Standard Life sales rise sharply
Fri, 30 Apr 2010
Standard Life has seen a 30 per cent increase in life insurance sales in the first quarter of this year, up to GBP4.6 billion, a much higher figure than expected. News of the rise, as well as an increase in sales of corporate pensions, helped its share price to rise dramatically, supported by an increase in consumer and investor confidence.

The rise has been put down to a surge in self-invested personal pensions (SIPPs) and new contracts to manage company retirement schemes . Standard Life increased the amount of SIPP assets it manages to GBP12.8 billion, and the amount of company retirement schemes it manages to over GBP19 billion. There was also a rise in third-party assets at Standard Life Investments, which runs GBP62.2 billion for external customers.

The company are focusing on UK growth and looking to benefit from compulsory workplace pension schemes that are being introduced from 2012 onwards. There has been some consolidation of pension schemes and cashing in of retirement funds ahead of rule changes that will extend the retirement age.

As part of a streamlining operation, and a cost-cutting exercise that began in 2006 after it was floated on the stock market, it is looking to make further cuts of GBP100 million by 2012.
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