Standard Life UK profits dip 23%

The company says profits on a European Embedded Value (EEV) basis in the UK fell to £506m in 2009, down from £658m the previous year. However, on an IFRS basis, underlying profits climbed 9% to £259m. Globally, the insurer says its 2009 operating profit slipped 1.5%, well above expectations of a steeper drop, thanks to strong performance in its growing Asian business. Operating profits on an EEV basis came in at £919m, compared to a year-ago profit of £933m. On a statutory basis, underlying profit before tax came in at £291m, almost double 2008's figure of £154m. Standard Life said...