Half-year operating profit at life assurer Standard Life (SL.) jumped 12 per cent year on year to £339m, which moderately beat most analysts' estimates. That reflected solid progress across the group's operating units and was achieved despite an £11m hit at the Canadian business due to the strong pound.
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Mainly as a result of lower sales of institutional pensions, Standard Life's value of new business premiums (essentially, new business sales) fell 11 per cent year on year. Moreover, and reflecting this year's Budget decision to scrap the compulsory purchase of annuities, the group's margin from UK annuity new business slumped by 59 per cent.