Standard shares rise after profits boost

Life and pensions firm Standard Life returned to favour on the stock market today after revealing a stronger-than-expected jump in annual profits.

Shares have been languishing below the company’s 2006 float price of 230p, but jumped more than 13% to 246p in the wake of the surprise figures.

Sentiment towards the company has been hit in recent months after it lost out to Pearl Assurance in the battle to buy closed life insurer Resolution. The defection of UK boss Trevor Matthews to Friends Provident and disappointing sales figures at the end of last year added to the concerns.

However, chief executive Sandy Crombie put the company on the front foot today by reporting a “very strong” set of results and a good start to 2008.