the Group does not hold financial assets at amortised cost
that it regards as credit-impaired (2019: £nil). In making this assessment
the Group has considered if any evidence is available to indicate the
occurrence of an event which would result in a detrimental impact on the
estimated future cash flows of these assets.
(c)(i) Credit exposure
The following table presents an analysis of the credit quality of shareholder
financial assets and the maximum exposure to credit risk without taking into
account any collateral held:
Amortised cost
Fair value through profit or loss Cash flow hedge 12 month Lifetime ECL - not credit impaired Total
ECL
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
£m £m £m £m £m £m £m £m £m £m
AAA - - - - 151 100 - - 151 100
AA+ to AA- 88 178 - - 467 843 - - 555 1,021
A+ to A- 631 485 - 3 1,088 1,146 - - 1,719 1,634
BBB 61 54 - - 117 120 - - 178 174
BB - - - - - 2 6 - 6 2
Not rated 31 25 - - 255 187 352 372 638 584
Gross carrying amount 811 742 - 3 2,078 2,398 358 372 3,247 3,515
Loss allowance - - - - - - - - - -
Carrying amount 811 742 - 3 2,078 2,398 358 372 3,247 3,515
Derivative financial assets 18 16 - 3 - - - - 18 19
Debt securities 763 725 - - 320 602 5 - 1,088 1,327
Receivables and other financial assets 30 1 - - 244 187 352 372 626 560
Cash and cash equivalents - - - - 1,514 1,609 1 - 1,515 1,609
Carrying amount 811 742 - 3 2,078 2,398 358 372 3,247 3,515
In the table above debt securities exclude debt securities relating to third
party interests in consolidated funds of £24m (2019: £44m). Cash and cash
equivalents exclude cash and cash equivalents relating to third party
interests in consolidated funds of £7m (2019: £6m). Derivative financial
assets exclude derivative financial assets relating to third party interests
in consolidated funds of £nil (2019: £nil). Receivables and other financial
assets exclude receivables and other financial assets relating to third party
interests in consolidated funds of £nil (2019: £nil). The shareholder is not
exposed to the credit risk in respect of third party interests in consolidated
funds since the financial risk of the assets are borne by third parties.
(c)(ii) Collateral accepted and pledged in respect of financial instruments
Collateral in respect of bilateral over-the-counter (OTC) derivative financial
instruments and bilateral repurchase agreements is accepted from and provided
to certain market counterparties to mitigate counterparty risk in the event of
default. The use of collateral in respect of these instruments is governed by
formal bilateral agreements between the parties. For OTC derivatives the
amount of collateral required by either party is determined by the daily
bilateral OTC exposure calculations in accordance with these agreements and
collateral is moved on a daily basis to ensure there is full
collateralisation. Under the terms of these agreements, collateral is posted
with the ownership captured under title transfer of the contract. With regard
to either collateral pledged or accepted, the Group may request the return of,
or be required to return, collateral to the extent it differs from that
required under the daily bilateral OTC exposure calculations.
Where there is an event of default under the terms of the agreements, any
collateral balances will be included in the close-out calculation of net
counterparty exposure. At 31 December 2020, the Group had pledged £28m (2019:
£18m) of cash and £nil (2019: £nil) of securities as collateral for
derivative financial liabilities. At 31 December 2020, the Group had accepted
£14m (2019: £21m) of cash and £120m (2019: £25m) of securities as
collateral for derivatives financial assets and reverse repurchase agreements.
None of the securities were sold or repledged at the year end.
(c)(iii) Offsetting financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported on the
consolidated statement of financial position only when there is a legally
enforceable right to offset the recognised amounts and there is an intention
to settle on a net basis, or to realise the asset and settle the liability
simultaneously.
Other than cash and cash equivalents disclosed in Note 24, the Group does not
offset financial assets and liabilities on the consolidated statement of
financial position, as there are no unconditional rights to set off.
Consequently, the gross amount of other financial instruments presented on the
consolidated statement of financial position is the net amount. The Group's
bilateral OTC derivatives are all subject to an International Swaps and
Derivative Association (ISDA) master agreement. ISDA master agreements and
reverse repurchase agreements entered into by the Group are considered master
netting agreements as they provide a right of set off that is enforceable only
in the event of default, insolvency, or bankruptcy.
The Group does not hold any other financial instruments which are subject to
master netting agreements or similar arrangements.
The following table presents the effect of master netting agreements and
similar arrangements.
Related amounts not offset on the consolidated
statement of financial position
Gross amounts of financial instruments as presented on the consolidated Financial Financial collateral pledged/(received) Net position
statement of financial position
instruments
2020 2019 2020 2019 2020 2019 2020 2019
£m £m £m £m £m £m £m £m
Financial assets
Derivatives(1) 11 13 (3) (2) (1) (9) 7 2
Reverse repurchase agreements 120 25 - - (120) (25) - -
Total financial assets 131 38 (3) (2) (121) (34) 7 2
Financial liabilities
Derivatives(1) (11) (2) 3 2 1 - (7) -
Total financial liabilities (11) (2) 3 2 1 - (7) -
(1 ) Only OTC derivatives subject to master netting agreements have been
included above.
(d) Liquidity risk
The shareholder is exposed to liquidity risk if the Group is unable to realise
investments and other assets in order to settle its financial obligations when
they fall due, or can do so only at excessive cost. The following quantitative
liquidity risk disclosures are provided in respect of these financial
liabilities.
The Group has a liquidity risk framework and processes in place for
monitoring, assessing, and controlling liquidity risk.
This framework ensures that liquidity risks are identified and also identifies
which entities in the Group have this exposure. Stress testing of these risks
is performed to understand the quantum of risk under stress conditions. This
then informs the level of liquid resources that need to be maintained. Where
appropriate, this is enhanced with external credit facilities and the Group
has a syndicated revolving credit facility of £400m which was undrawn at 31
December 2020.
The level of liquid resources in the Group is also projected under a number of
adverse scenarios. These are described more fully in the Viability Statement.
Contingency funding plans are also maintained to ensure that if liquidity
risk did materialise, processes and procedures are already in place to assist
with resolving the issue. Regular monitoring of liquid assets is performed and
projections undertaken (under both base and stressed conditions) to understand
the outlook.
As a result of the policies and processes established to manage risk, the
Group expects to be able to manage liquidity risk on an ongoing basis. We
recognise there are a number of scenarios that can impact the liquid resources
of a business as discussed in the Risk management section of the Strategic
report.
(d)(i) Maturity analysis
The analysis that follows presents the undiscounted cash flows payable by
remaining contractual maturity at the reporting date for all financial
liabilities, other than those related to unit linked funds which are discussed
in Note 25.
Within 1-5 5-10 10-15 15-20 Greater than Total
1 year
years
years
years
years
20 years
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
£m £m £m £m £m £m £m £m £m £m £m £m £m £m
Subordinated liabilities 28 29 113 116 629 676 22 25 22 25 101 107 915 978
Other financial liabilities 963 1,124 108 107 101 102 44 57 10 14 - - 1,226 1,404
Total 991 1,153 221 223 730 778 66 82 32 39 101 107 2,141 2,382
Refer Note 20 for the maturity profile of undiscounted cash flows of
derivative financial instruments.
The Group also had unrecognised commitments in respect of financial
instruments as at 31 December 2020 with a contractual maturity of within one
year, between one and five years and over five years of £7m, £22m and £7m
respectively (2019: £2m, £39m and £6m).
39. Structured entities
A structured entity is an entity that is structured in such a way that voting
or similar rights are not the dominant factor in deciding who controls the
entity. The Group has interests in structured entities through investments in
a range of investment vehicles including:
· Pooled investment funds managed internally and externally, including
OEICs, SICAVs, unit trusts and limited partnerships
· Debt securitisation vehicles which issue asset-backed securities
The Group consolidates structured entities which it controls. Where the Group
has an investment in, but not control over these types of entities, the
investment is classified as an investment in associate when the Group has
significant influence. Investments in associates at FVTPL are included in
equity securities and pooled investment funds in the analysis of financial
investments.
The Group also has interests in structured entities through asset management
fees and other fees received from these entities.
(a) Consolidated structured entities
As at 31 December 2020 and 31 December 2019, the Group has not provided any
non-contractual financial or other support to any consolidated structured
entity and there are no current intentions to do so.
(b) Unconsolidated structured entities
As at 31 December 2020 and 31 December 2019, the Group has not provided any
non-contractual financial or other support to any unconsolidated structured
entities and there are no current intentions to do so.
The following table shows the carrying value of the Group's interests in
unconsolidated structured entities by line item in the consolidated statement
of financial position.
2020 2019
£m £m
Financial investments
Equity securities and interests in pooled investment funds 1,003 917
Debt securities 40 12
Total financial investments 1,043 929
Receivables and other financial assets 234 221
Other financial liabilities 128 129
(b)(i) Investments in unconsolidated structured entities
Equity securities and interests in pooled investment funds includes £729m
(2019: £650m) of unconsolidated structured entities which are managed by the
Group and in which the Group has a direct investment. At 31 December 2020 the
asset value of these unconsolidated structured entities is £78,499m (2019:
£22,795m). The total fees recognised in respect of these assets under
management during the year to 31 December 2020 were £356m (2019: £137m).
The total issuance balance relating to unconsolidated structured debt
securitisation vehicles in which the Group has an investment is £2,857m
(2019: £1,000m).
The Group's maximum exposure to loss in respect of its investments in
unconsolidated structured entities is the carrying value of the Group's
investment and, where the structured entity is managed by the Group, loss of
future fees. As noted in Note 38, the shareholder is not exposed to market or
credit risk in respect of investments held in the unit linked funds, and third
party interest in consolidated funds and non-controlling interests risk
segments.
Additional information on how the Group manages its exposure to risk can be
found in Note 38.
(b)(ii) Other interests in unconsolidated structured entities
For those structured entities which the Group receives asset management or
other fees from but has no direct investment, the maximum exposure to loss is
loss of future fees.
Total assets under management of structured entities in which the Group has no
direct investments but has other interests in are £58,110m at 31 December
2020 (2019: £102,558m). The fees recognised in respect of these assets under
management during the year to 31 December 2020 were £269m (2019: £581m).
40. Fair value of assets and liabilities
The Group uses fair value to measure many of its assets and liabilities. Fair
value is the amount for which an asset could be exchanged, or a liability
settled, between knowledgeable willing parties in an arm's length transaction.
An analysis of the Group's financial assets and financial liabilities in
accordance with the categories of financial instrument set out in IFRS 9
Financial Instruments is presented in Notes 19, 25 and 32 and includes those
financial assets and liabilities held at fair value.
(a) Fair value hierarchy
In determining fair value, the following fair value hierarchy categorisation
has been used:
· Level 1: Fair values measured using quoted prices (unadjusted) in active
markets for identical assets or liabilities. An active market exists where
transactions take place with sufficient frequency and volume to provide
pricing information on an ongoing basis.
· Level 2: Fair values measured using inputs other than quoted prices
included within level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices)
· Level 3: Fair values measured using inputs that are not based on
observable market data (unobservable inputs)
Information on the methods and assumptions used to determine fair values for
equity securities and interests in pooled investment funds, debt securities
and derivatives measured at fair value is given below:
Equities and interests in pooled investment funds(1,2) Debt securities Derivatives(3)
Level 1 Equity instruments listed on a recognised exchange valued using prices sourced Debt securities listed on a recognised exchange valued using prices sourced Exchange traded derivatives valued using prices sourced from the relevant
from their primary exchange. from their primary exchange. exchange.
Level 2 Pooled investment funds where daily unit prices are available and reference is Debt securities valued using prices received from external pricing providers Over-the-counter derivatives measured using a range of valuation models
made to observable market data. based on quotes received from a number of market participants. including discounting future cash flows and option valuation techniques.
Debt securities valued using models and standard valuation formulas based on
observable market data(4).
Level 3 These relate primarily to interests in private equity, real estate and Debt securities valued using prices received from external pricing providers N/A
infrastructure funds which are valued at net asset value. Underlying real based on a single broker indicative quote.
estate and private equity investments are generally valued in accordance with
independent professional valuation reports or International Private Equity and
Venture Capital Valuation Guidelines where relevant. The underlying
investments in infrastructure funds are generally valued based on the phase of Debt securities valued using models and standard valuation formulas based on
individual projects forming the overall investment and discounted cash flow unobservable market data(4).
techniques based on project earnings.
Where net asset values are not available at the same date as the reporting
date, these valuations are reviewed and, where appropriate, adjustments are
made to reflect the impact of changes in market conditions between the date of
the valuation and the end of the reporting period.
Other unlisted equity securities are generally valued at indicative share
prices from off market transactions.
(1 ) Investments in associates at FVTPL are valued in the same manner as
the Group's equity securities and interests in pooled investment funds.
(2 ) Where pooled investment funds have been seeded and the investment in
the funds have been classified as held for sale, the costs to sell are assumed
to be negligible. The fair value of pooled investment funds held for sale is
calculated as equal to the observable unit price.
(3 ) Non-performance risk arising from the credit risk of each
counterparty is also considered on a net exposure basis in line with the
Group's risk management policies. At 31 December 2020 and 31 December 2019,
the residual credit risk is considered immaterial and no credit risk
adjustment has been made.
(4 ) If prices are not available from the external pricing providers or
are considered to be stale, the Group has established procedures to arrive at
an internal assessment of the fair value.
The fair value of liabilities in respect of third party interest in
consolidated funds and non-participating investment contracts are calculated
equal to the fair value of the underlying assets and liabilities.
