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Scottish insurer boosted by North American business

Category: Scotland Success Stories — Gary Cain on March 30, 2012

Edinburgh-based insurance firm Standard Life has seen a 28% boost in its profits, largely helped by a solid performance across the Atlantic in Canada.

In 2010, the company made an operating profit of £425m. In 2011, this increased to £544m.

Canadian profits soared by 70%, though performance across the group was tempered by a drop in UK business. Profits were also boosted by significant cost cutting measures by the firm, which saw £45m being saved, nearly half of the target savings of £100m by the end of 2012.

Whilst the group has managed to achieve growth through cost savings, many smaller businesses are finding greater success by securing funding against their assets.

By working with Scottish factoring companies SMEs in Glasgow, Aberdeen and Edinburgh are managing not only to sustain themselves, but grow and take advantage of opportunities in their sector.

For their part, Standard Life has also seen new business grow to £19.7bn, an increase of 7%. This has been partly due to a refocusing of strategy, with David Nish, group chief executive stating:

“The thing that I think is really key as we look to the UK in the future is re-establishing that savings culture so that individuals do begin to accumulate more wealth for the longer term as they have to take more responsibility for their longer term obligations.”

With a concentration on financial performance in the future, it is hoped the group will improve its capital position. There is also likely to be work done in Scotland to increase its customer base, with the company presently seeing most of its 4 million UK customers outside of the country.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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