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Standard Life UK profits strengthen

Standard Life’s life and pension gross operating profit in the UK rose by 70 per cent to £252m in the first half of 2007, up from £148m in the same period in 2006. Standard Life’s interim results show new business contribution was up by 71 per cent to £133m from £78m due to 45 per cent growth in sales. The group’s gross European embedded value operating profit rose by 71 per cent to £353m, up from £206m but the IFRS gross underlying profit fell by 10 per cent to £219m from £243m in 2006. Standard Life says the discrepancy is due to provision releases and profits from exceptional sales in Germany in 2004 and Q1 of 2005.

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