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12 Mar, 2008


Samantha Shaw - 12-Mar-2008

Standard Life has reported a 43 per cent increase in pre-tax operating profits on a record year for new business.

Standard says its pre-tax operating profits grew were up to £881m, up 43 per cent on last year's figure of £614m.
The group's result report a 129 per cent increase in EEV capital and cash generation to £600m.

Group chief executive Sandy Crombie says the results, which have beaten all its profitability and efficiency targets for 2007, are down to its 'capital lite' product strategy.

New business contribution before tax is up 68 per cent to £345m.

The group's full year dividend is 11.5p, indicating growth of 6.5 per cent.

Crombie says: "Standard Life has delivered a very strong set of results in its first full year as a listed company. We have beaten all our profitability and efficiency targets for 2007 and achieved record sales, a platform which we will build upon
for further growth in years to come.

"Our distinctive 'capital lite' approach to designing and distributing products
has allowed us to more than double the capital and cash generated in the
business.

"Against an uncertain economic backdrop we have made a good start to 2008 and are working to improve our core profitability. Our confidence is based on our expertise in managing assets, industry-leading customer service and on-going initiatives to improve efficiency."

       
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