Standard Life profits climb 43% to £881m

The profit, on a European Embedded Value basis, is an 11.5% return on embedded value – exceeding the 9-10% target set for the year. UK life and pensions profit climbed to £395m last year, up on the £230m recorded in 2006. The strong result in the UK offset a £45m decline in European life and pensions profit, down to £63m. Standard Life has further increased its new business margin, from 1.4% in 2006 to 2.1% last year. It says its UK life and pensions operations have now beaten the 2008 2% margin target one year early. Group chief executive Sandy Crombie says Standard Life has delivere...