INSURER and asset manager Standard Life’s operating pre-tax profit rose six per cent to £290m in its fiscal first half, with a drop in annuity business affecting performance.
Assets under administration rose two per cent from December 2014 to £302.1bn in volatile markets, the firm said in a trading statement.
Standard Life reported a £39m reduction in its spread/risk margin in the six months to June 30 compared with the previous year, due to lower annuity sales and a reduced benefit from asset liability management.
It said it expected a full-year contribution from annuity new business to drop by between £10m and £15m and contribution from asset liability management to drop by between £30m and £40m compared to 2014.
The insurer said it would pay a dividend of 6.02 pence per share, up 7.5 per cent.