Scottish Widows, a mutual life insurer, has reported a profit before tax of GBP884 million for fiscal 2007, up 26% compared to 2006 figures.
The company has reported that its income, net of insurance claims and adjusted for the impact of surplus capital repatriation, increased by 7% and its present value of new business premiums also improved by 7%.
The company’s bancassurance sales have increased by 20%, with a good performance in the sale of protection products, corporate pensions and retirement income products.
Archie Kane, CEO of Scottish Widows, said: The results announced today represent a strong performance in what proved to be a challenging year. 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.