The firm listed on the stock exchange in July

It reported operating profits of �206m, at the lower end of forecasts, after it raised provisions to cover the cost of people leaving from �21m to �44m.

The insurer also made a �79m provision after A-Day - the government's overhaul of pension savings rules - which saw customers consolidate their pensions.

About 2.4 million Standard Life members got shares when it floated in July.

'Concerns'

The market must hope that today's reported increase in provisions is not the thin end of the wedge Richard Hunter, Hargreaves Lansdown Standard Life's share price

The flotation raised �1.1bn for the country's fifth-largest insurance firm.

However, after receiving their windfall shares, many customers cashed in their policies.

"In the lead up to the flotation, one of the major concerns was that customers might use the float as an opportunity to move their business elsewhere," said Richard Hunter, head of UK equities at Hargreaves Lansdown stockbrokers.

"The market must hope that today's reported increase in lapse provisions is not the thin end of the wedge and does not herald the beginning of an exodus,"