Thus, the value of these liabilities is dependent on the methods and
assumptions set out above in relation to the underlying assets and
liabilities:
· For third party interest in consolidated funds, when the underlying
assets and liabilities are valued using readily available market information
the liabilities in respect of third party interest in consolidated funds are
treated as level 2. Where the underlying assets and liabilities are not valued
using readily available market information the liabilities in respect of third
party interest in consolidated funds are treated as level 3.
· For non-participating investment contracts, the underlying assets and
liabilities are predominately categorised as level 1 or 2 and as such, the
inputs into the valuation of the liabilities are observable and these
liabilities are predominately categorised within level 2 of the fair value
hierarchy. Where the underlying assets are categorised as level 3, the
liabilities are also categorised as level 3.
In addition, contingent consideration assets and contingent consideration liabilities are also categorised as level 3 in the fair value hierarchy. Contingent consideration assets and liabilities have been recognised in respect of acquisitions and disposals. Generally valuations are based on unobservable assumptions regarding the probability weighted cash flows and, where relevant, discount rate.
This includes the contingent consideration relating to the terms of the sale of SLAL to Phoenix in August 2018. The terms include a number of indemnities that give rise to contingent consideration. The matters that had the most significant impact on the fair value of this contingent consideration at 31 December 2020 related to the annuity sales practices indemnity, and related tax, and the resolution of other legacy matters which were previously under dispute. The valuation of these elements of the contingent consideration at 31 December 2020 was based on the amount expected to be received from Phoenix. This was in line with the £34m received in February 2021, refer Note 47.
(a)(i) Fair value hierarchy for assets measured at fair value in the statement of financial position
The table below presents the Group's non-unit linked assets measured at fair
value by level of the fair value hierarchy (refer Note 25 for fair value
analysis in relation to assets backing unit linked liabilities).
Fair value hierarchy
As recognised in the consolidated statement of financial position line item Classified as Total Level 1 Level 2 Level 3
held for sale
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
£m £m £m £m £m £m £m £m £m £m £m £m
Owner occupied property 1 2 - - 1 2 - - - - 1 2
Derivative financial assets 18 19 - - 18 19 - - 18 19 - -
Equity securities and interests in pooled investment vehicles 1,980 725 1 2 1,981 727 1,422 609 458 36 101 82
Debt securities 787 769 - 14 787 783 2 57 784 725 1 1
Contingent consideration asset 28 1 - - 28 1 - - - - 28 1
Total assets at fair value 2,814 1,516 1 16 2,815 1,532 1,424 666 1,260 780 131 86
Transfers from level 1 to level 2 and from level 2 to level 1 during the year
ended 31 December 2020 were £355m (2019: £7m) and £7m (2019: £6m)
respectively. Transfers from level 1 to level 2 in the period primarily relate
to interests in pooled investment vehicles which are priced daily but where
the daily price is only offered by the fund manager. The Group now considers
these investments to be level 2. All other transfers relate to assets where
changes in the frequency of observable market transactions resulted in a
change in whether the market was considered active. Transfers are deemed to
have occurred at the end of the calendar quarter in which they arose.
Refer Note 40(a)(iii) for details of movements in level 3.
(a)(ii) Fair value hierarchy for liabilities measured at fair value in the statement of financial position
The table below presents the Group's non-unit linked liabilities measured at
fair value by level of the fair value hierarchy.
Fair value hierarchy
As recognised in the consolidated statement of financial position Classified as Total Level 1 Level 2 Level 3
line item
held for sale
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
£m £m £m £m £m £m £m £m £m £m £m £m
Liabilities in respect of third party interest in consolidated funds 77 119 - - 77 119 - - 77 119 - -
Derivative financial liabilities 13 3 - - 13 3 2 1 11 2 - -
Contingent consideration liabilities 6 14 - - 6 14 - - - - 6 14
Total liabilities at fair value 96 136 - - 96 136 2 1 88 121 6 14
There were no significant transfers between levels 1 and 2 during the year
(2019: none). Refer Note 40(a)(iii) for details of movements in level 3.
(a)(iii) Reconciliation of movements in level 3 instruments
The movements during the year of level 3 assets and liabilities held at fair
value, excluding unit linked assets and liabilities and assets and liabilities
held for sale, are analysed below.
Owner occupied property Equity securities Debt securities
and interests in
pooled investment
funds
2020 2019 2020 2019 2020 2019
£m £m £m £m £m £m
At 1 January 2 2 82 59 1 1
Total gains/(losses) recognised in the consolidated income statement - - 2 2 - -
Purchases - - 29 23 - -
Sales and other adjustments (1) - (13) (8) - -
Transfers in to level 3(1) - - 1 6 - -
At 31 December 1 2 101 82 1 1
(1 ) Transfers are deemed to have occurred at the end of the calendar
quarter in which they arose.
Contingent Contingent
consideration asset
consideration liabilities
2020 2019 2020 2019
£m £m £m £m
At start of period 1 8 (14) (29)
Total amounts recognised in the income statement (12) 56 2 5
Additions - - - (8)
Settlements 39 (63) 6 18
At end of period 28 1 (6) (14)
For the year ended 31 December 2020 losses of £13m (2019: gains of £56m)
were recognised in the consolidated income statement in respect of assets and
liabilities held at fair value classified as level 3 at the period end,
excluding assets and liabilities held for sale. Of this amount gains of £nil
(2019: losses of £1m) were recognised in other income, gains of £2m (2019:
gains of £1m) were recognised in investment return and losses of £15m (2019:
gains of £56m) were recognised in respect of discontinued operations.
Transfers of equity securities and interests in pooled investment funds and
debt securities into level 3 generally arise when external pricing providers
stop providing a price or where the price provided is considered stale.
Transfers of equity securities and interests in pooled investment funds and
debt securities out of level 3 arise when acceptable prices become available
from external pricing providers.
(a)(iv) Significant unobservable inputs in level 3 instrument valuations
The table below identifies the significant unobservable inputs in relation to
equity securities and interests in pooled investment funds categorised as
level 3 instruments at 31 December 2020 with a fair value of £101m (2019:
£82m).
Fair value
2020 2019 Valuation technique Unobservable input Range (weighted average)
£m £m
Private equity, real estate and infrastructure funds 85 65 Net asset value Net asset value statements provided for six significant funds (fair value A range of unobservable inputs is not applicable as we have determined that
>£5m) and a large number of smaller funds the reported NAV represents fair value at the end of the reporting period
Other unlisted equity securities 16 17 Indicative share price Recent off market capital raising transactions A range of unobservable inputs is not applicable as we have determined that
the indicative share price from off market transactions represents fair value
at the end of the reporting period
The table below identifies the significant unobservable inputs in relation to
contingent consideration assets and liabilities categorised as level 3
instruments at 31 December 2020 with a fair value of £22m (2019: (£13m)).
Fair value
£m Valuation technique Unobservable input Input used
2020 22 Probability weighted cash flows Unobservable inputs relate to probability weighted cash flows; and where Amount expected to be received from Phoenix at 31 December 2020. This was in
relevant, discount rates. The most significant unobservable inputs relate to line with the £34m received in February 2021, refer Note 47. The residual
Contingent consideration assets and liabilities assumptions used to value the contingent consideration related to the sale of fair value relates to a number of smaller contingent consideration liabilities
SLAL to Phoenix. for which the input used is expected payments based on earn-out terms and
indemnity assessments.
2019 (13) Probability weighted cash flows and where applicable discount rates Unobservable inputs relate to probability weighted cash flows; and where
relevant, discount rates. The most significant unobservable inputs relate to
Contingent consideration assets and liabilities assumptions used to value the contingent consideration related to the sale of
SLAL to Phoenix, in particular those related to:
- SLAL's annuity sales practices provision Expected amount required to cover the redress due to customers compared to
SLAL's provision at 31 December 2017
- Future lapse rates on relevant UK unit linked products of SLAL Statistical distribution used in the Group's Solvency II internal model at 31
December 2017
- Management's assessment of the outcome of ongoing discussions with Our assessment of the expected resolution taking into account our legal advice
Phoenix in respect of disagreements over the operation of certain aspects of
the governing contracts that were entered into at the time of the sale of SLAL
to Phoenix
(a)(v) Sensitivity of the fair value of level 3 instruments to changes in key assumptions
At 31 December 2020 the shareholder is directly exposed to movements in the
value of all non-unit linked level 3 instruments. Changing unobservable inputs
in the measurement of the fair value of these level 3 financial assets and
financial liabilities to reasonably possible alternative assumptions would not
have a significant impact on profit attributable to equity holders or on total
assets. No level 3 instruments are held in in consolidated structured
entities. See Note 25 for unit linked level 3 instruments.
(b) Assets and liabilities not carried at fair value
The table below presents estimated fair values by level of the fair value
hierarchy of non-unit linked financial assets and liabilities whose carrying
value does not approximate fair value. Fair values of assets and liabilities
are based on observable market inputs where available, or are estimated using
other valuation techniques.
As recognised in the consolidated statement of financial position line item Fair value Level 1 Level 2 Level 3
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Notes £m £m £m £m £m £m £m £m £m £m
Assets
Debt securities 325 602 335 614 - 23 335 591 - -
Liabilities
Subordinated liabilities 33 638 655 688 688 - - 688 688 - -
The estimated fair values for subordinated liabilities are based on the quoted
market offer price.
The carrying value of all other financial assets and liabilities measured at
amortised cost approximates their fair value.
41. Statement of cash flows
The Group classifies cash flows in the consolidated statement of cash flows as
arising from operating, investing or financing activities.
Cash flows are classified based on the nature of the activity to which they
relate and with consideration to generally accepted presentation adopted by
peers. For activities related to asset management business, cash flows arising
from the sale and purchase of debt securities and equity securities and
interests in pooled investment funds, with the exception of those related to
unit linked funds, are classified as cash flows arising from investing
activities. For activities related to insurance business, including those
related to unit linked funds, cash flows arising from the sale and purchase of
debt securities and equity securities and interests in pooled investment funds
are classified as cash flows arising from operating activities.
For activities related to the acquisition and disposal of subsidiaries,
associates and joint ventures, cash flows are classified as investing
activities. The settlement of contingent and deferred amounts recognised on
acquisitions and disposals are classified as investing activities where there
is not considered to be a significant financing component of the related
inflows or outflows.
Purchases and sales of financial investments are presented on a gross basis
except for purchases and sales of short-term instruments held in consolidated
liquidity funds which are presented on a net basis.
Dividends received from associates and joint ventures are presented as cash
flows arising from operating activities.
The tables below provide further analysis of the balances in the statement of
cash flows.
(a) Change in operating assets
2020 2019
£m £m
Equity securities and interests in pooled investment funds 23 135
Debt securities 9 (55)
Derivative financial instruments (12) (12)
Receivables and other financial assets and other assets 46 227
Assets held for sale 751 (137)
Change in operating assets 817 158
(b) Change in operating liabilities
2020 2019
£m £m
Other financial liabilities, provisions and other liabilities (122) (230)
Pension and other post-retirement benefit provisions (30) (60)
Deferred income 6 (8)
Investment contract liabilities (110) (316)
Change in liability for third party interest in consolidated funds 1 197
Liabilities held for sale (736) 126
Change in operating liabilities (991) (291)
(c) Other non-cash and non-operating items
2020 2019
£m £m
Gain on sale of subsidiaries (8) -
Profit on disposal of associates (1,858) (1,542)
Depreciation of property, plant and equipment 46 47
Amortisation of intangible assets 152 184
Impairment losses on intangible assets 1,064 1,571
(Reversal of)/loss on impairment of associates 45 (243)
Impairment losses recognised on property, plant and equipment 2 16
Impairment losses on disposal group held for sale 1 -
Movement in contingent consideration asset/liability 10 (61)
Equity settled share-based payments 64 43
Finance costs 30 36
Share of profit from associates and joint ventures accounted for using the (194) (79)
equity method
Other non-cash and non-operating items (646) (28)
d) Disposal of subsidiaries: SL Asia
2020
Notes £m
Equity securities and interests in pooled investment funds 711
Other assets of operations disposed of 74
Non-participating insurance contract liabilities (689)
Non-participating investment contract liabilities (52)
Other liabilities of operations disposed of (25)
Net assets disposed of 19
Items transferred to profit or loss on disposal of subsidiaries 1 (8)
Gain on sale 1 8
Total cash consideration 19
Cash and cash equivalents disposed of (27)
Cash outflow from disposal of subsidiary 1 (8)
There were no operations disposed of in the year ended 31 December
2019.
(e) Movement in subordinated liabilities
The following table reconciles the movement in subordinated liabilities in the
year, split between cash and non-cash items.
2020 2019
£m £m
Opening balance carried forward 655 1,081
Effect of change in accounting policy to IFRS 9(1) - 5
Opening balance at 1 January 655 1,086
Cash flows from financing activities
Repayment of subordinated liabilities (100) (455)
Dividend paid(2) (2) -
Interest paid (30) (39)
Cash flows from financing activities (132) (494)
Non-cash items
Amounts reclassified from equity 102 -
Interest expense 30 35
Transfer to profit or loss on redemption of subordinated liabilities - 47
Foreign exchange adjustment (17) (19)
At 31 December 638 655
(1 ) The Group has initially applied IFRS 9 at 1 January 2019. Under the
transition method chosen, comparative information is not restated.
(2 ) Dividends of £2m were paid as part of the redemption of the
preference shares on 8 July 2020 subsequent to the reclassification of the
preference shares as subordinated liabilities (Refer Note 30).
(f) Movement in lease liabilities
The following table reconciles the movement in lease liabilities in the year,
split between cash and non-cash items.
