Standard Life has seen a half-year profit of £262m, according to its half-yearly statement. 

This was up from £182m a year earlier, a 44 per cent rise.

The figures beat expectations from analysts who had forecast a profit of £198m.

Pre-tax operating profits rose by 14 per cent to £87m, up from £76m for the same period last year. Fee-based revenues increased by 12 per cent.

Assets under administration rose to £200bn, up from £197bn last year.

Assets on the company’s wrap platform increased from £6.1bn to £7.6bn and the platform now has over 900 adviser firms on it with an average of £8.2m per firm.

Total number of Sipp customers increased to 120,800, an increase of 26 per cent on the same period last year.

Chief executive David Nish said: “We are confident that the strong capital position of the Group and our attractive customer propositions will enable us to continue to succeed in the current volatile market conditions. Today’s results demonstrate the real progress we are making in our transformation.”

The firm invested £50m into its UK business in the first half of 2011 with a further £46m being spent on its international arms.

Mr Nish said he does not expect the FSA’s ban on cash rebates on platforms to have an effect on the company.

“We have driven our business to remove commission and we are seen as leaders in this space. If you look at our wrap platform the impact of rebates is not material because we pass them back to the consumers so we think it is the right thing to do.”

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