Standard Life reports “impressive” sales performance

by Gill Montia

Story link: Standard Life reports “impressive” sales performance

Standard Life has published new business results for 2009 unveiling “an impressive performance in a year of challenging markets”.

In the three months to the end of December, life and pensions net inflows were over three times higher than a year earlier at £1.3 billion (Q4 2008: £0.4 billion).

Furthermore, life and pensions sales of £4.2 billion were significantly higher than both the prior year and the third quarter (Q4 2008: £3.2 billion, Q3 2009: £3.0 billion).

The group also reported strong growth in assets as follows: SIPP assets under administration leapt 36% in 2009, compared with a year earlier, to £11.8 billion; group pensions assets increased by 24%, to £17.9 billion; wrap assets under administration more than doubled to £3.6 billion and Standard Life Investments third party assets under management were 25% higher, at £56.9 billion.

The group’s chief executive, David Nish, comments: “Our priority now is to execute our growth strategy in order to accelerate the performance of Standard Life as a long term savings and investments business.”

He adds: “In addition, we will increase our focus on building valuable relationships with our customers through our brand, service and product propositions.”