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Canada Life received the assets as well as the liabilities to take
advantage of rising investment returns. Standard Life was
expected, as a result, to increase its embedded value operating
profit by at least £100m in 2008.

The deal would also allow Standard to release cash from its
reserves in 2008, and to reduce the amount of regulatory capital it
has to hold. Nish said:

“It supports our ability to grow by creating capacity for
us to pursue other profitable opportunities.”