Page last updated at 09:33 GMT, Thursday, 12 March 2009

Profits increase at Standard Life

Standard Life building
Standard Life said its financial position was strong

Life assurer Standard Life has posted a better-than-expected 6% rise in pre-tax operating profits to 933m ($1.3bn).

The company said the profit rise was partly down to it having achieved 100m in cost cuts ahead of schedule.

Standard Life said it now planned to save a further 75m over two years, saying that the outlook for world financial markets remained "difficult".

However, it said its financial position was among the strongest in the sector, with a capital surplus of 3.3bn.

Last month, Standard Life said it would reimburse 97,000 of its customers who had lost 5% of their money when the value of the company's Pension Sterling Fund, worth 2.1bn, was cut in January.

The insurer had faced a storm of protest from savers and financial advisers who had accused it of misleading them about the fund's underlying investments.

Print Sponsor

The BBC is not responsible for the content of external internet sites

Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit


Americas Africa Europe Middle East South Asia Asia Pacific