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Standard Life plc - Annual Report and Accounts 2007
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Europe - Overview

Europe consists of Standard Life Ireland and Standard Life Germany, which operates in both Germany and Austria. Europe life and pensions offers a range of investment and pensions solutions. German sales were boosted by initiatives to strengthen distribution and product positioning. Maxxellence, the new unit-linked product which was launched in the fourth quarter of 2006, contributed to growth in a flat marketplace. Ireland continued to build on the choice and flexibility of its investment offering and capitalise on the success of its Synergy range of products.



Key performance indicators 2007 2006 Movement
New business PVNBP £1,179m £866m 36%
New business APE £125m £97m 29%
New business contribution1 £26m £10m 160%
PVNBP margin1,2 2.2% 1.2% 1.0% point
EEV operating profit before tax1 £26m £45m (42%)
IFRS underlying profit before tax1 £63m £108m (42%)
Significantly increased NBC by 160% due to strong sales growth and improved margins in Germany and IrelandIncreased margin to 2.2% for 2007 from 1.2% in 2006Enhanced product offerings by launching a new product and by offering greater choice and flexibility in existing productsStrengthening distribution channels

1 2006 is shown on a pro forma basis.
2 PVNBP margins are expressed as a percentage of NBC divided by PVNBP based on the underlying unrounded numbers.

Please refer to the basis of preparation section in the business review and the glossary.