According to the paper the Scottish group's concerns centre on its pensions business, which could lose UK tax exemption rights if Scotland votes to be independent in September.

Standard told the Telegraph it could not comment ahead of its results but repeated a previous statement on Scottish independence.

It said: ‘We continue to monitor the Scottish independence debate very closely. Our key priority, regardless of any constitutional change which may take place in the future, is to continue serving the needs of our customers across the UK and around the world.’