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(Sharecast News) - Standard Life posted a strongerthanexpected 25% jump in firsthalf profit, lifted by solid new business flows and buoyant demand in the pensionrisk transfer market.
Adjusted operating profit before tax came in at £563m for the six months to June 30, ahead of the £541m forecast in a company-compiled consensus. The company also reiterated fullyear guidance.
"As more Defined Benefit pension schemes look to secure member benefits over the coming decade, we see a significant opportunity to expand the strength of Standard Life's pension risk transfer business to a broader range of schemes, particularly at the larger and more complex end of the market, with scheme sizes of over £2bn," the company said.
"Schemes at this upper end of the market are anticipated to drive a significant and growing share of the £1.1trln UK scheme assets that are expected to be de-risked over the next decade. Customers at this end of the market are currently served by only three providers."
Reporting by Frank Prenesti for Sharecast.com
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