Sales of UK life and pensions were up 6 per cent to £3,516m and £6.7bn of UK immediate annuity liabilities were reinsured.
Group chief executive Sandy Crombie says Standard Life has delivered a “solid performance” in the first quarter against a backdrop of economic uncertainty and volatile markets.
He says: “In the UK, we’ve seen robust performance against a strong comparative period. The strength of our balance sheet has enabled us to approve the restructuring of one of the Global Liquidity sub-funds, providing support to our customers and limiting shareholders’ exposure.
“While market conditions ahead appear challenging, particularly in the UK, we remain confident in our ability to outperform in the profitable segments in which we operate.”