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Standard says financial position stronger than last year

Standard Life says its financial position is “very strong in relative and absolute terms” and says its fund for future appropriations – a key measure of solvency – increased by 40 per cent last year.

Standard says its fund for future appropriations increased to £4.5 bn for the year to November 15, 2003, from £3.2bn in the previous year.

Standard Life chairman Sir Brian Stewart says: “The FSA is implementing a new approach to improve financial reporting for insurance companies which will better reflect companies&#39 underlying financial strength. We fully support this regulatory direction and have spent a number of weeks discussing how the new draft regulations impact on Standard Life.”

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