2020 2019
£m £m
Opening balance carried forward 268 -
Effect of change in accounting policy to IFRS 16(1) - 227
Opening balance at 1 January 268 227
Cash flows from financing activities
Payment of lease liabilities (35) (32)
Cash flows from financing activities (35) (32)
Non-cash items
Reclassified as held for sale during the year (7) -
Additions 19 74
Disposals (2) (5)
Interest capitalised 6 7
Foreign exchange adjustment - (3)
At 31 December 249 268
(1 ) The Group has initially applied IFRS 16 at 1 January 2019. Under the
transition method chosen, comparative information is not restated.
42. Contingent liabilities and contingent assets
Contingent liabilities are possible obligations of the Group of which timing
and amount are subject to significant uncertainty. Contingent liabilities are
not recognised on the consolidated statement of financial position but are
disclosed, unless they are considered remote. If such an obligation becomes
probable and the amount can be measured reliably it is no longer considered
contingent and is recognised as a liability.
Conversely, contingent assets are possible benefits to the Group. Contingent
assets are only disclosed if it is probable that the Group will receive the
benefit. If such a benefit becomes virtually certain it is no longer
considered contingent and is recognised as an asset.
Legal proceedings, complaints and regulations
The Group is subject to regulation in all of the territories in which it
operates insurance and investment businesses. In the UK, where the Group
primarily operates, the FCA has broad powers, including powers to investigate
marketing and sales practices.
The Group, like other financial organisations, is subject to legal
proceedings, complaints and regulatory discussions, reviews and challenges in
the normal course of its business. All such material matters are periodically
reassessed, with the assistance of external professional advisers where
appropriate, to determine the likelihood of the Group incurring a liability.
Where it is concluded that it is more likely than not that a material outflow
will be made a provision is established based on management's best estimate of
the amount that will be payable. In some cases it will not be possible to form
a view, for example because the facts are unclear or because further time is
needed to properly investigate, and no provisions are held for such matters.
It is not possible to predict with certainty the extent and timing of the
financial impact of legal proceedings, complaints and related regulatory
matters.
43. Commitments
The Group has contractual commitments in respect of expenditure on investment
property, funding arrangements and leases which will be payable in future
periods. These commitments are not recognised on the Group's statement of
financial position at the year end but are disclosed to give an indication of
the Group's future committed cash flows.
(a) Unrecognised financial instruments
As at 31 December 2020, the Group has committed to investing an additional
£35m (2019: £46m) into funds in which it holds a co-investment interest.
(b) Capital commitments
As at 31 December 2020, the Group has capital commitments other than in
relation to financial instruments of £7m (2019: £nil).
44. Employee share-based payments and deferred fund awards
The Group operates share incentive plans for its employees. These generally
take the form of an award of options, conditional awards or restricted shares
in Standard Life Aberdeen plc (equity-settled share-based payments) but can
also take the form of a cash award based on the share price of Standard Life
Aberdeen plc (cash-settled share-based payments). The Group also incentivises
certain employees through the award of units in Group managed funds (deferred
fund awards) which are cash-settled. All the Group's incentive plans have
conditions attached before the employee becomes entitled to the award. These
can be performance and/or service conditions (vesting conditions) or the
requirement of employees to save in the save-as-you-earn scheme (non-vesting
condition). The period over which all vesting conditions are satisfied is the
vesting period and the awards vest at the end of this period.
For all share-based payments services received for the incentive granted are
measured at fair value.
For equity-settled share-based payment transactions, the fair value of
services received is measured by reference to the fair value of the equity
instruments at the grant date. The fair value of the number of instruments
expected to vest is charged to the income statement over the vesting period
with a corresponding credit to the equity compensation reserve in equity.
At each period end the Group reassesses the number of equity instruments
expected to vest and recognises any difference between the revised and
original estimate in the consolidated income statement with a corresponding
adjustment to the equity compensation reserve.
At the time the equity instruments vest, the amount recognised in the equity
compensation reserve in respect of those equity instruments is transferred to
retained earnings.
For cash-settled share-based payment and deferred fund awards transactions,
services received are measured at the fair value of the liability. The fair
value of the liability is remeasured at each reporting date and any changes in
fair value are recognised in the consolidated income statement.
The following plans made awards during the year ended 31 December 2020:
Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting
Standard Life Aberdeen plc Deferred Share Plan/ Discretionary Share Plan(1) Yes Yes No 1-3 years Up to 10 years from date of grant Executives and senior management Service, or service and performance conditions. These can be tailored to the
(3-5 years for EIP awards) individual award.
Sharesave (Save-as-you-earn) Yes No No 3 or 5 Up to six months after vesting UK and Irish employees Service only
Share incentive plan No No Yes 3 (2 for Ireland) Not applicable UK and Irish employees Service only
(1 ) Included in Deferred and discretionary share plans in Section (b)(i)
below.
All of the awards made under these plans are equity-settled except for a small
number of cash-settled awards for the deferred and discretionary share plans
2020 (see Section (d)(ii) below).
The fair value of awards granted under the Group's incentive schemes is
determined using a relevant valuation technique, such as the Black Scholes
option pricing model.
The awards made under the deferred and discretionary share plans include
awards for deferred bonuses of the prior year. With the exception of the
Executive Incentive Plan (EIP) awards, the deferred bonus awards have service
conditions of one, two and three years after the date of the award and no
outstanding performance conditions. The awards for deferred bonus for
executive Directors in 2020 were made under the conditions of the EIP
including a performance underpin.
The awards made under the deferred and discretionary share plans also include
the awards under the 2020 LTIP for executive Directors and awards to senior
management with specific performance conditions.
Further details of the EIP and the 2020 LTIP are set out in the Directors'
remuneration report.
The deferred and discretionary share plans also made a number of deferred fund
awards in the year end 31 December 2020 (see Section (d)(i) below).
Options and conditional awards are all at nil cost with the exception of
Sharesave where eligible employees in the UK and Ireland save a monthly amount
from their salaries, over either a three or five year period, which can be
used to purchase shares in the Company at a predetermined price.
The share incentive plan allows employees the opportunity to buy up to £1,800
of shares from their salary each year with the Group matching up to £600 per
year. The matching shares awarded are granted each month but are restricted
for three years (two years for Ireland).
In addition, the Group operates the following plans for which there are
outstanding awards but for which no awards were made during the year ended 31
December 2020:
Plan Options Conditional awards Restricted shares Typical vesting period (years) Contractual life for options Recipients Conditions which must be met prior to vesting
Standard Life Long-Term Incentive Plan Yes No No 3 (5 for executive Directors) Up to six months after vesting Executives and senior management Service and performance conditions as set out in the Directors' remuneration
report
Standard Life Investments Long-Term Incentive Plan Yes No No 3 Up to six months after vesting Executives and senior management Service and performance conditions
Standard Life Restricted stock plan (RSP) Yes No No 1-3 Up to six months after vesting Executives (other than executive Directors) and senior management Service, or service and performance conditions. These are tailored to the
individual award.
Standard Life Group Short-term incentive plan(1) Yes No No 3 Up to six months after vesting Executives and senior management Service only. There are no outstanding performance conditions at date of
grant.
Aberdeen Asset Management Deferred Share Plan 2009(1) Yes No No 1-3 (3-5 for executive management) Up to 10 years from date of grant Executives and senior management Service only. There are no outstanding performance conditions at date of
grant.
Aberdeen Asset Management USA Deferred Share Award Plan No Yes No 1-3 (3-5 for executive management) Not applicable US based executives and senior management Service only. There are no outstanding performance conditions at date of
grant.
(1 ) Included in Annual bonus deferred share options Section (b)(i)
below.
(a) Employee share-based payments and deferred fund awards expense
The amounts recognised as an expense for equity-settled share-based payment
transactions and deferred fund awards with employees are as follows:
2020 2019
£m £m
Share options and share awards granted under deferred and discretionary share 61 36
plans(1)
Share options granted under long-term incentive plans - 4
Share options granted under Sharesave 2 2
Matching shares granted under share incentive plans 1 1
Equity-settled share-based payments 64 43
Cash-settled deferred fund awards 29 10
Total expense 93 53
(1 ) Includes expense for annual bonus deferred share options and
conditional awards.
Included in the expense above is £27m (2019: £19m) of share-based payment
expenses which are included in restructuring and corporate transaction
expenses in the consolidated income statement.
(b) Options and conditional awards granted
(b)(i) Deferred and discretionary share plans
The number and remaining contractual life for options outstanding and the
share price at exercise of options exercised during the year are as follows:
2020 2019
Deferred and discretionary share plans Annual bonus Deferred and discretionary share plans Annual bonus deferred share options
deferred share
options
Outstanding at 1 January 22,956,158 15,469,459 - 26,220,720
Granted 27,486,468 - 23,636,874 -
Forfeited (3,134,233) (113,150) (257,360) (651,976)
Exercised (1,231,007) (4,685,978) (423,356) (10,099,285)
Expired - - - -
Outstanding at 31 December 46,077,386 10,670,331 22,956,158 15,469,459
Exercisable at 31 December 973,894 8,109,711 35,295 10,357,995
Remaining contractual life of options outstanding (years)(1) 8.85 5.28 9.29 5.99
Options exercised during the year
Share price at time of exercise(1) 232p 268p 275p 271p
(1 ) Weighted average.
The options granted under the deferred and discretionary share plans were made
throughout the year ended 31 December 2020 with a main grant date of 9 April
2020 and had a £nil exercise price. The weighted average option term was 2.31
years. The weighted average share price at grant date was 234p which was also
the weighted average fair value at grant date. The options include an
entitlement to the receipt of dividends in respect of awards that ultimately
vest between the date of grant and the vesting date.
In addition to nil costs options, 3,858,367 nil cost conditional awards were
also granted under the deferred and discretionary share plans (2019:
4,283,186) with a weighted average share price at grant date was 230p which
was also the weighted average fair value at grant date.
(b)(ii) Standard Life/Standard Life Investments Long-term
incentive plans
The number and remaining contractual life for options outstanding and the
share price at exercise of options exercised during the year are as follows:
2020 2019
Long-term RSP Long-term RSP
incentive plans
incentive plans
(excluding RSP)
(excluding RSP)
Outstanding at 1 January 36,411,803 1,997,896 55,702,777 6,562,186
Granted - - - -
Forfeited (19,454,369) (827,383) (18,310,221) (1,693,033)
Exercised (754,907) (901,616) (952,703) (2,855,702)
Expired - - (28,050) (15,555)
Outstanding at 31 December 16,202,527 268,897 36,411,803 1,997,896
Exercisable at 31 December - - - 89,798
Remaining contractual life of options outstanding (years)(1) 0.92 0.75 1.22 1.17
Options exercised during the year
Share price at time of exercise(1) 237p 265p 268p 252p
(1 ) Weighted average.
(b)(iii) Sharesave
The number, exercise price and remaining contractual life for options
outstanding and the share price at exercise of options exercised during the
year are as follows:
2020 2019
Sharesave Weighted average exercise price for Sharesave Sharesave Weighted average exercise price for Sharesave
Outstanding at 1 January 7,870,064 227p 9,260,389 292p
Granted 3,449,144 189p 5,473,382 199p
Forfeited (159,189) 234p - -
Exercised (149,911) 273p (353,534) 282p
Expired (333,555) 272p - -
Cancelled (1,941,634) 225p (6,510,173) 294p
Outstanding at 31 December 8,734,919 210p 7,870,064 227p
Exercisable at 31 December 225,676 341p 426,840 285p
Remaining contractual life of options outstanding (years)(1) 2.98 3.29
Options exercised during the year
Share price at time of exercise(1) 296p 305p
(1 ) Weighted average.
The Sharesave options were granted on 14 October 2020 with an exercise price
of 189p. The weighted average option term was 3.64 years. The weighted average
share price at grant date was 247p and the weighted average fair value at
grant date was 44p. Sharesave options have no dividend entitlement. In
determining the fair value of options granted under the Sharesave scheme the
historic volatility of the share price over a period of up to five years and a
risk free rate determined by reference to swap rates was also considered.
The following table shows the range of exercise prices of Sharesave options
outstanding at 31 December 2020.
2020 2019
Number of options outstanding Number of options outstanding
189p-199p 7,346,548 5,442,217
200p-327p 873,002 1,711,180
328p-345p 515,369 716,667
Outstanding at 31 December 8,734,919 7,870,064
(c) Matching shares granted under share incentive plans
During the year ended 31 December 2020, 371,274 matching shares were granted
under the share incentive plan (2019: 348,161). The weighted average share
price at grant date was 254p which was also the weighted average fair value at
grant date. The plans include the entitlement to the receipt of dividends in
respect of awards that ultimately vest between the date of grant and the
vesting date.
(d) Deferred fund awards and cash settled share based payments
(d)(i) Deferred fund awards
At 31 December 2020, the liability recognised for cash-settled deferred fund
awards was £61m (2019: £46m).
(d)(ii) Cash settled share based payments
At 31 December 2020, the liability recognised for cash-settled share based
payments was £nil (2019: £nil).
45. Related party transactions
(a) Transactions and balances with related parties
In the normal course of business, the Group enters into transactions with
related parties that relate to insurance and asset management business.
During the year, the Group recognised management fees from Group managed
non-consolidated investment vehicles. These fees are disclosed in Note 39. It
also recognised management fees of £4m (2019: £4m) from the Group's defined
benefit pension plans.
In the year ended 31 December 2020, for associates accounted for using the
equity method, the Group recognised sales primarily in relation to management
fees of £195m (2019: £200m(1)) and purchases in relation to services
received of £79m (2019: £49m). Management fees include sales where the
selection of the Group as the asset manager is made by the underlying
policyholder.
In the year ended 31 December 2020 there were sales to joint ventures of £10m
(2019: £1m) and purchases from joint ventures of £nil (2019: £1m).
