Sales increase for Standard Life
Life assurance firm, Standard Life, have announced that their sales figures are showing a considerable gain over the first half of 2007. The figures show a 31% increase in overall sales, largely due to a 49% increase in pension sales.
In addition, the business has risen to £8.8 billion in 2007 against £6.24 billion in 2006 – this figure is above the £7.87 billion predicted by analysts.
A change in the product mix is thought to be responsible for the good performance, however, the company also suggested that it may be due to the 12% workforce cutback to be applied by 2009.
A spokesperson for the company commented that the group is pleased with its performance. The move to higher margin and higher value added savings products continues. The group is confident that they will secure the right mix of new business to deliver profitable growth for its shareholders.
Standard Life Investments also experienced a good first half as investment product inflows grew to £3.1 billion and third party funds under management rocketed by 12% to £31.5 billion.
Standard Life was set up in 1825 and its headquarters are located in Edinburgh, Scotland.