View more on these topics

Standard Life UK ups gross EEV operating profit by 70%

Standard Life’s life and pensions EEV gross operating profit in the UK increased by 70 per cent to £252m in the first half of 2007, up from £148m in the same period in 2006.

Standard Life’s 2007 interim results show new business contribution was up 71 per cent from £78m for the same period last year to £133m in 2007, due to 45 per cent growth in sales, according to Standard Life.

Standard Life Group’s gross European Embedded Value operating profit increased by 71 per cent to £353m in the first half of 2007, up from £206m for 2006.

However the IFRS gross underlying profit fell by 10 per cent to £219m, down 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.

Standard Life Group chief executive Sandy Crombie says: “Our 2007 Interim Results show that Standard Life is growing strongly and profitably.

“We have made significant progress in increasing margin in our UK business over the first half of 2007, thanks to strong growth in higher margin products supported by the continued improvement in underlying efficiency. We are on track to meet our target of a 9-10 per cent return on embedded value in 2007 and increasing thereafter.

“Standard Life has enjoyed a successful first year as a listed company and I am confident we can achieve much more.”


Life firms blast Lawson over publishing annuity rates

Life companies have hit back at Standard Life head of pensions policy John Lawson, saying that his call for all annuity providers to publish their rates is “nonsense”.Scottish Life, Skandia and St James’s Place claim that Lawson is missing the point after he named 11 firms which are still open to new personal pension or […]

Waving goodbye to more UK brands

The mortgage industry is buzzing with the news that Lehman Brothers will be withdrawing from the second charge market in the UK with the closure of both its Southern Pacific Personal Loans and London Mortgage Company brands.

Tax relief could boost consumers’ savings by £5.5bn

Around three quarters of potential UK investors are not taking advantage of tax relief from a personal pension and they are losing out on £5.5bn per year as a result.Research from Scottish Widows shows that 18m investors are not putting their savings into a personal pension and therefore are not getting tax relief on their investments.Scottish […]

RDR feedback statement to be published middle of next year

The Retail Distribution Review feedback statement will not be published until the second quarter of next year, the FSA said today.Speaking at Osney Media’s financial services distribution summit in London today, the head of the FSA’s retail distribution review Amanda Bowe said the FSA’s response to the feedback received from the industry on the discussion […]

Martin Foden discusses how convenience is affecting the construction of fixed income portfolios

In this short video, Martin Foden, head of credit research at Royal London Asset Management, discusses how convenience is affecting the construction of fixed income portfolios. Watch the video in full The value of investments and the income from them is not guaranteed and may go down as well as up and investors may not […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm