Standard Life's newly acquired and hitherto loss-making Elevate platform will be profitable "in a few years' time", pensions and savings chief executive Paul Matthews has said.
He said the company had "a whole development program" for both its Elevate and Wrap platforms over the next five years. It had set aside £100m for the Elevate project alone - including the £31m it paid Axa UK for the platform last May. Elevate has been loss-making for a number of years and is still in the red now, Standard Life admitted in its results out on 24 February. But despite this, Matthews said: "Our estimation is a couple of years [for Elevate to be profitable]. This will be a profitable platform." He said the insurer was investing in the systems and processes to enhance t...
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