Standard Life says it wants to increase market share in mutual funds, protection and drawdown business.
Writing in this week's Money Marketing, sales managing director Nathan Parn-aby says it intends to grow its presence in these markets in a bid to improve the “mix and profitability” of the business.
He says it is important that its main life and pension business focuses on writing more profitable business and red-ucing cost and it will be repositioning itself in the pension market and increasing its emphasis on those key markets.
Parnaby says some product lines will be repositioned and new product developments launched. New open-architecture platform Sigma has been launched and Parnaby says Standard intends to be among the major players in the protection market, believing that the launch of its online protection proposition later this year will increase its capacity to cope with new business.
John Joseph Financial Services director Steve Petrie says if Standard can bring its admin standards across to the protection market there is no reason why it cannot compete with market leaders.
Petrie says: “It sounds like they are throwing a lot of mud at the wall and hoping some of its sticks. They have lost so much with-profits business they are seeking another angle and don't know which one they are best at yet.”