Standard Life, Europe's largest mutual insurer currently conducting a full-scale strategic review, has sold £7.5bn (€11bn) of shares and cut exposure to property and equities to around 50%.

New chief executive Sandy Crombie, who took over last month from retiring Iain Lumsden, said: "On the new regulatory reporting basis, and following a series of management actions, we expect to report that Standard Life will show a realistic surplus of more than £4bn. This should reassure both policyholders and bondholders that we have sufficient capital to support our business."