Standard Life reports increased profits

Standard Life is headquartered in Edinburgh

Scotland's largest investment firm, Standard Life, has reported a rise in profits for last year.

The Edinburgh-based company increased the assets it managed by 4% to £307bn, with pre-tax profits up 9% to £665m.

Chief executive Keith Skeoch said the firm had made "considerable progress" despite "volatile markets".

The news saw Standard Life's share price jump 3% as trading opened at 08:00, although it has since settled to a rise of just over 1%.

The firm had warned of a drop in annuity business last year, as it switched its focus to "fee-based" business.

Conditions have been difficult in the markets amid continued anxiety about the global economy, but Standard Life said the breadth of its investments helped it withstand the instability.

'Strong performance'

Mr Skeoch said: "While the difficult conditions in global financial markets may persist for some time, Standard Life remains well positioned to meet the needs of clients and customers around the world.

"The breadth of our investment propositions, underpinned by a strong investment performance and innovation, combined with our strength in pensions and savings, the power of a trusted brand and a strong balance sheet, means we have a well-diversified and resilient business that continues to deliver for customers and clients as well as shareholders."

The firm reported net inflows more than doubling to £12.6bn, with 67% coming from outside the UK due to an "expanding global reach".

Fee-based revenue was up 10% to £1.5bn, while the company's dividend reached a total of 18.36p, up 7.8% for the year.