Standard results hit by A-day and demutualisation

The now-listed insurer says its UK life and pensions business has grown strongly over the first six months of the year, with new business contributions from pensions at £44m compared to £11m for the whole of 2005. But it says to take account of the expected lapse in with-profits products after demutualisation, it put aside a pre-tax provision of £23m. But although Standard Life says the number of lapses have started to decline since early August, in light of the extent of the lapse overall it increased its pre-tax provision to £44m. In addition, it says since A-Day customers have starte...