Insurer sees first-half profits leap

"We continue to see opportunities to export our investment management and bancassurance franchises into international markets," chief executive Tim Breedon said in a statement yesterday.

"We are ideally placed to respond to current market and economic uncertainty and to take advantage of the significant opportunities for growth that are emerging from the changing landscape for financial services post credit crisis."

The insurer said operating profit jumped 34 per cent, to 542m, in the first six months of the year, driven by an 18 per cent rise in worldwide new business, to 881m.

The company said the outlook for its markets continued to be mixed and that while it was optimistic about growth prospects in UK savings and annuities, there was little evidence of recovery in the UK housing market.