In addition to these transactions between the Group and related parties during
the year, in the normal course of business the Group made a number of
investments into/divestments from investment vehicles managed by the Group
including investment vehicles which are classified as investments in
associates measured at FVTPL. Group entities paid amounts for the issue of
shares or units and received amounts for the cancellation of shares or units.
(1 ) 2019 comparative restated to include sales where the selection of
the Group as the asset manager is made by the underlying policyholder.
The Group had balances due from associates accounted for using the equity
method of £65m (2019: £55m), balances due to associates accounted for using
the equity method of £43m (2019: £22m), £1m due from joint ventures (2019:
£nil) and no amounts due to joint ventures (2019: £nil) as at 31 December
2020. The Group's defined benefit pension plans have assets of £965m (2019:
£1,154m) invested in investment vehicles managed by the Group.
Note 47 (b) sets out Events after the reporting date relating to Phoenix.
Details of the sale of a subsidiary to a joint venture business are included
in Note 1.
In 2020, the Group committed to providing £12m of additional funding to a
joint venture subject to the fulfilment of specified conditions (2019: £nil).
(b) Compensation of key management personnel
In 2020, key management personnel includes Directors of Standard Life Aberdeen
plc (since appointment) and the members of the executive leadership team
(since appointment).
On 24 May 2019 the executive leadership team replaced the executive committee.
For 2019 key management personnel therefore included Directors of Standard
Life Aberdeen plc (since appointment) and the executive committee (since
appointment) for the period from 1 January 2019 until 23 May 2019 and from 24
May 2019 included Directors of Standard Life Aberdeen plc (since appointment)
and the members of the executive leadership team (since appointment).
The summary of compensation of key management personnel is as follows:
2020 2019
£m £m
Salaries and other short-term employee benefits 9 8
Post-employment benefits - -
Share-based payments and deferred fund awards 12 7
Termination benefits 1 1
Total compensation of key management personnel 22 16
(c) Transactions with key management personnel and their close family members
Certain members of key management personnel hold investments in investments
products which are managed by the Group. None of the amounts concerned are
material in the context of funds managed by the Group. All transactions
between key management and their close family members and the Group during the
year are on terms which are equivalent to those available to all employees of
the Group.
46. Capital management
(a) Capital and risk management policies and objectives
Managing capital is the ongoing process of determining and maintaining the
quantity and quality of capital appropriate for the Group and ensuring capital
is deployed in a manner consistent with the expectations of our stakeholders.
For these purposes, the Board considers our key stakeholders to be our
clients, the providers of capital (our equity holders and holders of our
subordinated liabilities) and the Financial Conduct Authority (FCA) as the
lead prudential supervisor for the Group.
There are two primary objectives of capital management within the Group. The
first objective is to ensure that capital is, and will continue to be,
adequate to maintain the required level of financial stability of the Group
and hence to provide an appropriate degree of security to our stakeholders.
The second objective is to create equity holder value by driving profit
attributable to equity holders.
The liquidity and capital management policy forms one element of the Group's
overall management framework. Most notably, it operates alongside and
complements the strategic investment policy and the Group risk policies.
Integrating policies in this way enables the Group to have a capital
management framework that robustly links the process of capital allocation,
value creation and risk management.
Capital requirements are forecast on a periodic basis and assessed against the
forecast available capital resources. In addition, internal rates of return
achieved on capital invested are assessed against hurdle rates, which are
intended to represent the minimum acceptable return given the risks associated
with each investment. The capital planning process is the responsibility of
the Chief Financial Officer. Capital plans are ultimately subject to approval
by the Board.
The formal procedures for identifying and assessing risks that could affect
the capital position of the Group are described in the Risk management section
of the Strategic report on page 39. Information on financial instruments risk
is also provided in Note 38.
(b) Regulatory capital
(b)(i) Regulatory capital framework
The Group is supervised under the CRD IV regulatory regime for group
prudential supervisory purposes and therefore measures and monitors its
capital on that basis. The Group's regulatory capital position under CRD IV is
determined by consolidating the eligible capital and reserves of the Group
(subject to a number of deductions) to derive regulatory capital resources,
and comparing this to the Group's regulatory capital requirements.
Stress testing is completed to determine the appropriate level of regulatory
capital and liquidity that the Group must hold, with results shared with the
FCA at least annually. In addition, the Group monitors a range of capital and
liquidity statistics on a daily, monthly or less frequent basis as required.
Surplus capital levels are forecast, taking account of projected dividends and
investment requirements, to ensure that appropriate levels of capital
resources are maintained.
The Group is required to hold capital resources to cover both Pillar 1 and
Pillar 2 capital requirements, described below.
Pillar 1 - minimum requirement for capital
Pillar 1 focuses on fixed overhead requirements and the Group's exposure to
credit and market risks in respect of risk-weighted assets, and sets a minimum
requirement for capital based on these measures. At 31 December 2020, the
Group's draft Pillar 1 minimum requirement for capital was £0.5bn (2019:
£0.4bn).
Pillar 2 - ICAAP and supervisory review and evaluation process
Pillar 2 supplements the Pillar 1 minimum requirement via the ICAAP, which is
the means by which the Group assesses the level of capital that adequately
supports all of the relevant current and future risks in its business. The
ICAAP focuses on the principal risks to the consolidated financial position
and examines each risk category to identify exposures that could put the
Group's capital at risk. The results of the Group's ICAAP process will be
subject to periodic review by the FCA under the Supervisory Review and
Evaluation Process (SREP).
(b)(ii) Regulatory capital position (unaudited)
2020(1) 2019(1)
£bn £bn
IFRS equity attributable to equity holders of Standard Life Aberdeen plc 6.8 6.6
Deductions for intangibles and defined benefit pension assets, net of related (2.0) (2.9)
deferred tax liabilities
Deductions for significant investments in financial sector entities (0.9) (1.1)
Deductions for non-significant investments in financial sector entities (0.8) -
Other deductions and adjustments, including provision for foreseeable dividend (0.2) (0.4)
Common Equity Tier 1 capital resources 2.9 2.2
Tier 2 capital resources 0.5 0.6
Total regulatory capital resources 3.4 2.8
Total regulatory capital requirements (1.1) (1.1)
Surplus regulatory capital 2.3 1.7
(1 ) 2020 draft position on 9 March 2021 following finalisation of the
Annual report and accounts, 2019 based on Pillar 3 reporting.
The Group's current capital resources include approximately £0.8bn (2019:
approximately £0.3bn) from holdings in insurance entities that it is expected
will no longer be eligible following the implementation of the Investment Firm
Prudential Regime from 1 January 2022. The Investment Firm Prudential Regime
is also expected to introduce constraints on the proportion of the minimum
capital requirement that can be met by each tier of capital. As a result, it
is estimated that approximately £0.3bn of existing Tier 2 capital, whilst
continuing to be reported within the Group's capital resources, would not be
available to meet the minimum capital requirement from 1 January 2022.
The Group has complied with all externally imposed capital requirements during
the year. The Group's Pillar 3 disclosures will be published on the Group's
website at www.standardlifeaberdeen.com/annualreport
47. Events after the reporting date
(a) Acquisition of Tritax Management LLP
On 9 December 2020, the Group announced the proposed acquisition of 60% of the
equity of Tritax Management LLP, a specialist logistics real estate fund
manager. The initial cash consideration payable at completion for the
acquisition is £64m. Subject to the satisfaction of certain conditions, an
additional contingent deferred earn-out is expected to be payable to acquire
the remaining 40% of equity in Tritax Management LLP via three exercisable put
options in each of years ended 31 March 2024, 2025 and 2026. The Group will
also have the right to purchase any outstanding equity interests at the end of
the five-year period through exercising a call option. The amount payable
under the contingent deferred earn-out is dependent on the growth in future
profitability of the business and is a maximum of £140m. Completion is
subject to certain conditions including relevant regulatory approvals. The
assets under management of Tritax Management LLP at 31 December 2020 were
approximately £5.5bn.
(b) Simplification and extension of the strategic partnership between the Group and Phoenix
On 23 February 2021, the Group announced the purchase of certain products in
the Phoenix Group's savings business offered through the Standard Life
Aberdeen Wrap platform, comprising a self-invested pension plan (SIPP) and an
onshore bond product; together with the Phoenix Group's trustee investment
plan (TIP) business for UK pension scheme clients. The assets relating to
these Phoenix Group-administered businesses at 31 December 2020 are £38bn and
are currently included in Group AUMA. The transaction will be effected through
a Part VII transfer which is targeted to complete in late 2022. The upfront
consideration paid by the Group in February 2021 was £62.5m, which will be
offset in part by expected payments from Phoenix to the Group relating to
profits of the business prior to completion of the legal transfer. The
transaction will result in the Group earning adjusted profit in relation to
the acquired businesses post completion.
The Group have also agreed to sell the 'Standard Life' brand to Phoenix by
mid-2021, replacing the existing agreement to licence the brand for no fee to
Phoenix, and to transfer related employees to Phoenix. In addition the Group
will pay £32m to Phoenix later in 2021 in return for Phoenix bearing the
costs of workplace pensions marketing staff, who are currently employed by the
Group but provide services to Phoenix. The sale of the brand and transfer of
related marketing staff is not expected to materially impact on our results.
The strategic asset management partnership (under which the Group manages
£171.5bn of Phoenix assets at 31 December 2020) will be extended and will now
operate for at least 10 years up to February 2031.
The Group have also resolved legacy issues with Phoenix relating to the
operation of certain aspects of the agreements that were entered into at the
time of the sale of SLAL to Phoenix and which impacted the value of certain
indemnities and other payments under the transaction terms. The impact of the
resolution of these legacy matters is included in the 2020 results and
resulted in the Group receiving a cash inflow of £34m in February 2021.
The Group's shareholding in Phoenix remains at 14.4%. Following the changes to
the commercial agreements set out above, in particular in relation to the
licencing of the 'Standard Life' brand, our judgement is that Phoenix should
no longer be accounted for as an associate with effect from 23 February 2021,
and should instead be accounted for as an investment at fair value. The
primary impact of this reclassification is that the Group will recognise
changes in fair value of the investment in the consolidated income statement
rather than the Group's share of Phoenix profits under the equity method.
48. Related undertakings
The Companies Act 2006 requires disclosure of certain information about the
Group's related undertakings which is set out in this note. Related
undertakings are subsidiaries, joint ventures, associates and other
significant holdings. In this context significant means either a shareholding
greater than or equal to 20% of the nominal value of any class of shares, or a
book value greater than 20% of the Group's assets.
The particulars of the Company's related undertakings at 31 December 2020 are
listed below. For details of the Group's consolidation policy refer to (b)
Basis of consolidation in the Presentation of consolidated financial
statements section. Under that policy limited partnerships in which the Group
has no interest but whose general partner is controlled by the Group are not
consolidated. However such limited partnerships are considered to be related
undertakings under Companies Act 2006 and therefore are listed below. Where
the Group has no interest in a limited partnership that is considered a
related entity, the interest held is disclosed as 0%.
The ability of subsidiaries to transfer cash or other assets within the Group
for example through payment of cash dividends is generally restricted only by
local laws and regulations, and solvency requirements. Included in equity
attributable to equity holders of Standard Life Aberdeen plc at 31 December
2020 is £93m (2019: £88m) related to the Standard Life Foundation, a
subsidiary undertaking of the Group. The assets of the Standard Life
Foundation are restricted to be used for charitable purposes.
The registered head office of all related undertakings is 1 George Street,
Edinburgh, EH2 2LL unless otherwise stated.
