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Last Updated: Wednesday, 12 March 2008, 08:33 GMT
Profits increase at Standard Life
Standard Life branded flags flying in Edinburgh
The results were better than market expectations
Insurance group Standard Life has reported a 32% rise in annual profits, despite a 249m hit as more customers cashed in their policies early.

Reporting its results for 2007, the Edinburgh-based company made a pre-tax profit of 714m, up from 2006's 540m.

Standard Life added that contribution from new business jumped 68% to 345m.

Chief executive Sandy Crombie said the figures represented a "very strong set of results" for the firm's first full-year as a listed company.

Standard Life said its embedded value figure - a closely watched industry measure of expected future profits - increased by 11.5% to 881m.

The results were ahead of market expectations.

Last year Standard Life failed in an attempt to buy fellow insurer Resolution, losing out to rival Pearl Assurance.



SEE ALSO
Standard Life offloads annuities
14 Feb 08 |  Business
Standard Life business tails off
30 Jan 08 |  Business
Standard Life's UK boss resigns
30 Jan 08 |  Edinburgh, East and Fife
Standard Life ends Resolution bid
11 Nov 07 |  Business

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