TKS Tomkins

U.K. insurer Standard Life PLC (SL.LN) Wednesday posted a 10% rise in first-half operating profit and a 4.8% increase in its interim dividend, helped by a strong recovery in sales amid signs of improving financial markets.

The Edinburgh-based company also gave an upbeat outlook on its business, expecting growth in assets and profits and a continued rise in dividends.

Statutory operating profit for the six months ended June 30 was GBP182 million, up from GBP166 million in the same period a year earlier.

The result was in line with a GBP181 million average forecast from eight analysts.

"This strong set of results demonstrates the progress we have made as a business and the potential for increased profits and dividends as we invest for growth," Chief Executive Officer David Nish said.

"Our Canadian operations and Asian businesses, including the joint ventures, have also performed well. In particular, there is strong momentum building in India and we see great potential in this very exciting market," Nish said.

On its outlook, the company said it sees "exciting opportunities in our core markets and are confident that the investments we are making will lead to continued strong growth in assets and cash profitability, supporting our progressive dividend policy."

Total long-term savings new business sales on a present value of new business premiums basis, or PVNBP, rose 29% to GBP9.6 billion, significantly higher than the GBP8.93 billion average forecast from analysts.

This contrasts from a year earlier when sales fell 18% to GBP7.5 billion.

PVNBP is a measure of life and pension sales, and is calculated as 100% of single premiums plus the expected present value of new regular premiums.

The company announced an interim dividend of 4.35 pence a share, up from 4.15 pence a year earlier.

On Tuesday, the stock closed 0.6% higher at 216 pence. It has risen steadily since June to reach roughly the same level at the start of the year. Its market capitalization is around GBP4.86 billion.

Standard Life invests in many U.K. companies through its Standard Life Investments unit. Recently, SLI has opposed the sale of engineering and manufacturing company Tomkins PLC (TOMK.LN), in which it has a more than 3% stake, to Canadian investors.

SLI head of U.K. equities David Cumming said the deal, worth about GBP2.89 billion or 325 pence a share, was "without a shadow of a doubt" too low, and that he expected a majority of shareholders would oppose it.

-By Vladimir Guevarra, Dow Jones Newswires; +44 (0) 2078429486, vladimir.guevarra@dowjones.com

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