Commenting on the Company's current position, Chairman Sir Brian Stewart said:
"This is a robust set of figures for the first six months of 2005 and matches our expectations. I am confident they demonstrate we are in a strong position to meet the challenges and opportunities that lie ahead. The team we now have in place has the necessary skills and expertise to capitalise on the development prospects across the business and continue working on our plans for demutualisation."
Commenting on this announcement, Group Chief Executive Sandy Crombie said:
"I am pleased to announce continued progress in re-positioning our business. The UK Life and Pensions business saw an increase of 10% as we continue to write new business in the markets we identified as offering the greatest opportunities for profit and long-term growth. Our new Self Invested Personal Pension (SIPP) product displayed significant growth and is the market leader. Our investment business performed strongly and attracted a number of new third party mandates.
"Changes in the UK market, created by new regulations affecting the distribution of long-term savings products, present Standard Life with exciting opportunities. The Financial Adviser channel will remain essential for us, but we have already demonstrated the potential for new agreements with distributors seeking to deal with only a limited number of high quality suppliers. Standard Life's consistently high service standards and extensive range of high quality products make us the ideal partner for distributors seeking to deliver greater value to their customers."