(a) Direct subsidiaries
Name of related undertaking Share class(1) % interest held(2)
1825 Financial Planning Limited(3) Ordinary shares 100%
30 STMA 1 Limited(3) Ordinary shares 100%
30 STMA 2 Limited(3) Ordinary shares 100%
30 STMA 3 Limited(3) Ordinary shares 100%
30 STMA 4 Limited(3) Ordinary shares 100%
30 STMA 5 Limited(3) Ordinary shares 100%
Aberdeen Asset Management PLC(4) Ordinary shares 100%
Focus Solutions Group Limited(5) Ordinary shares 100%
Standard Life Aberdeen Charitable Foundation(4) N/A 100%
Standard Life Aberdeen Trustee Company Limited Ordinary shares 100%
Standard Life Charity Fund N/A 100%
Standard Life Client Management Limited Ordinary shares 100%
Standard Life Employee Services Limited Ordinary shares 100%
Standard Life Finance Limited Ordinary shares 100%
Standard Life Foundation N/A 100%
Standard Life Investments (Holdings) Limited Ordinary shares 100%
Standard Life (London) Limited(3) Ordinary shares 100%
Standard Life (Mauritius Holdings) 2006 Limited(6) Ordinary shares 100%
Standard Life Oversea Holdings Limited Ordinary shares 100%
Standard Life Savings Limited Ordinary shares 100%
The Standard Life Assurance Company 2006 N/A 100%
Threesixty Services LLP(7) Limited Liability Partnership 100%
Threesixty Support LLP(7) Limited Liability Partnership 100%
(b) Other subsidiaries, joint ventures, associates and other significant
holdings
Name of related undertaking Share class(1) % interest held(2)
1825 Financial Planning and Advice Limited(3) Ordinary A shares 100%
Ordinary B shares
21ASI Long Term Fund I SCSp(8) Limited Partnership 0%
6 SAS 1 Limited Ordinary shares 100%
Aberdeen ACM Team LP(4) Limited Partnership 0%
Aberdeen ACP LLP(4) Limited Liability Partnership 100%
Aberdeen Alternatives (Holdings) Limited(4) Ordinary shares 100%
Aberdeen Asia IV (General Partner) S.a.r.l.(9) Ordinary shares 100%
Aberdeen Asia Pacific Fund (Offshore), L.P.(10) Limited Partnership 0%
Aberdeen Asia Pacific Fund II (Offshore), L.P.(10) Limited Partnership 0%
Aberdeen Asia Pacific Fund, L.P.(10) Limited Partnership 0%
Aberdeen Asia Pacific Fund II, L.P.(10) Limited Partnership 0%
Aberdeen Asia Pacific III Ex-Co-Investment (Offshore), L.P.(10) Limited Partnership 0%
Aberdeen Asia Pacific III Ex-Co-Investment, L.P.(10) Limited Partnership 0%
Aberdeen Asia Pacific III, L.P.(10) Limited Partnership 0%
Aberdeen ASIF Carry LP(4) Limited Partnership 25%
Name of related undertaking Share class(1) % interest held(2)
Aberdeen Asset Investment Group Limited(3) Ordinary shares 100%
Aberdeen Asset Investments Limited(3) Ordinary shares 100%
Aberdeen Asset Management Cayman Limited(10) Ordinary shares 100%
Aberdeen Asset Management Denmark A/S(11) Ordinary shares 100%
Aberdeen Asset Management Finland Oy(12) Ordinary shares 100%
Aberdeen Asset Management US GP Control LLC(13) Limited Liability Company 100%
Aberdeen Asset Managers Limited(4) Ordinary shares 100%
Aberdeen Asset Middle East Limited(14) Ordinary shares 100%
Aberdeen Capital Management LLC(13) Limited Liability Company 100%
Aberdeen Capital Managers GP LLC(15) Limited Liability Company 100%
Aberdeen Claims Administration, Inc.(16) Ordinary shares 100%
Aberdeen Co-Investment Mandate LP(4) Limited Partnership 0%
Aberdeen Direct Property (Holding) Limited(3) Ordinary shares 100%
Aberdeen do Brasil Gestao de Recursos Ltda(17) Limited Liability Company 100%
Aberdeen Emerging Asia Fund, L.P.(10) Limited Partnership 0%
Aberdeen Emerging Asia Pacific II (Offshore), L.P.(10) Limited Partnership 0%
Aberdeen Emerging Asia Pacific III Ex-Co-Investments, L.P.(10) Limited Partnership 0%
Aberdeen Emerging Capital Limited(18) Ordinary shares 100%
Aberdeen Energy & Resource Company IV, LLC(13) Limited Liability Company 73%
Aberdeen Energy & Resources Company V, LLC(13) Limited liability company 100%
Aberdeen Energy & Resources Partners IV, L.P.(13) Limited Partnership 1%
Aberdeen Energy & Resources Partners V, L.P.(13) Limited Partnership 0%
Aberdeen European Infrastructure Carry GP Limited(4) Ordinary shares 100%
Aberdeen European Infrastructure Carry Limited(4) Ordinary shares 100%
Aberdeen European Infrastructure Co-Invest II LP(3) Limited Partnership 0%
Aberdeen European Infrastructure GP Limited(3) Ordinary shares 100%
Aberdeen European Infrastructure GP II Limited(3) Ordinary shares 100%
Aberdeen European Infrastructure GP III Limited(3) Ordinary shares 100%
Aberdeen European Infrastructure Partners Carry LP(4) Limited Partnership 25%
Aberdeen European Infrastructure Partners Carry II LP(4) Limited Partnership 25%
Aberdeen European Infrastructure Partners Carry III LP(4) Limited Partnership 25%
Aberdeen European Infrastructure Partners LP(3) Limited Partnership 3%
Aberdeen European Infrastructure Partners II LP(3) Limited Partnership 3%
Aberdeen European Infrastructure Partners III LP(3) Limited Partnership 1%
Aberdeen European Residential Opportunities Fund SCSp(19) Limited Partnership 1%
Aberdeen France S.A.(20) Ordinary shares 100%
Aberdeen Fund Distributors LLC(16) Limited Liability Company 100%
Aberdeen Fund Management Oy(12) Ordinary shares 100%
Aberdeen Fund Management II Oy(12) Ordinary shares 100%
Aberdeen Fund Management Ireland Limited(21) Ordinary shares 100%
Aberdeen General Partner 1 Limited(4) Ordinary shares 100%
Aberdeen General Partner 2 Limited(4) Ordinary shares 100%
Aberdeen General Partner CAPELP Limited(10) Ordinary shares 100%
Aberdeen General Partner CGPLP Limited(10) Ordinary shares 100%
Aberdeen General Partner CMENAPELP Limited(10) Ordinary shares 100%
Aberdeen General Partner CPELP Limited(10) Ordinary shares 100%
Aberdeen General Partner CPELP II Limited(10) Ordinary shares 100%
Aberdeen Global Absolute Return Strategies Fund(13) Mutual fund 47%
Aberdeen Global ex-Japan FoF's LP(10) Limited Partnership 6%
Aberdeen Global ex-Japan GP Limited(10) Ordinary shares 100%
Aberdeen Global Infrastructure Carry GP Limited(4) Ordinary shares 100%
Aberdeen Global Infrastructure GP Limited(22) Ordinary shares 100%
Aberdeen Global Infrastructure GP II Limited(22) Ordinary shares 100%
Aberdeen Global Infrastructure Partners Carry LP(4) Limited Partnership 25%
Aberdeen Global Infrastructure Partners II Carry LP(4) Limited Partnership 25%
Aberdeen Global Infrastructure Partners LP(3) Limited Partnership 1%
Aberdeen Global Infrastructure Partners II LP(4) Limited Partnership 0%
Aberdeen GP 1 LLP(4) Limited Liability Partnership 100%
Name of related undertaking Share class(1) % interest held(2)
Aberdeen GP 2 LLP(4) Limited Liability Partnership 100%
Aberdeen GP 3 LLP(4) Limited Liability Partnership 100%
Aberdeen Infrastructure Feeder GP Limited(4) Ordinary shares 100%
Aberdeen Infrastructure Finance GP Limited(22) Ordinary shares 100%
Aberdeen Infrastructure GP II Limited(3) Ordinary shares 100%
Aberdeen Infrastructure Partners II Carry LP(4) Limited Partnership 25%
Aberdeen Infrastructure Partners II LP(4) Limited Partnership 0%
Aberdeen Infrastructure Partners LP Inc(23) Limited Partnership 0%
Aberdeen Institutional Commingled Funds LLC - Long Duration Corporate Bond Unit Trust 100%
Fund(24)
Aberdeen Investment Company Limited(4) Ordinary shares 100%
Aberdeen Investment Solutions Limited(4) Ordinary shares 100%
Aberdeen Investments Euro Limited(3) Ordinary shares 100%
Aberdeen Investments Jersey Limited(25) Ordinary shares 100%
Aberdeen Investments Limited(3) Ordinary shares 100%
Aberdeen Investments USD Limited(3) Ordinary shares 100%
Aberdeen Keva Asia IV Property Partners SCSp(9) Limited Partnership 0%
Aberdeen Liquidity Fund (Lux)
Seabury Sterling Liquidity 1 Fund(19) SICAV 100%
Aberdeen Pension Trustees Limited(4) Ordinary shares 100%
Aberdeen Pooling II GP AB(26) Ordinary shares 100%
Aberdeen Private Equity Company VII, LLC(13) Limited Liability Company 100%
Aberdeen Private Equity Company VIII, LLC(13) Limited liability company 100%
Aberdeen Private Equity VII, L.P.(13) Limited Partnership 1%
Aberdeen Private Equity VIII, LP(13) Limited Partnership 0%
Aberdeen Property Fund Finland I Feeder Ky(12) Limited Partnership 0%
Aberdeen Property Fund Finland LP(12) Limited Partnership 0%
Aberdeen Property Fund Limited Partner Oy(12) Ordinary shares 100%
Aberdeen Property Fund Management (Jersey) Limited(25) Ordinary shares 100%
Aberdeen Property Fund Management Estonia Ou(27) Ordinary shares 100%
Aberdeen Property Investors (General Partner) S.a.r.l.(28) Ordinary shares 100%
Aberdeen Property Investors Estonia Ou(29) Ordinary shares 100%
Aberdeen Property Investors France SAS(20) Ordinary shares 100%
Aberdeen Property Investors Limited Partner Oy(12) Ordinary shares 100%
Aberdeen Property Investors The Netherlands BV(30) Ordinary shares 100%
Aberdeen Property Secondaries Partners II(19) Limited Partnership 1%
Aberdeen Property UK Retail Parks Partnership(3) Limited Partnership 0%
Aberdeen Real Estate Fund Finland LP(31) Limited Partnership 5%
Aberdeen Real Estate Operations Limited(4) Ordinary shares 100%
Aberdeen Residential JV Feeder Limited Partner Oy(12) Ordinary shares 100%
Aberdeen Secondaries II GP S.a.r.l.(19) Ordinary shares 100%
Aberdeen Sidecar LP Inc(23) Limited Partnership
Aberdeen SP 2013 A/S(11) Ordinary shares 100%
Aberdeen Standard (Jersey) Limited(32) Ordinary shares 100%
Aberdeen Standard 2019 European PE A Carry LP Limited Partnership 100%
Aberdeen Standard 2019 European PE B Carry LP Limited Partnership 100%
Aberdeen Standard Alternative Funds Limited Ordinary shares 100%
Aberdeen Standard ASC I
ASI Sustainable Index World Equity Fund(3) OEIC 100%
ASI Sustainable Index UK Equity Fund(3) OEIC 99%
Aberdeen Standard Asset Management (Shanghai) Co., Ltd.(33) Ordinary shares 100%
Aberdeen Standard Asset Management (Thailand) Limited(34) Ordinary shares 100%
Aberdeen Standard Asset Management Limited Ordinary shares 100%
Aberdeen Standard Capital (CI) Limited(35) Ordinary shares 100%
Aberdeen Standard Capital International Limited(36) Ordinary shares 100%
Aberdeen Standard Capital Limited Ordinary shares 100%
Aberdeen Standard Carlsbad Carry LP(4) Limited Partnership 25%
Aberdeen Standard Carlsbad GP Limited(22) Ordinary shares 100%
Aberdeen Standard Carlsbad LP(4) Limited Partnership 0%
Name of related undertaking Share class(1) % interest held(2)
Aberdeen Standard Diversified Fixed Income Fund(37) OEIC 23%
Aberdeen Standard ECF II GP LP Limited Partnership 100%
Aberdeen Standard European Co-Investment II SCSp(19) Limited Partnership 0%
Aberdeen Standard European Infrastructure Partners Carry IV LP(4) Limited Partnership 25%
Aberdeen Standard European Property Growth Fund L.P.(3) Limited Partnership 0%
Aberdeen Standard Fund Managers Limited(3) Ordinary shares 100%
Aberdeen Standard Global Infrastructure GP III Ltd.(22) Ordinary shares 100%
Aberdeen Standard Greater China Value Fund(38) Investment Trust 74%
Aberdeen Standard Group Limited Ordinary shares 100%
Aberdeen Standard Gulf Carry GP Limited(4) Ordinary shares 100%
Aberdeen Standard Indonesia Balanced Growth Fund(39) Unit Trust 84%
Aberdeen Standard Indonesia Bond Fund(39) Unit Trust 69%
Aberdeen Standard Indonesia Equity Fund(39) Unit Trust 67%
Aberdeen Standard Investment Management Limited Ordinary shares 100%
Aberdeen Standard Investments (Asia) Limited(40) Ordinary shares 100%
Aberdeen Standard Investments (Canada) Limited(41) Ordinary shares 100%
Aberdeen Standard Investments (Holdings) Limited Ordinary shares 100%
Aberdeen Standard Investments (Hong Kong) Limited(42) Ordinary shares 100%
Aberdeen Standard Investments (Japan) Limited(43) Ordinary shares 100%
Aberdeen Standard Investments (Malaysia) Sdn. Bhd(44) Ordinary shares 100%
Irredeemable non-convertible preference shares
Aberdeen Standard Investments (Switzerland) AG(45) Ordinary shares 100%
Aberdeen Standard Investments Australia Limited(37) Ordinary shares 100%
Aberdeen Standard Investments Beteiligungs GmbH(46) Limited Liability Company 94%
Aberdeen Standard Investments Churchill Square General Partner Limited Ordinary shares 100%
Aberdeen Standard Investments Colombia SAS(47) Ordinary shares 100%
Aberdeen Standard Investments Deutschland AG(46) Ordinary shares 94%
Aberdeen Standard Investments ETFs (US) LLC(48) Limited liability company 100%
Aberdeen Standard Investments ETFs Advisors LLC(48) Limited liability company 100%
Aberdeen Standard Investments ETFs Sponsor LLC(48) Limited liability company 100%
Aberdeen Standard Investments Fund Management AS(49) Ordinary shares 100%
Aberdeen Standard Investments Inc.(13) Ordinary shares 100%
Aberdeen Standard Investments Ireland Limited(50) Ordinary shares 100%
Aberdeen Standard Investments Korea Co. Ltd.(51) Ordinary shares 100%
Aberdeen Standard Investments Life and Pensions Limited(3) Ordinary shares 100%
Aberdeen Standard Investments Limited Ordinary shares 100%
Aberdeen Standard Investments Luxembourg Corporate Manager S.a.r.l.(9) Ordinary shares 100%
Aberdeen Standard Investments Luxembourg S.A.(19) Ordinary shares 100%
Aberdeen Standard Investments Nominees Services (HK) Limited(42) Ordinary shares 100%
