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Daily Insurance Industry News
Friday 27th of April 2018
April 30, 2010

Standard Life reports strong start to 2010

by Gill Montia

Story link: Standard Life reports strong start to 2010

Standard Life reports strong start to 2010

In a trading update covering the three months to the end of March, Standard Life has reported a three-fold year-on-year increase in net inflows, to £2.1 billion.

Worldwide long-term savings sales increased 30% to £4.6 billion with sales at the group’s UK retail long-term savings business up 23%, to £1.8 billion, when compared to a year earlier.

In Europe, net inflows rose 60% during the quarter, to £276 million, and sales increased 29%, to £331 million.

Net inflows for the insurer’s Asian operations were 22% higher than for the same period of 2009, at £94 million, with combined sales rising 22%, to £230 million.

At the end of March, total assets under administration had increased 7% on the previous quarter, to £181.5 billion.

Chief Executive, David Nish, said: “Standard Life has made a strong start to 2010, with increased net inflows and a continued growth in assets.”

He added: “These results underline our belief that the UK market is a great place to do business.”

Mr Nish also described the company as “progressing well” in changing its mode of operation making Standard Life “more nimble and quicker to respond to our customer growth opportunities.”

 

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