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Standard sales plummet 27 per cent

Standard Life saw UK life and pensions business fall 27 per cent to annual premium equivalent sales of £956m in 2003 from £1.31bn in 2002.

Sales of independent pensions fell 35 per cent to £302m in 2003 compared to £467m the previous year, while group pension sales were down 17 per cent at £326m from £392m last year.

Standard Life group chief executive Sandy Crombie says: “For all of the turbulence of the last few weeks Standard Life is a business with substantial strengths, a strong brand name and committed and loyal staff.”

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