Aberdeen Standard Investments Norway AS(49) Ordinary shares 100%
Aberdeen Standard Investments Norway Holding AS(49) Ordinary shares 100%
Aberdeen Standard Investments Operations AS(49) Ordinary shares 100%
Aberdeen Standard Investments Sweden AB(26) Ordinary shares 100%
Aberdeen Standard Investments Taiwan Limited(38) Ordinary shares 100%
Aberdeen Standard Islamic Investments (Malaysia) Sdn. Bhd.(44) Ordinary shares 100%
Aberdeen Standard Life Asset Management Limited Ordinary shares 100%
Aberdeen Standard Life Group Limited Ordinary shares 100%
Aberdeen Standard Life Investments Limited Ordinary shares 100%
Aberdeen Standard Life Limited Ordinary shares 100%
Aberdeen Standard Limited Ordinary shares 100%
Aberdeen Standard MSPC Fund SCSp(19) Limited Partnership 0%
Aberdeen Standard MSPC General Partner S.a.r.l.(19) Limited Liability Company 100%
Aberdeen Standard Multi-Sector Private Credit Fund SCSp(19) Limited Partnership 0%
Aberdeen Standard OEIC I
ASI Sterling Long Dated Government Bond Fund(3) OEIC 38%
ASI China A Share Equity Fund(3) OEIC 63%
Name of related undertaking Share class(1) % interest held(2)
Aberdeen Standard OEIC III
ASI MyFolio Sustainable I Fund(3) OEIC 100%
ASI MyFolio Sustainable II Fund(3) OEIC 100%
ASI MyFolio Sustainable III Fund(3) OEIC 100%
ASI MyFolio Sustainable IV Fund(3) OEIC 100%
ASI MyFolio Sustainable V Fund(3) OEIC 100%
Aberdeen Standard OEIC V
ASI UK Impact - Employment Opportunities Equity Fund(3) OEIC 96%
Aberdeen Standard Overseas Investment Fund Management (Shanghai) Co., Ltd.(33) Ordinary shares 100%
Aberdeen Standard Pan European Residential Property Fund SICAV-RAIF(19) Limited Partnership 1%
Aberdeen Standard Private Equity Company IX, LLC(13) Limited liability company 100%
Aberdeen Standard Private Equity IX, L.P.(24) Limited Partnership 0%
Aberdeen Standard Private Real Assets Co-Investment Fund I GP, LLC(13) Limited liability company 100%
Aberdeen Standard Private Real Assets Co-investment Fund I GP, LP(24) Limited partnership 79%
Aberdeen Standard Private Real Assets Co-Investment Fund I, L.P.(13) Limited Partnership 1%
Aberdeen Standard Secure Credit LP Limited Partnership 0%
Aberdeen Standard SICAV I
Aberdeen Standard SICAV I - Artificial Intelligence Global Equity Fund(19) SICAV 70%
Aberdeen Standard SICAV I - ASI-CCBI Belt & Road Bond Fund(19) SICAV 33%
Aberdeen Standard SICAV I - Asian Credit Bond Fund(19) SICAV 50%
Aberdeen Standard SICAV I - Asian Sustainable Development Equity Fund(19) SICAV 99%
Aberdeen Standard SICAV I - Emerging Markets Local Currency Corporate Bond SICAV 84%
Fund(19)
Aberdeen Standard SICAV I - European Equity (ex-UK) Fund(19) SICAV 23%
Aberdeen Standard SICAV I - German Equity Fund(19) SICAV 28%
Aberdeen Standard SICAV I - Global Dynamic Dividend Fund(19) SICAV 45%
Aberdeen Standard SOF Evergreen GP LP Limited Partnership 100%
Aberdeen Standard SOF Evergreen LP Limited Partnership 0%
Aberdeen Standard SOF IV Feeder LP Limited Partnership 0%
Aberdeen Standard SOF IV GP LP Limited Partnership 100%
Aberdeen Standard SOF IV LP Limited Partnership 0%
Aberdeen Standard Syariah Asia Pacific Equity USD Fund(39) Unit trust 38%
Aberdeen Standard UK Shopping Centre Feeder Fund Limited Partnership(3) Limited Partnership 0%
Aberdeen Standard Unit Trust 1
ASI Diversified Growth Fund(3) Unit trust 42%
Aberdeen Standard Venture Company XII, LLC(13) Limited liability company 100%
Aberdeen Standard Venture XII, LP(13) Limited Partnership 0%
Aberdeen Trust Limited(4) Ordinary shares 100%
Aberdeen UK Infrastructure Carry GP Limited(4) Ordinary shares 100%
Aberdeen UK Infrastructure Carry Limited(4) Ordinary shares 100%
Aberdeen Unit Trust Managers Limited(4) Ordinary shares 100%
Aberdeen U.S. Mid Cap Equity Fund(24) OEIC 86%
Aberdeen U.S. Sustainable Leaders Fund(24) OEIC 95%
Aberdeen Venture Company X, LLC(13) Limited Liability Company 100%
Aberdeen Venture Company XI, LLC(13) Limited liability company 100%
Aberdeen Venture Partners X SPV-A, L.P.(13) Limited Partnership 0%
Aberdeen Venture Partners X, L.P.(13) Limited Partnership 0%
Aberdeen Venture XI, LP(13) Limited Partnership 0%
ACM Carry LP(4) Limited Partnership 40%
AEROF (Luxembourg) GP S.a.r.l.(19) Ordinary shares 100%
AIA Series T Holdings LLC(24) Limited liability company 0%
AIPP Folksam Europe II Kommanditbolag(52) Limited Partnership 0%
AIPP Pooling I SA(19) Ordinary shares 100%
Airport Industrial GP Limited(3) Ordinary shares 100%
Airport Industrial Limited Partnership(3) Limited Partnership 0%
Aldwych Capital Partners, L.P. Limited Partnership 0%
Amberia General Partner Oy(12) Ordinary shares 100%
Andean Social Infrastructure Fund I LP(4) Limited Partnership 0%
Andean Social Infrastructure GP Limited(10) Ordinary shares 100%
Name of related undertaking Share class(1) % interest held(2)
Arden Garden State NJ Fund, L.P.(24) Limited Partnership 0%
Arden Institutional Advisers, L.P.(24) Limited Partnership 0%
Arden Institutional Fund LP(24) Limited Partnership 0%
Arthur House (No.6) Limited(3) Ordinary shares 100%
Artio Global Investors Inc.(16) Ordinary shares 100%
ASI Core Private Equity Fund GP, LLC(13) Limited liability company 100%
ASI Core Private Equity Fund L.P.(13) Limited Partnership 0%
ASI Direct RE GP LLP Limited Liability Partnership 100%
ASI European Long Income RE Fund SCSp(19) Limited Partnership 0%
ASI European Private Equity 2019 B LP Limited Partnership 0%
ASI (General Partner 2019 European PE B) Limited Ordinary shares 100%
ASI (General Partner 2019 European PE A Carry) Limited Ordinary shares 100%
ASI (General Partner 2019 European PE A) S.à r.l.(19) Ordinary shares 100%
ASI (General Partner AS 2020 FF) S.a r.l.(19) Ordinary shares 100%
ASI (General Partner ECF II) Limited Ordinary shares 100%
ASI (General Partner PE2) Limited Ordinary shares 100%
ASI (General Partner PFF 2018) S.a.r.l.(19) Ordinary shares 100%
ASI (General Partner SOF IV) Limited Ordinary shares 100%
ASI (General Partners 2019 European PE B) LLC(13) Limited liability company 100%
ASI (Gold) Limited(3) Ordinary shares 100%
ASI Han Co-Investment LP Limited Partnership 0%
ASI Hark Capital I GP, LLC(13) Limited liability company 100%
ASI Hark Capital II GP, LLC(13) Limited liability company 100%
ASI Hark Capital I Parallel, LP(24) Limited Partnership 0%
ASI Hark Capital II Parallel, LP(24) Limited Partnership 0%
ASI Hark Capital I, LP(24) Limited Partnership 0%
ASI Hark Capital II, LP(24) Limited Partnership 0%
ASI Hark Capital III, LP(13) Limited Partnership 0%
ASI Hark Capital III GP, LLC(13) Limited liability company 100%
ASI (KFAS) RE GP LLP Limited Liability Partnership 100%
ASI Korea GP 2 Pte. Ltd.(53) Ordinary shares 100%
ASI Korea Separate Account 2 LP(53) Limited Partnership 0%
ASI Little Mill Carry LP(4) Limited Partnership 100%
ASI Little Mill LP(4) Limited Partnership 0%
ASI Mid Market Fund 1 LP(19) Limited Partnership 0%
ASI Mid-Market 1 LP(4) Limited Partnership 0%
ASI MM Executive Co Investment LP(4) Limited Partnership 0%
ASI PE 1 Carry LP(4) Limited Partnership 40%
ASI (PGPE III) GP LP Limited Partnership 0%
ASI Phoenix Fund Financing SCSp(19) Limited Partnership 0%
ASI Phoenix Global Private Equity III LP Limited Partnership 0%
ASI Private Equity 1 LP(4) Limited Partnership 0%
ASI Private Equity 2 GP LP Limited Partnership 100%
ASI Private Equity 2 LP Limited Partnership 0%
ASI REMM GP LLP(4) Limited Liability Partnership 100%
ASI Shin Co-Investment LP(4) Limited Partnership 0%
ASI Shin Global Investment GP Limited(10) Ordinary shares 100%
ASI (SOF E GP) Limited Ordinary shares 100%
ASPER (Luxembourg) GP S.a.r.l.(19) Ordinary shares 100%
Baigrie Davies & Company Limited(3) Ordinary shares 100%
Baigrie Davies Holdings Limited(3) Ordinary shares 100%
Bonaccord Capital Company LP(13) Limited Partnership 0%
BoS Mezzanine Partners Fund L.P.(54) Limited Partnership 0%
BOSEMP Feeder LP(4) Limited Partnership 0%
Castlepoint General Partner Limited(55) Ordinary shares 100%
Castlepoint LP(55) Limited Partnership 0%
Castlepoint Nominee Limited(55) Ordinary shares 100%
C.C. U.S. Private Equity Fund GP, LLC(13) Limited Liability Company 100%
Name of related undertaking Share class(1) % interest held(2)
C.C. U.S. Private Equity Fund GP II, LLC(13) Limited liability company
C.C. U.S. Private Equity Fund, L.P.(24) Limited Partnership 0%
C.C. U.S. Private Equity Fund II, L.P.(13) Limited Partnership 0%
Concession Infrastructure Investments Manager Limited(56) Ordinary shares 50%
Coutts Asian Private Equity Limited Partnership(10) Limited Partnership 0%
Coutts Global Property Limited Partnership(10) Limited Partnership 0%
Coutts Middle East and North Africa Private Equity Limited Partnership(10) Limited Partnership 0%
Coutts Private Equity Limited Partnership(10) Limited Partnership 0%
Coutts Private Equity Limited Partnership II(10) Limited Partnership 0%
CPP General Partner Limited Partnership Limited Partnership 20%
Cumberland Place Financial Management Limited(3) Ordinary shares 100%
Edinburgh Fund Managers Group Limited(4) Ordinary shares 100%
Edinburgh Fund Managers Plc Ordinary shares 100%
Edinburgh Unit Trust Managers Limited(4) Ordinary shares 100%
Deferred shares
Elevate Portfolio Services Limited(3) Ordinary shares 100%
ESF I Executive Co Investment Limited Partnership Limited Partnership 0%
ESP 2004 Co Investment Limited Partnership Limited Partnership 0%
ESP 2004 Conduit LP Limited Partnership 0%
ESP 2004 General Partner Limited Partnership Limited Partnership 100%
ESP 2006 Co Investment Limited Partnership Limited Partnership 0%
ESP 2006 Conduit LP Limited Partnership 0%
ESP 2006 General Partner Limited Partnership Limited Partnership 5%
ESP 2008 Coinvestment Fund L.P. Limited Partnership 0%
ESP 2008 Coinvestment General Partner Limited partnership Limited Partnership 0%
ESP 2008 Conduit LP Limited Partnership 0%
ESP 2008 Executive Co Investment Limited Partnership Limited Partnership 0%
ESP 2008 General partner Limited Partnership Limited Partnership 0%
ESP CPPIB European Mid Market Fund Limited Partnership 0%
ESP General Partner Limited Partnership Limited Partnership 0%
ESP Golden Bear Europe Fund Limited Partnership 2%
ESP Golden Bear General Partner Limited Partnership Limited Partnership 0%
ESP II Co Investment Limited Partnership Limited Partnership 0%
ESP II Conduit LP Limited Partnership 0%
ESP II General Partner Limited Partnership Limited Partnership 0%
ESP Tidal Reach General Partner Limited Partnership Limited Partnership 20%
ESP Tidal Reach LP Limited Partnership 1%
European Strategic Partners Limited Partnership 0%
European Strategic Partners - I LP Limited Partnership 0%
European Strategic Partners 2004 'A' Limited Partnership 0%
European Strategic Partners 2004 'B' Limited Partnership 0%
European Strategic Partners 2006 'A' Limited Partnership 0%
European Strategic Partners 2006 'B' Limited Partnership 0%
European Strategic Partners 2008 'A' Limited Partnership 0%
European Strategic Partners 2008 'B' Limited Partnership 0%
European Strategic Partners II 'A' Limited Partnership 0%
European Strategic Partners II 'B' Limited Partnership 0%
European Strategic Partners II 'C' Limited Partnership 0%
European Strategic Partners II 'D' Limited Partnership 0%
European Strategic Partners II 'E' Limited Partnership 0%
European Strategic Partners Scottish 'B' Limited Partnership 0%
European Strategic Partners Scottish 'C' Limited Partnership 0%
Flag Asia Company III, L.P.(13) Limited Partnership 0%
Flag Asia Company III, LLC(13) Limited liability company 100%
Flag GG Opportunity Company, LLC(13) Limited liability company 100%
Flag Global Company, LLC(13) Limited liability company 100%
Flag International Company, L.P.(13) Limited Partnership 0%
Flag International Company II, L.P.(13) Limited Partnership 0%
Name of related undertaking Share class(1) % interest held(2)
Flag International Company III, L.P.(13) Limited Partnership 0%
Flag International Company, LLC(13) Limited liability company 100%
Flag International Company II, LLC(13) Limited liability company 100%
Flag International Company III, LLC(13) Limited liability company 100%
Flag Private Equity Company, LLC(13) Limited liability company 100%
Flag Private Equity Company II, LLC(13) Limited liability company 100%
Flag Private Equity Company III, LLC(13) Limited liability company 100%
Flag Private Equity Company IV, LLC(13) Limited liability company 100%
Flag Private Equity Company V, LLC(13) Limited liability company 100%
Flag Private Equity Company VI, LLC(13) Limited liability company 100%
Flag Private Equity Company III, L.P.(13) Limited Partnership 0%
Flag Private Equity Company IV, L.P.(13) Limited Partnership 0%
Flag Private Equity Company V, L.P.(13) Limited Partnership 0%
Flag Real Assets Company LLC(13) Limited liability company 100%
Flag Real Assets Company, L.P.(13) Limited Partnership 0%
Flag Real Estate Company II, LLC(13) Limited liability company 100%
Flag Real Estate Company III, LLC(13) Limited liability company 100%
