RDR, Solvency II and restructuring cost Standard Life £109m but profits up

Standard Life has revealed restructuring and regulatory costs brought on by the Retail Distribution Review (RDR) and Solvency II cost the business £109m last year, up from £70m in 2011.

The group reported operating profit before tax up 65% to £900m, an increase from £544m in 2011, which it said was driven by a significant improvement in UK performance, and the continuing growth of Standard Life Investments. Fee based revenue increased to £1.27bn, up from £1.20bn in 2011. Long-term savings new business sales were £19.3bn, down from £19.7bn in 2011. Group assets under administration were £218.1bn, up from £198.4bn in 2011. David Nish, Standard Life chief exectutive said: "We have been building strong positions in our core markets. In the UK we are ready to benefi...