Scottish Widows 2007 full year results

Key highlights

Profit before tax increased by 26 per cent to £884 million.

Adjusting for the impact of surplus capital repatriation, profit before tax increased by 33 per cent.

Income, net of insurance claims and adjusting for the impact of surplus capital repatriation, increased by 7 per cent.

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

Strong progress in increasing bancassurance sales, up 20 per cent, with a good performance in the sale of protection products, corporate pensions and retirement income products.

On an EEV basis, the post-tax return on embedded value increased to 9.9 per cent.

New business margin remained robust at 3.1 per cent.

Scottish Widows repatriated £1.9 billion of capital to the Group in 2007.

This contributes to a total of more than £3.6 billion repatriated by Scottish Widows since the beginning of 2005.

Excellent performance in Scottish Widows Investment Partnership (SWIP) with a 52 per cent increase in profit before tax to £44 million.

Archie Kane, chief executive of Scottish Widows, comments: "The results announced today represent a strong performance in what proved to be a challenging year.

We continue to deliver good results with Scottish Widows' profit before tax increasing by 26 per cent to £884 million and SWIP delivering excellent performance with a 52 percent increase to £44 million.

"Our key strategic objectives are being met but it is of course our ambition and intention to build on these good results during 2008 and beyond.".

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