Standard Life has announced that pension and life insurance sales have more than trebled in the first three months of 2010.
Continued growth in its corporate pensions business and in third-party asset management have contributed to the better than expected first-quarter results for the insurer, with share prices rising rose 2.5 per cent or 4.9p to 198.4p.
The positive figures have been linked to a strong start to the year and rising markets, with worldwide sales at Standard Life increasing by 30 per cent to £4.6 billion.
The greatest jump in customer funds came from long-term savings products, where net inflows jumped from £100m in the first quarter last year to £1bn this year. Net inflows from pension funds and UK businesses rose by 35 per cent to £776m.
Chief Executive David Nish said: “Standard Life has made a strong start to 2010, with increased net inflows and a continued growth in assets. These results underline our belief that the UK market is a great place to do business.
“We are executing our strategy of investing for growth and have made good progress in developing our core propositions for retail, corporate and institutional markets.
“My executive team is established and we are progressing well in changing how we operate, making Standard Life more nimble and quicker to respond to our customer growth opportunities.
“This increased momentum positions us well for improved cash flow and profit generation as our programme of developments is delivered.”
The figures, which were released today, come as business and technology company Logica, which employs 39,000 people across 36 countries, announced that Standard Life is to act as its savings and retirement programme provider.
It will launch next month and offer pension plans to its 5,300 UK based employees.
Andrew Dickson, Senior Business Development Manager, Standard Life Corporate Solutions said: “Standard Life has a competitive edge in the corporate benefits and pensions market which has been acknowledged by Logica.
“The Savings and Retirement Programme will deliver a blend of innovation, service and quality which matches the requirement of Logica to introduce a cost effective, flexible and compelling benefits programme to employees.”
© Fair Investment Company Ltd