British wealth manager St. James's Place (SJP) has posted a profit before shareholder tax of £140.6m for the year ended 31 December 2016, a 7% decrease compared to £151.3m from a year ago.
The company attributed the fall in profit to the impact of the increasingly negative contribution from the net movement in DAC/DIR/PVIF intangibles.
The underlying profit before shareholder tax remained almost stable at £163.5m. Underlying post tax cash result was £199.5m for 2016, a rise of 9.5% from £182.1m in 2015.
The group's EEV operating profit was £673.6m, a 2% rise from £660.2m in the year ago. EEV new business profit at the company was £520.2m, an increase of 18% from £440.7m last year.
SJP said its gross inflows during the year ended 31 December 2016 were £11.4bn, up from £9.2bn in 2015.
The net inflow of funds under management increased to £6.8bn from £5.8bn a year ago.
Funds under management at the end of December 2016 totalled £75.3bn, a 28.5% surge from £58.6bn in the previous year.
SJP CEO David Bellamy said: “Despite the economic and political uncertainty, challenging markets and the surprising political events, St. James’s Place once again achieved strong growth across all key aspects of the business, resulting in another record year of new investments, funds under management and operating profits.”