Standard Life hails 6% profits rise

Standard Life has hailed the results. Picture: Phil Wilkinson
Standard Life has hailed the results. Picture: Phil Wilkinson
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EDINBURGH-based Standard Life today posted a six percent rise in first half operating profits, boosted by stronger financial markets and rising demand for its savings and investment products.

Operating profit for the first six months was £304 million pounds, the group said in an earnings statement, while long-term savings new business sales increased by more than £2 billion during the period to £12.2 billion.

Assets under administration rose seven percent over the period to £232.8 billion while the fund management arm Standard Life Investments achieved a 13 percent increase in third party assets.

Chief Executive David Nish said the company had made “good progress” with increased sales and assets driving profits and revenues higher.

He added: “In the UK, through listening to our customers and developing propositions that meet their needs, we have significantly increased operating profit by 28% and have strong momentum in both our retail and corporate businesses. “We look forward to the future and we are confident we can deliver ongoing improvements in value for our customers and shareholders,”