Flag Squadron Asia Pacific III GP LP(10) Limited Partnership 100%
Flag Venture Company II, LLC(13) Limited liability company 100%
Flag Venture Company III, LLC(13) Limited liability company 100%
Flag Venture Company IV, LLC(13) Limited liability company 100%
Flag Venture Company V, LLC(13) Limited liability company 100%
Flag Venture Company VI, L.LC(13) Limited liability company 100%
Flag Venture Company VII, LLC(13) Limited liability company 100%
Flag Venture Company VIII, LLC(13) Limited liability company 100%
Flag Venture Company IX, LLC(13) Limited liability company 100%
Flag Venture Company VI, L.P.(13) Limited Partnership 0%
Flag Venture Company VII, L.P.(13) Limited Partnership 0%
Flag Venture Company VIII, L.P.(13) Limited Partnership 0%
Focus Business Solutions Limited(5) Ordinary shares 100%
Focus Holdings Limited(5) Ordinary shares 100%
Focus Software Limited(5) Ordinary shares 100%
Focus Solutions EBT Trustee Limited(5) Ordinary shares 100%
FOF III Venture Company, LLC(13) Limited liability company 100%
FOF IV Venture Company, LLC(13) Limited liability company 100%
FOF V Venture Company, LLC(13) Limited liability company 100%
Fraser Heath Financial Management Limited(3) Ordinary shares 100%
Griffin Nominees Limited(3) Ordinary shares 100%
GTAAN - SL LP Limited Partnership 1%
HDFC Asset Management Company Limited(57) Ordinary shares 21%
Redeemable
Preference shares
Healthcare Private Equity Limited Partnership(3) Limited Partnership 0%
Healthcare Private Equity LP(58) Limited Partnership 0%
Heng An Standard Life Insurance Company Limited(59) Ordinary shares 50%
Ignis Asset Management Limited Ordinary shares 100%
Ignis Cayman GP2 Limited(10) Ordinary shares 100%
Ignis Cayman GP3 Limited(10) Ordinary shares 100%
Ignis Fund Managers Limited Ordinary shares 100%
Ignis Investment Services Limited Ordinary shares 100%
Jones Sheridan Financial Consulting Limited(3) Ordinary shares 100%
Jones Sheridan Holdings Limited(3) Ordinary shares 100%
KFAS Real Estate Limited Partnership Limited Partnership 0%
Lothian Thirty L.P. Limited Partnership 0%
Murray Johnstone Holdings Limited(4) Ordinary shares 100%
Murray Johnstone Limited(4) Ordinary shares 100%
NASP 2006 General Partner Limited Partnership Limited Partnership 5%
NASP 2006 Special Limited Partnership Limited Partnership 0%
Name of related undertaking Share class(1) % interest held(2)
NASP 2008 General Partner Limited Partnership Limited Partnership 0%
NASP 2008 Special Limited Partnership Limited Partnership 0%
Next Generation Associates III, LLC(13) Limited liability company 100%
Next Generation Associates IV, LLC(13) Limited liability company 100%
Next Generation Associates V, LLC(13) Limited liability company 100%
Next Generation Associates V, L.P.(13) Limited Partnership 0%
North American Strategic Partners (Feeder) 2006 Limited Partnership 0%
North American Strategic Partners (Feeder) 2008 Limited Partnership Limited Partnership 0%
North American Strategic Partners 2006 LP(10) Limited Partnership 0%
North American Strategic Partners 2008 LP(10) Limited Partnership 0%
North American Strategic Partners Companion Fund LP(60) Limited Partnership 0%
North American Strategic Partners, LP(60) Limited Partnership 4%
North East Trustees Limited(61) Ordinary A shares 100%
Ordinary B shares
Origo Services Limited(62) Ordinary shares 19%
Orion Partners CLP Inc.(63) Ordinary shares 100%
Orion Partners Holdings Limited(64) Ordinary shares 100%
Orion Partners Services Inc.(63) Ordinary shares 100%
Ostara China RE Fund LP Limited Partnership 0%
Ostara China Real Estate Fund L.P.(63) Limited Partnership 0%
Ostara Japan Fund 3 LP(63) Limited Partnership 0%
Ostara Korea GP 2 Pte. Ltd.(53) Ordinary shares 100%
Ostara Korea Separate Account LP(53) Limited Partnership 0%
Ostara Partners Inc. China(63) Ordinary shares 100%
Ostara Partners Inc. Japan 3(63) Ordinary shares 100%
Pace Financial Solutions Limited(3) Ordinary A shares 100%
Ordinary B shares
Ordinary C shares
Pace Mortgage Solutions Limited(3) Ordinary A shares 100%
Ordinary B shares
Parmenion Capital Ltd(65) Ordinary shares 100%
Parmenion Capital Partners LLP(65) Limited Liability Partnership 100%
Parmenion Nominees Limited(65) Ordinary shares 100%
Parnell Fisher Child & Co. Limited(3) Ordinary shares 100%
Parnell Fisher Child Holdings Limited(3) Ordinary A shares 100%
Ordinary B shares
PE1 LP(4) Limited Partnership 0%
PE1A LP(4) Limited Partnership 0%
PE2 LP(4) Limited Partnership 0%
Pearl Private Equity LP Limited Partnership 0%
Pearl Strategic Credit LP Limited Partnership 0%
Pearson Jones & Company (Trustees) Limited(61) Ordinary shares 100%
Pearson Jones Nominees Limited(61) Ordinary shares 100%
PGB European Buy-out Fund I SCSp(19) Limited Partnership 0%
Phoenix Group Holdings plc(66) Ordinary shares 14%
PT Aberdeen Standard Investments Indonesia(39) Limited Liability Company 99%
PURetail Luxembourg Management Company S.a.r.l.(67) Class A shares 50%
Regent Property Partners (Retail Parks) Limited(3) Ordinary shares 100%
Self Directed Investments Ltd.(65) Ordinary shares 100%
Serin Wealth Limited(3) Ordinary shares 100%
Shin Global Investment Partners LP(10) Limited Partnership 95%
SL Capital 2016 Co-Investment GP LP Limited Partnership 5%
SL Capital 2016 Co-Investment LP Limited Partnership 0%
SL Capital ECF GP LP Limited Partnership 4%
SL Capital ESF I GP LP Limited Partnership 0%
SL Capital ESF I LP Limited Partnership 1%
SL Capital European Co-Investment B LP Limited Partnership 0%
SL Capital European Co-Investment LP Limited Partnership 0%
SL Capital Ignis Private Equity Founder LP Limited Partnership 65%
Name of related undertaking Share class(1) % interest held(2)
SL Capital Ignis Strategic Credit Founder LP Limited Partnership 0%
SL Capital Infrastructure Fund II Top-Up Co-Investment Fund SCSp(19) Limited Partnership 0%
SL Capital Infrastructure I GP LP Limited Partnership 100%
SL Capital Infrastructure I LP Limited Partnership 0%
SL Capital Infrastructure II LTP LP Limited Partnership 100%
SL Capital Infrastructure II SCSp(28) Limited Partnership 0%
SL Capital Infrastructure Secondary I GP LP Limited Partnership 100%
SL Capital Infrastructure Secondary I LP Limited Partnership 0%
SL Capital NASF I A LP Limited Partnership 2%
SL Capital NASF I Carry LP Limited Partnership 0%
SL Capital NASF I GP LP Limited Partnership 0%
SL Capital NASF I LP Limited Partnership 0%
SL Capital Partners (US) Limited Ordinary shares 100%
SL Capital Partners LLP Limited Liability Partnership 100%
SL Capital Pearl Private Equity GP LP Limited Partnership 0%
SL Capital Pearl Strategic Credit GP LP Limited Partnership 1%
SL Capital SOF I Feeder LP Limited Partnership 0%
SL Capital SOF II Feeder LP Limited Partnership 0%
SL Capital SOF III Feeder LP Limited Partnership 0%
SL Capital SOF I GP LP Limited Partnership 0%
SL Capital SOF II GP LP Limited Partnership 0%
SL Capital SOF III GP LP Limited Partnership 0%
SL Capital SOF I LP Limited Partnership 0%
SL Capital SOF II LP Limited Partnership 0%
SL Capital SOF III LP Limited Partnership 0%
SLA Corporate Secretary Limited Ordinary shares 100%
SLC EC I Executive Co Investment Limited Partnership Limited Partnership 0%
SLCI (Infrastructure 2018 A) Co-Invest LP Limited Partnership 0%
SLCI I Executive Co Investment Limited Partnership Limited Partnership 0%
SLCI Rail Co-Invest LP Limited Partnership 0%
SLCP (Founder Partner Ignis Private Equity) Limited Ordinary shares 100%
SLCP (Founder Partner Ignis Strategic Credit) Limited Ordinary shares 100%
SLCP (General Partner 2016 Co-investment) Limited Ordinary shares 100%
SLCP (General Partner CPP) Limited Ordinary shares 100%
SLCP (General Partner EC) Limited Ordinary shares 100%
SLCP (General Partner Edcastle) Limited Ordinary shares 100%
SLCP (General Partner ESF I) Limited Ordinary shares 100%
SLCP (General Partner ESF II) Limited Ordinary shares 100%
SLCP (General Partner ESP 2004) Limited Ordinary shares 100%
SLCP (General Partner ESP 2006) Limited Ordinary shares 100%
SLCP (General Partner ESP 2008 Coinvestment) Limited Ordinary shares 100%
SLCP (General Partner ESP 2008) Limited Ordinary shares 100%
SLCP (General Partner ESP CAL) Limited Ordinary shares 100%
SLCP (General Partner Europe VI) Limited Ordinary shares 100%
SLCP (General Partner II) Limited Ordinary shares 100%
SLCP (General Partner Infrastructure I) Limited Ordinary shares 100%
SLCP (General Partner Infrastructure Secondary I) Limited Ordinary shares 100%
SLCP (General Partner NASF I) Limited Ordinary shares 100%
SLCP (General Partner NASP 2006) Limited Ordinary shares 100%
SLCP (General Partner NASP 2008) Limited Ordinary shares 100%
SLCP (General Partner Pearl Private Equity) Limited Ordinary shares 100%
SLCP (General Partner Pearl Strategic Credit) Limited Ordinary shares 100%
SLCP (General Partner SOF I) Limited Ordinary shares 100%
SLCP (General Partner SOF II) Limited Ordinary shares 100%
SLCP (General Partner SOF III) Limited Ordinary shares 100%
SLCP (General Partner Tidal Reach) Limited Ordinary shares 100%
SLCP (General Partner USA) Limited Ordinary shares 100%
SLCP (General Partner) Limited Ordinary shares 100%
Name of related undertaking Share class(1) % interest held(2)
SLCP (Holdings) Limited Ordinary shares 100%
SLIF Property Investment LP Limited Partnership 0%
SLIPC (General Partner Infrastructure II LTP 2017) Limited Ordinary shares 100%
SLIPC (General Partner Infrastructure II) S.a.r.l.(28) Ordinary shares 100%
SLIPC (General Partner PMD Co-Invest 2017) Limited Ordinary shares 100%
SLIPC (General Partner SCF 1) Limited Ordinary shares 100%
SLIPC PMD Co-Invest 2017 LP Limited Partnership 0%
SLTM Limited Ordinary shares 100%
SOF I Executive Co Investment Limited Partnership Limited Partnership 0%
SOF II Executive Co Investment Limited Partnership Limited Partnership 0%
SOF III Executive Co Investment Limited Partnership Limited Partnership 0%
SOF IV Carry LP Limited Partnership 25%
Squadron Capital Asia Pacific GP, LP(10) Limited Partnership 100%
Squadron Capital Asia Pacific II GP LP(10) Limited Partnership 100%
Squadron Capital Partners Limited(10) Ordinary shares 100%
Standard Aberdeen Asset Management Limited Ordinary shares 100%
Standard Aberdeen Group Limited Ordinary shares 100%
Standard Aberdeen Investment Management Limited Ordinary shares 100%
Standard Aberdeen Investments Limited Ordinary shares 100%
Standard Aberdeen Limited Ordinary shares 100%
Standard Life Aberdeen Asset Management Limited Ordinary shares 100%
Standard Life Aberdeen Group Limited Ordinary shares 100%
Standard Life Digital Solutions Limited Ordinary shares 100%
Standard Life Investments Brent Cross General Partner Limited Ordinary shares 100%
Standard Life investments Brent Cross LP Limited Partnership 0%
Standard Life Investments Commercial Real Estate Debt LP(3) Limited Partnership 0%
Standard Life Investments European RE Club (Offshore Feeder) Ltd(10) Ordinary shares 100%
Standard Life Investments European RE Club II (Offshore Feeder) Ltd(10) Ordinary shares 100%
Standard Life Investments European Real Estate Club II LP(3) Limited Partnership 0%
Standard Life Investments European Real Estate Club II LP Feeder Fund(10) Limited Partnership 0%
Standard Life Investments European Real Estate Club III LP(3) Limited Partnership 2%
Standard Life investments European Real Estate Club LP(3) Limited Partnership 2%
Standard Life Investments European Real Estate Club LP Feeder Fund(10) Limited Partnership 0%
Standard Life Investments (France) SAS(20) Ordinary shares 100%
Standard Life Investments (General Partner CRED) Limited(3) Ordinary shares 100%
Standard Life Investments (General Partner ELIREF) S.a.r.l.(19) Ordinary shares 100%
Standard Life Investments (General Partner EPGF) Limited Ordinary shares 100%
Standard Life Investments (General Partner European Real Estate Club) Ordinary shares 100%
Limited(3)
Standard Life Investments (General Partner European Real Estate Club II) Ordinary shares 100%
Limited(3)
Standard Life Investments (General Partner European Real Estate Club III) Ordinary shares 100%
Limited(3)
Standard Life Investments (General Partner GARS) Limited Ordinary shares 100%
Standard Life Investments (General Partner GFS) Limited Ordinary shares 100%
Standard Life Investments (General Partner Global Tactical Asset Allocation) Ordinary shares 100%
Limited
Standard Life Investments (General Partner MAC) Limited Ordinary shares 100%
Standard Life Investments (General Partner PDFI) Limited Ordinary shares 100%
Standard Life Investments (General Partner UK Shopping Centre Feeder Fund LP) Ordinary shares 100%
Limited(3)
Standard Life Investments Global Absolute Return Strategies Master Fund Ordinary shares 100%
Limited(10)
Standard Life Investments Global Absolute Return Strategies Offshore Feeder Ordinary shares 100%
Fund Limited(10)
Standard Life Investments Global Absolute Return Strategies Onshore Feeder Limited Partnership 0%
Fund, L.P.
