Standard Life hails record results despite economic woes

Published on Monday 19 May 2008 11:01

STANDARD Life enjoyed a "record breaking year" in 2007 despite the current economic climate, its chairman told shareholders today.

Holding his first annual general meeting since being appointed chairman, Gerry Grimstone said that last year was a difficult time for financial markets around the world, and that impacted the Edinburgh-based insurer, which ended the year with a lower share price than it had started with.

But Mr Grimstone said that the company, and its share price, had performed much better than many of its peers, helped by strong results in March.

"Our excellent financial results in 2007 have helped drive value for our 1.5 million shareholders," he said. "Even in these very difficult markets it was a record-breaking year for our business.

"I have enjoyed my first year as chairman, which has been an eventful one, and I'm looking forward to the opportunities and challenges we face in the future."

The AGM took place in the Edinburgh International Conference Centre and saw Colin Buchan elected to the Board as a non-executive director. He will take over as chairman of Standard Life Investments from Hugh Stevenson, who retired from the Board at today's meeting.

Lord Blackwell, who was appointed as a director in June 2003, will succeed Hugh Stevenson as the senior independent director.