Scottish Widows has reported strong results for 2007 with profit before tax rising by 26% to £884m.
This means that adjusting for the impact of surplus capital repatriation, profit before tax increased by 33%.
There was a 7% increase in Scottish Widows’ present value of new business premiums while income, net of insurance claims and adjusting for the impact of surplus capital repatriation, rose by the same amount.
Its asset management arm, Scottish Widows Investment Partnership, also performed strongly as profits rose 52% before tax to £44m.
Archie Kane, chief executive of Scottish Widows, comments: “The results announced today represent a strong performance in what proved to be a challenging year. We continue to deliver good results with Scottish Widows’ profit before tax increasing by 26 per cent to £884 million and SWIP delivering excellent performance with a 52 percent increase to £44 million.
“Our key strategic objectives are being met but it is of course our ambition and intention to build on these good results during 2008 and beyond.”
Scottish Widows' parent company Lloyds TSB reported underlying profits for 2007 were up by 6% to £3.92bn while dividends to shareholders rose by 5% to 35.9p a share.
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