Standard Life reports continued strong growth
by Gill Montia
Story link: Standard Life reports continued strong growth
Standard Life has reported continued strong growth in the nine months to the end of September 2010, with group assets under administration 13% higher, compared with 31st December 2009, at £192.4 billion.
Net inflows increased by 60%, to £7.2 billion, and long-term savings net inflows more than doubled, to £3.5 billion.
In the UK, the insurer continued to see “strong momentum” in customer numbers, with uptake of its individual SIPP proposition increasing by 21% and customers on its Wrap platform rising by 63%.
Chief executive, David Nish, comments: “SIPP customers in the UK have now passed the 100,000 milestone while our Wrap customer base has grown by 20,000 since the end of last year.”
He adds: “‘Standard Life Investments has also had great performance, with demand for our fixed interest and Global Absolute Return Strategies products, coupled with high levels of additional business from existing institutional clients.”
Looking to the future, the group says “in particular the UK remains an exciting place for Standard Life to do business” with the company well positioned “to capitalise on the significant movement in corporate and retail assets that will arise from changes in the regulatory environment and customer behaviour.”