Standard Life has eluded market volatility to post healthy income, proving analyst predictions wrong. Pre-tax profits have risen by 9.4% to £665m compared to analyst predictions of £616m.
The FTSE 100 company said that despite difficult conditions in global financial markets, it remained “well positioned” to weather “difficult conditions in global financial markets that may persist for some time”.
The assets that the company looks after grew by 4pc to £307.4bn, and it was also helped by a fall in unit costs. Fee revenue increased 10pc to £1.58bn. But profits from its European pensions and savings division fell from £39m to £31m.
Standard Life has shifted its focus away from life insurance to fee-based asset management. The company increased its final dividend by 7.8pc to 18.36p a share.