Standard Life reports 17 percent H1 sales increase |
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Published
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Tue, 01 Aug 2006 13:35
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LONDON - Life insurer Standard Life today reported a 17 percent increase in sales in the first half thanks to a boom in home sales. Britain's fifth-largest life insurer said that its core UK pension products were much in demand as domestic business soared by 25 percent.
This is Standard Life's first earnings update since it floated on the market in July. It said that global sales on an annual premium equivalent (APE) basis for the six months ending June 30 were £745 million up from £624 million reported at the same time last year. UK Life and Pensions sales recorded a 25 percent increase to £594 million. This was a 36 percent increase for the second quarter as compared to last year's figures.
Standard Life's Self Invested Personal Pension (SIPP) increased 75 percent to £105 million, while the funds under management jumped by 79 percent to £2.2 billion. "We have great momentum in the UK business at the present time," said Trevor Matthews, head of life and pensions department at Standard Life. "We're very optimistic about the rest of the year, we think the year will continue to move along quite well. We’ve been very happy with the SIPP product and at this stage we don't see any major competition."
Standard Life Investments also had a very good first half as et investment product inflows grew to £3.1 billion and third party funds under management soared by 12 percent to £31.5 billion.
Standard Life Chief executive Sandy Crombie was pleased with the group’s performance, “Our transition to higher margin and higher value-added savings products continues, and I am confident that we are securing the right mix of new business to deliver profitable growth for our shareholders," he said.
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