Standard Life posts 30% rise in Q1 sales

| April 29, 2010 | 0 Comments

Edinburgh-based insurer, Standard Life, has today posted a 30% rise in sales for the first quarter of 2010 - far exceeding analysts expectations.

The insurer said global sales grew to £4.6 billion in the first three months of the year compared with £3.56 billion in the same period a year ago.

Long-term UK savings sales grew by 35% to £3.3 billion in the period against £2.4 billion a year ago, said the company.

Meanwhile, Standard Life, which is Britain’s fourth largest insurer by market value, said life and pensions sales totalled £4.6 billion compared with £3.6 billion a year earlier.

It shares rose on the news, up 3.4p at 197p.

Commenting on the results, Standard Life chief executive David Nish said: “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.”

Earlier this year, Standard Life was fined by the Financial Services Authority (FSA) for publishing misleading marketing literature about one of its funds.

The FSA fined the insurer £2.45 million after the financial watchdog said it had misled 98,000 individual investors in its Pension Sterling Fund.

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