The results were better than market expectations
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Insurance group Standard Life has reported a 32% rise in annual profits, despite a £249m hit as more customers cashed in their policies early.
Reporting its results for 2007, the Edinburgh-based company made a pre-tax profit of £714m, up from 2006's £540m.
Standard Life added that contribution from new business jumped 68% to £345m.
Chief executive Sandy Crombie said the figures represented a "very strong set of results" for the firm's first full-year as a listed company.
Standard Life said its embedded value figure - a closely watched industry measure of expected future profits - increased by 11.5% to £881m.
The results were ahead of market expectations.
Last year Standard Life failed in an attempt to buy fellow insurer Resolution, losing out to rival Pearl Assurance.
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