Blue-chip dividend stocks are prized for their income, but these two have delivered some pretty impressive growth over the last 12 months as well.

That’s great news for me, because I hold them in my Self-Invested Personal Pension (SIPP). When I bought them three years ago, both were yielding around 10%. They don’t pay quite as much income today, largely because their share prices have done so well, but both still yield around 6.2%.

So are they still worth considering, and which looks better value today?

Financials are flying

FTSE 100 financial stocks have enjoyed a strong run as higher interest rates have boosted margins, while stronger markets have supported investment and insurance businesses. We’ve also seen a long-delayed recovery in valuations after years of post-financial-crisis disappointment.

That’s certainly helped wealth manager M&G (LSE: MNG) and insurer Standard Life (LSE: MNG), which both offer savings, investment and retirement products.

M&G’s adjusted operating profit was broadly flat last year at £838m, although assets under management and administration climbed 8.7% to £375.9bn. Standard Life did better, with adjusted operating profit rising 15% to £945m. That’s reflected in their relative share price performance over the last year.

The M&G share price is up 30%. Standard Life, which recently rebranded from Phoenix Life, delivered an even more impressive 40%. It’s still playing catch-up. Over five years, M&G has climbed 62%, compared with 41% for Standard Life.

That may explain why M&G shares now look notably more expensive. It trades on a price-to-earnings ratio of 26.4, against 16.9 for Standard Life.

M&G’s more expensive

Both yield roughly 6.2%. M&G’s dividend has grown by an average 2.36% a year over five years, against a slightly faster pace of 3.3% for Standard Life. In both cases, this looks set to slow, with their respective boards saying they’ll increase dividends by just 2% a year going forward. That’s disappointing, although it’s wise to ensure shareholder payouts remain sustainable.

Both stocks have risks. Rising yields increase the attractions of putting money in cash and bonds. The income may still be slightly lower, but capital isn’t at risk. On the other hand, your underlying capital won’t grow either.

M&G’s exposed to weaker investment markets, falling assets and continued pressure on its asset management business. Standard Life has greater exposure to retirement and annuity markets, where changing interest rates and pension flows can affect results. Inevitably, both financial services companies would suffer if we get a wider stock market crash.

Standard Life might grow, albeit slowly

Consensus analyst forecasts suggest we shouldn’t expect fireworks over the next year. Analysts have a one-year forecast of 233p for M&G, which is actually 3.25% lower than today’s 333p. The Standard Life target is 938p, up just 1.7% from 923p. After such a strong run, that’s hardly surprising.

I think Standard Life’s the slightly better bet given its lower valuation. I think both are worth considering for income-focused investors with a long-term view, although I don’t expect either to deliver the same growth they’ve produced recently. And I can see other tempting FTSE 100 dividend income stocks out there…

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Harvey Jones owns shares in M&G and Standard Life.