Standard Life cuts costs

11 March 2010

11 March 2010 | Nick Martindale

Efficiency savings of £47 million helped Standard Life deliver better than expected profits in 2009.

The pensions and investments business reported operating profits of £919 million yesterday, representing a drop of 1.5 per cent on the previous year - but substantially above analysts’ expectations.

The Edinburgh-based firm pledged to save a further £100 million by 2012 through more efficient procurement practices and better use of technology. It also remains on course to hit a separate cost reduction target of £75 million this year.

“These savings, which will improve new business margins, will be achieved through transforming our operations to become lower-cost and scalable, while maintaining the quality of customer service,” said chief executive David Nish.

Savings during 2009 were achieved through a greater emphasis on cost control, outsourcing IT development work to Indian supplier L&T Infotech and restructuring its European and Canadian customer service operations.

Continued improvement and automation of customer service processes had also contributed, said Nish, allowing the business to further reduce headcount.

 

LATEST
JOBS
Hounslow, Heathrow /Richmond upon Thames
Competitive salary depending on experience plus generous share award
Tails.com
Frankfurt am Main
EUR60000.00 - EUR70000.00 per annum + 10% Bonus + Benefits
Bramwith Consulting
SEARCH JOBS
CIPS Knowledge
Find out more with CIPS Knowledge:
  • best practice insights
  • guidance
  • tools and templates
GO TO CIPS KNOWLEDGE