Standard Life profits tumble 86% but dividend rises

Standard Life's underlying profits before tax fell 86% over the past year, though its dividend has been increased.

The firm says the recession has had an ‘inevitable' impact on its business in the first half of 2009, but it remains robust. On an IFRS basis, underlying profit fell from £345m in the first six months of 2008 to just £47m in same period of 2009. Operating profit on an EEV basis fell by a third to £348m. Standard Life's dividend has been increased by 2% to 4.15p per share. Total new life and pensions business sales fell 25% to £6.9bn, while net inflows climbed tumbled 87% to just £135m. The firm says lower incoming transfer values to its pension products and a decision not to ren...