Insurance giant Standard Life looks set to win its battle to retain its mutual status and defeat carpetbagging shareholders, according to reports today.

Early indications suggest the vote on the company's status, which has been forced upon Standard Life by carpetbaggers led by Monaco-based businessman Fred Woollard, will give the company's directors at least 50 per cent of shareholder support.

The result of the vote, which is being run by the Electoral Reform Society, will be unveiled tomorrow at a special meeting in Edinburgh.

Mr Woollard and his Members' Action Group require the backing of at least 75 per cent of members to succeed in their bid to force demutualisation and a stock market flotation.

It is believed that up to 1.1 million members, out of a total of 2.3 million, have voted by post and a further 2,000 are likely to attend the meeting tomorrow to cast their votes in person.

If the carpetbaggers succeed in their aim of forcing the company to demutualise, all members stand to gain windfalls of between £5,000 and £6,000, according to Mr Woollard.

However, the board of Standard Life has hit back, claiming that the real amount would be less than £2,000 for around half its members.

Mr Woollard has pledged to give up his campaign if he fails to get support from at least 50 per cent of shareholders.

But analysts suggest that if he were to get support of between 50 per cent and 75 per cent of members, this would put continued pressure on the company to demutualise.

It is understood that Mr Woollard stands to gain around £150,000 if Standard Life demutualises.