Along with millions of others, I have invested in a Standard Life (Standard) with-profits endowment policy. In February 2002, its surrender value was £82,000. Today, after additional premiums of £9,300, it is worth about £73,000. The policy has about five years to run, but should I continue to pay to lose more money? Or will a windfall from demutualisation compensate for the losses?
Sandy Crombie, Standard's new chief executive, says that at flotation, the group will be able to offer "a well diversified portfolio of businesses, which have good potential for growth". But how can we evaluate the businesses? The life fund is opaque. An alternative is to evaluate the main UK subsidiaries.
