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Standard Life boosts pre-tax operating profit 7% to £425m

Standard Life enjoyed a 7 per cent boost in pre-tax operating profits to £425m last year, preliminary results show.

The improved performance reflected a 16 per cent growth in assets under administration to £196.8bn, allowing the life and pensions company to increase its dividend payment 6.2 per cent to 13p.

Standard Life also says it remains “on track” to deliver cost savings of £100m by 2012.

Chief executive David Nish (pictured) says: “Our financial performance has been strong, with higher net flows and markets increasing the value of assets and revenues and leading to growth in profits.

“We’ve also made significant progress to drive efficiencies and are on track to meet our target of £100m of margin improvement by 2012. We’ve refocused our portfolio and the acquisitions of threesixty, Focus Solutions and Aida Capital have strengthened our capabilities and accelerated the delivery of our strategy.”

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