Standard Life UK profits fall 6%

Operating profit before tax last year was £220m, down from £234m the previous year. Although the group's fee-based revenue increased to £625m, from £593m, its spread/risk margin fell to £75m, from £148m in 2010, as it strengthened its annuity reserves. The net effect was a drop in income from £741m in 2010 to £700m in 2011. Maintenance expenses, relating mainly to costs associated with recently-acquired businesses including Focus Solutions, increased to £332m, from £312m. Assets under administration across the UK rose 2% to £122bn, largely due, it said, to a 36% increase in wrap...