British insurer Standard Life has beaten forecasts with a 71% rise in first-half operating profit, boosted by growth in its key domestic market and increased sales of higher margin products.
Standard Life, which scrapped its mutual status and listed last year, said its operating profit before tax, on a European embedded value (EEV) basis, was £353m.
Underlying pre-tax profits fell 10%, hit by tough comparisons after 2006 benefited from technical moves and exceptional sales in Germany.
Standard Life said new business profits for the first half were £151m, up 66%. Margins also rose, helped by growing sales of more lucrative products. Sales almost doubled in Ireland.
