Sales up for Standard Life


Sales up for Standard Life
Edinburgh-based insurer Standard Life has announced a 52 per cent increase in UK life and pension sales in the first quarter of the year.

The first three months of trading in 2007 saw the firm boost UK sales to earn £3,220 million – up by 52 per cent from the £2,119 million grossed this time last year.

However the success story also continued outside of Britain with worldwide life and pensions sales up by 40 per cent to £3,915 million compared to 2006's £2,802 million.

Standard Life's pleasing results come just weeks after the firm announced it would be cutting 1,000 jobs in order to reduce its overheads.

"I am delighted we have started 2007 so strongly following the excellent new business performance throughout 2006," said group chief executive Sandy Crombie.

"The strong momentum in life and pensions sales has continued in the first quarter of the year and our third party funds under management have increased by ten per cent."

Looking to the future, Standard Life said it would "continue to capitalise on the considerable opportunities available".

"Growth is being driven by strong sales of life and pensions business in the UK with our strategy to focus on the accumulation of customers' assets," added Mr Crombie.

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