Standard Life reports profits surge

LIFE and pensions group Standard Life today unveiled a surge in profits helped by a “significant improvement” at its UK arm.

The Edinburgh-based business, which has more than six million customers and is one of the UK’s biggest corporate pensions providers, reported a 15 per cent rise in operating profits before tax to £302m in the first six months of the year.

The UK saw a 62 per cent leap in profits to £141m, driven by the popularity of its DIY-style self-invested personal pension (SIPP) products, which increased customer numbers by 22 per cent to 147,000 in the period.

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The company also said new changes to financial advice regulation - known as the Retail Distribution Review - had allowed it to increase its market share without incurring the cost of commission on new business with independent financial advisors.

The group’s Canadian arm held back a stronger performance after interim profits at the division fell 30 per cent to £72m due to the country’s low interest rate environment.

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