Scottish Widows 2006 full year results

Key highlights are as follows:

Profit before tax, excluding strengthening of reserves for mortality, increased by 11 per cent to GBP973 million.

On a like-for-like basis, adjusting for the impact of the GBP800 million capital repatriation to Lloyds TSB Group in December 2005, profit before tax increased by 15 per cent.

24 per cent increase in Scottish Widows' present value of new business premiums.

Bancassurance sales up 62 per cent, with OEIC sales more than doubled.

Sales through Independent Financial Advisers increased by 14 per cent, reflecting excellent growth in the sales of corporate pension products.

Life, pensions and OEICs new business profit increased by 36 per cent.

Scottish Widows Investment Partnership (SWIP) pre-tax profit GBP29 million, compared with GBP16 million in 2005.

SWIP's assets under management increased by 7 per cent to GBP102 billion.

GBP746 million of capital was repatriated to Lloyds TSB Group in 2006.

Archie Kane, chief executive of Scottish Widows, comments: "In the context of an extremely competitive marketplace, these results demonstrate that Scottish Widows is continuing to deliver a strong performance.

Of course, there is no room for complacency so we must maintain a robust trading momentum and build upon these positive results.

"Scottish Widows remains very well placed to benefit from the anticipated growth in savings, investments and insurance business over the coming years.".

Back to top