Update: Standard Life falls 3% as drop in annuities sales hits profits

Shares in Standard Life fell 3% in early morning trading as half yearly results revealed a drop in annuities sales had hit the Edinburgh-based group's profits.

Although Standard Life said assets under administration (AUA) and fee revenues grew in the first half of the year, its UK pre-tax operating profit fell 15% to £141m, down from £165m during in the same period in 2014. In chief executive David Nish's last results, before he hands the business to head of Standard Life Investments Keith Skeoch, the group warned it expected the full year contribution from annuity new business to reduce by between £10m to £15m and the contribution from asset liability management to reduce by between £30m to £40m compared to full-year 2014. "UK and Europe op...