Standard Life has seen profits climb to £341m, with assets boosted by both Brexit and auto-enrolment

Mark Sands
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First half profits up 18 per cent? Standard.

Standard Life has been boosted by an 18 per cent increase in pre-tax profits for the six months to 30 June, with its share price climbing in this morning's trading as a result.

The pensions and investments firm has seen its price on the London Stock Exchange climb from a Monday close of 318.50p to more than 330p as of 10.00 today.

The group reported assets under administration were up by seven per cent, beating market forecasts.

Total assets reached £328bn, with £19.7bn coming from market gains as sterling weakened and bond yields dropped in the aftermath of the UK's Brexit vote, and a further £2.8bn directly attributable to the UK's ongoing auto-enrolment programme for pensions.

Read More: Trading suspended on UK real estate fund after post-Brexit vote outflows

"Despite elevated uncertainty we are benefiting from our strong long-term relationships with a broad range of clients and customers who reacted in different ways to the changing market environment,” chief executive Keith Skeoch said.

"Targeted investments to further our diversification agenda, together with our sharpened focus on operational efficiency will increase our pace of strategic delivery.

“This will ensure we continue to meet changing client and customer needs and generate sustainable returns for our shareholders."

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