Standard Life’s UK life and pension sales increased by 15 per cent to £13,174m in 2007 but individual pension sales fell by 18 per cent to £782m compared with 2006.
Standard Life released its new business results today and simultaneously announced the news that its UK financial services chief executive Trevor Matthews was leaving to take up the CEO post at Friends Provident.
Individual Sipp sales grew by 24 per cent to £4,538m in 2007 compared with £3,651m the previous year.
Group pension sales grew by 29 per cent to £2,574m but individual pension sales sharply decreased from £951m in 2006 to £782m last year.
Standard Life said this was down to heightened activity in 2006 post A-Day and its decision not to pay commission on new business.
Group chief executive Sandy Crombie said: “The group’s performance in 2007 was good, consolidating the strong progress made in previous years. We grew worldwide life and pensions sales by 12%, and Standard Life Investments continues to deliver strong growth, despite challenging market conditions in the second half of the year. At our Preliminary results on 12 March 2008, we expect to report the achievement of all our financial and efficiency targets for 2007.
“The early indications are that some of the markets in which we operate will remain difficult in 2008. We have however made a good start to 2008 and expect to improve our overall performance in the coming year. Our confidence is based on our excellence in managing assets, industry-leading customer service, strong distribution relationships and the ongoing initiatives to improve efficiency.”