Standard Life said today the contribution of new business to its profits in the first quarter almost matched the level for all of last year.
Europe's largest mutual life assurer said its worldwide new business profit in the first quarter was £30 million (€43.7 million), compared with £33 million for all of 2005, marking its increased emphasis on profitable business as it prepares for a flotation in the summer.
Standard Life's members are due to vote tomorrow on a plan to scrap its mutual status and press ahead with Britain's largest initial public offering in five years.
It aims to raise £1.1 billion (€1.61 billion) and should be valued at up to £5.5 billion, making it the fifth largest UK-listed insurer. The IPO is expected in July.