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AKG Financial Strength Assessment

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AKG Financial Strength Assessment ISSUED 09 OCTOBER 2020 PLATFORM SECTOR Advance by Embark FINANCIAL STRENGTH ASSESSMENT Advance by Embark PLATFORM SECTOR ABOUT THIS FINANCIAL STRENGTH ASSESSMENT This AKG report and the analysis and ratings contained within it provide assessment of financial strength and associated considerations. Financial Strength is focused on the ability of a company to deliver ongoing operational capability in the interest of its customers and in line with their fairly held expectations. AKG’s perspective in the assessment of financial strength is wholly that of a customer of a product or service. From that foundation, this analysis is specifically designed to inform financial advisers and assist in their required understanding of a company’s operational financial strength. Given the underlying customer perspective, the financial strength of companies needs to be focused at an operational level, specifically on the company that is effecting the product or service that a customer is selecting. This is important, because from the customer’s perspective it is that company that needs to survive in a form that maintains the requisite operational characteristics to meet their fairly held requirements. And it is thus at this level that the selection needs of the customers’ advisers must be met. This contrasts to credit rating, which will be undertaken at group or parent company level where investment or debt placement etc. is made. Further details on how analysis is undertaken is provided at the end of this report and may also be obtained from AKG. TABLE OF CONTENTS Rating & Assessment Commentary ................................ ................................ ................................ ................................ ................................ ........... 3 Ratings .................................................................................................................................................................................................................................................................... 3 Summary ............................................................................................................................................................................................................................................................... 3 Commentary ...................................................................................................................................................................................................................................................... 4 Group & Parental Context ................................ ................................ ................................ ................................ ................................ ............................ 7 Background ......................................................................................................................................................................................................................................................... 7 Group Structure (simplified) ................................................................................................................................................................................................................... 8 Company Analysis: Sterling ISA Managers Ltd ................................ ................................ ................................ ................................ ...................... 9 Basic Information ............................................................................................................................................................................................................................................. 9 Operations ....................................................................................................................................................................................................................................................... 10 Strategy ............................................................................................................................................................................................................................................................... 12 Key Company Financial Data ............................................................................................................................................................................................................... 14 Guide ................................ ................................ ................................ ................................ ................................ ................................ ................................ ... 18 Introduction ..................................................................................................................................................................................................................................................... 18 Rating Definitions ......................................................................................................................................................................................................................................... 18 About AKG ...................................................................................................................................................................................................................................................... 20 Company Analysis Company CONTACT INFORMATION AKG Financial Analytics Ltd, Anderton House, 92 South Street, Dorking, Surrey, RH4 2EW Tel: +44 (0) 1306 876439 Email: [email protected] Web: www.akg.co.uk Guide © AKG Financial Analytics Ltd 2 09 October 2020 Advance by Embark PLATFORM SECTOR Rating & Assessment Commentary RATINGS Commentary Overall Financial Strength B+ PLATFORM SECTOR VERY STRONG Rating & Assessment & Assessment Rating STERLING ISA MANAGERS LTD Supporting Ratings Image & Business Service Strategy Performance Sterling ISA Managers Ltd SUMMARY Group & Parental Context & Parental Group Advance by Embark is a trading name of Sterling ISA Managers Ltd (SIML) a wholly owned subsidiary of Embark Group Ltd (EGL) SIML was acquired by Embark from Zurich in May 2020 The Embark Group has recently seen significant investment from FNZ, BlackRock, Legg Mason, Merian Chrysalis and Franklin Templeton Global Investors, changing its ownership structure and strengthening its capital position Having followed an acquisitive strategy in recent years, the Embark Group is now more focussed on a period of organic growth, although it remains open to inorganic opportunities As at 31 December 2019, the Group reported a regulatory capital requirement coverage ratio of 187% [2018: 181%] Following the purchases from Zurich and Alliance Trust Savings (ATS), total Group Assets under Administration (AuA) will have increased to £35bn (as at 31 July 2020 on a pro-forma basis) Company Analysis Company Overall, the Embark Group is developing an increasingly integrated structure and a broad but coordinated distribution capability, with intermediaries, workplace and partnerships With this in mind, the recent platform acquisitions have brought balance for the Group between Embark's Pension and Platform Businesses Guide © AKG Financial Analytics Ltd 3 09 October 2020 Advance by Embark PLATFORM SECTOR COMMENTARY Financial Strength Ratings Commentary Embark reported that all its regulated entities maintained surplus regulatory capital throughout 2019. As at 31 December 2019, the total aggregated regulatory capital requirement across the Group was £7.7m [2018: £7.4m] and the aggregate surplus amounted to £6.7m [2018: £6.0m], resulting in a coverage ratio of 187% [2018: 181%]. The Embark Group Board risk appetite is to maintain at all times 125% of the required regulatory capital requirement. This is the position that has been applied to SIML since acquisition. As at 30 June 2020, SIML held a capital surplus of Rating & Assessment & Assessment Rating £7.6m leading to a coverage ratio of 131%. As a group, Embark has grown its AuA significantly in recent years. As at 1 July 2020, on a pro-forma basis, including the recent acquisition of Alliance Trust Savings, AuA amounted to £34.6bn. Embark has also repositioned its ownership away from being privately owned and now has the backing of some significant institutional investors. This also brings with it greater access to capital. The recent platform acquisitions also give Embark better balance between its two main business. Whilst there will be a further period of integration, the mix of improved quality of ownership, greater propositional balance and innovative use of technology should augur well for Embark and its future ambitions. Sterling ISA Managers Ltd SIML had benefited from considerable financial support from Zurich Insurance Group as evidenced by capital contributions Group & Parental Context & Parental Group totalling £149m between 2011 and 2016, These had covered the losses made from operating and developing the propositions, and ensured regulatory capital was maintained. They were subsequently reallocated to SIML's profit and loss account as it restructured ahead of its sale. Zurich's drive to simplify its UK business saw the corporate savings business sold in 2017, with transfers completing over 2018-2019 period, enabling SIML to concentrate its resources on the UK retail wealth market. However, Zurich then concluded that it would require
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