Pensions boost for Standard Life

Standard Life's profits were better than expected

Strong sales of more profitable pension products have helped Standard Life to report a big jump in six-month profits.

Profits before tax rose 73% to £461m in the six months to the end of June, compared with the same period in 2006.

Standard Life abandoned its mutual status and listed on the London Stock Exchange in July 2006.

The insurer has been particularly strong in Self-Invested Personal Pensions (Sipps), which generate more profits than standard pensions.

Interest in Sipps was stimulated by the relaxation of pension investment rules in April 2006, known as A-day, and it has been central in Standard Life's earnings performance.