30 per cent sales rise posted by Standard Life

Thursday, May 6, 2010

Britain’s fourth largest insurer (by market value) Standard Life reported last week that they had a 30% rise in global life insurance and pension sales for the first quarter of 2010.

Based in Edinburgh, the insurance giant stated that their sales far exceeded analysts expectations, rising to £4 billion in the years first quarter, a significant rise from the £3.56 billion in the same period of 2009.

The company had even more good news as they revealed that new inflows of funds received a massive boost as they tripled from the last quarter of 2009 to £2.1 billion.

Sales of long-term UK savings soared by 35% to £3.3 billion during the 3 month period up £0.9 billion from last year.

Standard Life chief executive David Nish had this to say about the company’s strong start to 2010:

"These results underline our belief that the UK market is a great place to do business."

He added: "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."

If this development continues Standard Life can expect to see an even bigger rise in profits for the remaining 3 quarters of the year as they are surely aiming to break into the top 3 of the UK’s largest insurers.