Standard Life says it is in a god position to go ahead with its proposed demutualization in 2006 after publishing what it calls "a robust set of figures" for the first six months of this year.
The UK Life and Pensions provider says its core market increased 10% and that it is continuing to write new business in market identified as offering the greatest opprtunities for profit and long-term growth.
Sandy Crombie, chief executive of Standard Life, says: “Changes in the UK market, created by new regulations affecting the distribution of long-terms savings products, present Standard Life with exciting opportunities. The Financial Adviser channel will remain essential for us, but we have already demonstrated the potential for new agreements with distributors seeking to deal with only limited number of high quality suppliers.“
Profits before tax up to 30 June for Standard Life Bank the mortgage and savings subsidiary of the group rose 50% to £9m, up from £6m at the end of 2004, thanks largely to lower operational and funding costs. Meanwhile third party funds under management reached £22.3bn, up from £18.3bn at the end of last year.
Worldwide insurance annual premium equivalent sales for the six months to 30June 2005 increased 4% to £619m, up from £593m in December 2004. And total group funds under management at 30 June stood at £3.2bn - although this figure includes the Mutual’s triple A cash fund - up from £890m.IFAonline
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