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In August, Standard Life announced an increase of 7 per cent on its interim payout to 4.07p.

Since the company floated on the London Stock Exchange (LSE) in 2006 over £452m has been paid in dividends to shareholders.

Paul McKenna, assistant group company secretary at Standard Life, said: "During the first half of 2008 Standard Life increased its sales and profits, despite the difficult market conditions.

"We are very pleased to be able to pay over £88m to our shareholders through the interim dividend."

The total amount paid out by the company in dividends since 2006 is £452.6m.

Shareholders have the option of reinvesting their dividends to purchase more shares and this year. Thirty-five cent of Standard Life shareholders have chosen this option.