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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.”

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