Standard Life says it is aiming to raise £1.1 billion of net new capital with its planned listing later this year to give it a likely market capitalisation of £4.8 billion to £5.5 billion.
In its first detailed breakdown of 2005 results before a key vote on its future, Europe's largest mutual insurer said today it had swung to a pretax profit of £152 million in 2005 under IFRS accounting standards from a loss of £340 million in its 2004 financial year.
Standard Life said its 2005 European embedded value operating profit before tax was £395 million, more than double the £180 million posted the previous year.
The company said half its £2.4 million eligible policyholders stood to reap windfall share payments worth more than £1,000, while the remainder would get £500 to £1,000.
Members are due to vote in May on whether or not to demutualise the Edinburgh-based insurer. Three-quarters of voting members have to approve demutualisation for it to go through on May 31st.
Europe's largest mutual insurer shocked rivals and customers two years ago when it announced plans to go public, saying tough new funding rules and a declining market for with-profits products forced it to turn to the stock market for cash.