British insurer Standard Life has beaten market forecasts with a 55% rise in 2006 profit. Despite this, it said it planned a shake-up of its core UK business including 1,000 job cuts by 2009.
In its first full-year results since it listed last summer, the British insurer said it expected to reduce underlying costs by £100m a year by 2009 through savings within its divisions.
Standard Life said involuntary job losses would be kept to a minimum, with growth and turnover accounting for most of the change.
The company said its 2006 operating profit, measured on the European embedded value basis which is preferred by insurers, was £614m, up 55%. Its underlying pre-tax profits under IFRS accounting rules was up 270% at £540m.
The group's new business contribution before tax came in at £205m, compared with just £33m the year before.
