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.



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