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Operating profits rise

Standard Life benefits from client spread

Keith SkeochStandard Life saw annual operating profits rise 9% to £723 million as it broadened its customer offering.

A final dividend of 13.35p per share (2015: 12.34p) is recommended.

Standard Life Investments has achieved its 45% EBITDA margin target one year early helped by delivery of over £50m of annual cost synergies following the successful integration of Ignis.

Assets under administration rose 16% to £357.1 billion, above forecast.

Keith Skeoch (pictured) chief executive, said: “Standard Life continues to make good progress towards creating a world-class investment company.

“We have increased the pace of strategic delivery, against a backdrop of volatile investment markets, with growth in assets, profits, cash flows and returns to shareholders.

“Despite industry headwinds, we are benefiting from our strengthening global brand and strong long-term relationships with a well diversified range of clients and customers.

“The acquisition of Elevate has strengthened our leading position in the advised platform market while the increase in the stake in HDFC Life and the proposed combination with Max Life will increase our exposure to the attractive and fast growing Indian market.

“We are already seeing the benefits of targeted investments to further our diversification agenda, including the success of our newer investment solutions, and the sharpened focus on operational efficiency.

“This increased pace of strategic delivery will ensure that we continue to meet changing client and customer needs, and generate growing and sustainable returns for our shareholders.”

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