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Standard lifts new business by 30%

Standard Life has boosted new life and pension business by almost 30 per cent in the last year.

On an equivalent premium income basis, new business was up to £459.1m in the year ending October 15 from £353.7m last year.

New annual-premium income increased by 44 per cent to £272.4m from £189.1m and new single-premium income was up by 13 per cent to £1.87bn from £1.65bn.

UK Pep and unit-trust investment business rose by 38 per cent to £167.4m from £121.5m.

The life office is also celebrating record new worldwide business sales of £3.3bn this year.

About 85 per cent of new business in the UK comes from IFAs. Standard Life is the biggest single provider in the IFA sector with a market share of about 11 per cent.

General manager (sales) Alan Maxwell says: "It has taken us a while to get the full message across but we believe customers are learning we offer a fair deal for all our products. Our service has improved a lot."

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