Standard Life Investments Global Focused Strategies Master Fund Limited(10) Ordinary shares 100%
Standard Life Investments Global Focused Strategies Offshore Feeder Fund Ordinary shares 100%
Limited(10)
Standard Life Investments Global SICAV
Standard Life Investments Global SICAV Dynamic Multi Asset Income Fund(68) SICAV 100%
Standard Life Investments Global SICAV Global Equities Unconstrained Fund(68) SICAV 48%
Standard Life Investments Global SICAV II
Standard Life Investments Global SICAV II Emerging Market Debt Sustainable SICAV 100%
& Responsible Investment Fund(68)
Standard Life Investments Global SICAV II Global Equity Impact Fund(68) SICAV 20%
Name of related undertaking Share class(1) % interest held(2)
Standard Life Investments Global SICAV II MyFolio Multi-Manager I Fund(68) SICAV 41%
Standard Life Investments Global SICAV II MyFolio Multi-Manager II Fund(68) SICAV 21%
Standard Life Investments Global SICAV II MyFolio Multi-Manager III Fund(68) SICAV 27%
Standard Life Investments Global SICAV II MyFolio Multi-Manager IV Fund(68) SICAV 33%
Standard Life Investments Global SICAV II MyFolio Multi-Manager V Fund(68) SICAV 35%
Standard Life Investments (Hong Kong) Limited(69) Ordinary shares 100%
Standard Life Investments Limited Ordinary shares 100%
Standard Life Investments (Mutual Funds) Limited Ordinary shares 100%
Standard Life Investments (PDF No. 1) Limited(32) Ordinary shares 50%
Standard Life Investments (Private Capital) Limited Ordinary shares 100%
Standard Life Investments (SLIPIT) Limited Partnership(3) Limited Partnership 0%
Standard Life Investments UK Shopping Centre Feeder Fund Company Limited(70) Ordinary shares 100%
Standard Life Investments (USA) Limited Ordinary shares 100%
Standard Life Portfolio Investments Limited Ordinary shares 100%
Standard Life Portfolio Investments US Inc.(24) Ordinary shares 100%
Standard Life Premises Services Limited Ordinary shares 100%
Standard Life Savings Nominees Limited Ordinary shares 100%
Tenet Group Limited(71) Ordinary B shares 25%
Tenon Nominees Limited(4) Ordinary shares 100%
The Coaching Platform Limited(5) Ordinary shares 100%
The Munro Partnership Ltd.(72) Ordinary shares 100%
Threesixty Partnerships Limited(7) Ordinary shares 100%
Touchstone Insurance Company Limited(73) Ordinary shares 100%
Two Rivers Limited Partnership(3) Limited Partnership 0%
Two Rivers One Limited(74) Ordinary shares 100%
Two Rivers Two Limited(74) Ordinary shares 100%
UK PRS Opportunities General Partner Limited(3) Ordinary shares 100%
UK PRS Opportunities LP(3) Limited Partnership 0%
Virgin Money Unit Trust Managers Limited(75) Ordinary shares 50%
VZWL Private Equity GmbH & Co geschlossene Investment KG(46) Limited Partnership 40%
Waverley Healthcare Private Equity Limited(4) Ordinary shares 100%
Wealth Horizon Limited(65) Ordinary shares 100%
Wise Trustee Limited(65) Ordinary shares 100%
(1) OEIC = Open-ended investment company
SICAV = Société d'investissement à capital variable
(2 ) Limited partnerships in which the Group has no interest but whose
general partner is controlled by the Group are considered related undertakings
under Companies Act 2006. Where the Group has no interest in a limited
partnership that is considered a related undertaking, the interest held is
disclosed as 0%.
Registered offices
(3 ) Bow Bells House, 1 Bread Street, London, EC4M 9HH
(4 ) 10 Queen's Terrace, Aberdeen, AB10 1XL
(5 ) Cranford House, Kenilworth Road, Blackdown, Leamington Spa, CV32 6RQ
(6 ) c/o IQ EQ Fund Services (Mauritius) Ltd, 33 Edith Cavell Street,
Port Louis, 11324, Mauritius
(7 ) 2nd Floor, The Royals, Altrincham Road, Sharston, Manchester, M22
4BJ
(8 )6, rue Gabriel Lippmann L - 5365 Munsbach, Luxembourg, Luxembourg
(9 )2-8 avenue Charles De Gaulle, L-1653 Luxembourg, Luxembourg
(10 ) c/o Maples Corporate Services Limited, Ugland House, PO Box 309,
George Town, KY1-1104, Cayman Islands
(11 )Tuborg Havnevej 15, 2nd Floor, DK-2900 Hellerup, Denmark
(12 ) Kaivokatu 6, Helsinki, 00100, Finland
(13 ) c/o Corporation Service Company, 251 Little Falls Drive, Wilmington,
DE, 19808, USA
(14 ) Office Unit 8, 6th Floor, Al Khatem Tower, Abu Dhabi Global Market
Square, Al Marya Island, PO Box 764605, Abu Dhabi, United Arab Emirates
(15 ) c/o The Corporation Trust Company, Corporation Trust Center, 1209
Orange Street, DE 19801 Wilmington, USA
(16 ) c/o Corporation Service Company, 2711 Centerville Road, Suite 400,
Wilmington, DE 19808, USA
(17 )Av Brigadeiro Faria Lima, 3729, SALA, 506, Brasil
(18 ) 1 More London Place, London, SE1 2AF
(19 ) 35a Avenue John F. Kennedy, L-1855 Luxembourg, Luxembourg
(20 )29 Rue De Berri, Paris, 75008, France
(21 ) 40 Upper Mount Street, Dublin 2, Republic of Ireland
(22 ) First Floor Dorey Court, Admiral Park, St Peter Port, Guernsey, GY1
6HJ
(23 ) Western Suite, Ground Floor Mill Court, La Charroterie, St Peter
Port, Guernsey, GY1 1EJ
(24 ) 1900 Market St, Suite 200, Philadelphia, PA 19103, USA
(25 ) 1 Seaton Place, St Helier, Jersey, JE4 8YJ
(26 ) Box 3039, Stockholm, 103 63, Sweden
(27 ) Ahtri 6a, Tallinn, 10151, Estonia
(28 )2 Boulevard de la Foire, L-1528 Luxembourg, Luxembourg
(29 )Pamu Mnt 15, Talinn, 10141, Estonia
(30 ) WTC, H-Tower, 20th Floor, Zuidplein 166, 1077 XV Amsterdam,
Netherlands
(31 ) Mikonkatu 9 Fin 00100, Helsinki, Finland
(32 ) 44 Esplanade, St Helier, Jersey, JE4 9WG
(33 ) West Area, 2F, No.707 Zhangyang Road, China (Shanghai) Pilot Free
Trade Zone
(34 ) Bangkok City Tower, 28th Floor, 179 South Sathorn Road, Thungmahamek,
Sathorn, Bangkok, 10120, Thailand
(35 ) IFC 1 The Esplanade, St Helier , JE1 4BP, Jersey
(36 ) First Floor, Sir Walter Raleigh House, 48-50 Esplanade, St Helier,
Jersey, JE2 3QB
(37 ) Level 10, 255 George Street, Sydney, NSW 2000, Australia
(38 ) 8F-1, No. 101, Songren Road, Taipei City, 110, Taiwan, Republic of
China
(39 ) 16th Floor, Menara Dea Tower 2, Kawasan Mega Kuningan, Jl Mega
Kuningan Barat Kav. E4.3 No. 1-2, 12950 Jakarta, Indonesia
(40 ) 21 Church Street, #01-01, Capital Square Two, 049480, Singapore
(41 ) 1 First Canadian Place, 100 King Street West, Toronto, Ontario,
Canada
(42 ) 6th Floor, Alexandra House, 18 Chater Road, Central, Hong Kong
(43 ) Toranomon Seiwa Building 11F, 1-2-3 Toranomon, Minato-ku, Tokyo,
105-0001, Japan
(44 ) Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing No.1, Leboh Ampang
50100 Kuala Lumpur, Malaysia
(45 ) Schweizergasse 14, Zurich, 8001, Switzerland
(46 )Bockenheimer Landstrasse 25, 60325 Frankfurt am Main, Germany
(47 ) AC 82 NO. 10 60 P 5 Bogota DC, Columbia
(48 ) 712 5th Ave, New York, NY 10019, USA
(49 ) Henrik Ibsens gate 100, PO Box 2882 Solli, 0230 Oslo, Norway
(50 ) 24 Merrion Row, Dublin 2, Republic of Ireland
(51 ) 13th Fl., B Tower (Seocho-dong, Kyobo Tower Building), 465,
Gangnam-daero, Seocho-gu, Seoul, Korea
(52 ) Sveavägen 24, 111 57 Stockholm, Sweden
(53 ) 80 Robinson Road, #02-00, 068898, Singapore
(54 ) 7 Melville Crescent, Edinburgh, EH3 7JA
(55 ) 11th Floor, Two Snowhill, Birmingham, B4 6WR
(56 ) c/o Paget-Brown Trust Company Ltd, Boundary Hall, Cricket Square,
P.O. Box 1111, Grand Cayman, KY1-1102, Cayman Islands
(57 ) HDFC House, 2nd floor, H.T. Parekh Marg, 165-166, Backbay
Reclamation, Churchgate, Mumbai - 400 020, India
(58 ) Edinburgh One, Morrison Street, Edinburgh, EH3 8BE
(59 ) 18F, Tower II, The Exchange, 189 Nanjing Road, Heping District,
Tianjin, People's Republic of China, 300051
(60 ) 1 Rodney Square 10th Fl, 10 & King St, Wilmington, DE 19801, USA
(61 ) Clayton Wood Close, West Park Ring Road, Leeds, LS16 6QE
(62 ) 7 Lochside View, Edinburgh, EH12 9DH
(63 ) Campbells Corporate Services Limited, 4th Floor, Willow House,
Cricket Square, KY1-9010, Cayman Islands
(64 ) 28th and 30th Floor, LHT Tower, 31 Queen's Road Central, Hong Kong
(65 ) Aurora (3rd Floor) Finzels Reach, Counterslip, Bristol, BS1 6BX
(66 ) Juxon House, 100 St Paul's Churchyard, London, EC4M 8BU
(67 )80, Route d'Esch, L-1470 Luxembourg, Luxembourg
(68 ) 2-4, Rue Eugène Ruppert, L-2453 Luxembourg, Luxembourg
(69 ) 30th Floor, Jardine House, One Connaught Place, Hong Kong
(70 ) Ogier House, The Esplanade, St Helier, JE4 9WG, Jersey
(71 ) 5 Lister Hill, Horsforth, Leeds, LS18 5AZ
(72 ) Citadel House, 6 Citadel Place, Ayr, KA7 1JN
(73 ) c/o Aon, PO Box 33, Maison Trinity, Trinity Square, St Peter Port,
Guernsey GY1 4AT
(74 ) Lime Grove House, Green Street, St Helier, Jersey, JE1 2ST
(75 ) Jubilee House, Gosforth, Newcastle-Upon-Tyne, NE3 4PL
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