View more on these topics

Standard suffers from &#39consumer resistance&#39

Standard Life&#39s new UK life and pension business has fallen by 13 per cent from £483m for the first half of last year to £417m this year.

The decline has been put down to a 22 per cent fall in individual pension sales from £170m to £133m and a 23 per cent fall in investment business from £57m to £44m.

Protection sales drop-ped by 62 per cent from £23m to £9m following Standard&#39s decision to hold back from relaunching into the market while it focuses on new business processing.

Confidence in with-profits has been weak, with new business accounting for only 17 per cent of Standard&#39s total life and pension book compared with 25 per cent last year. The company says this is one of the main factors behind its proposed demutualisation.

There was good news for Standard Life Bank, which made a profit of £6m for the first six months of the year, up from £2.1m.

Standard Life Investment funds under management rose by 11 per cent to a record £86.6bn.

Healthcare claims rose in the first half of the year, contributing to a £4m loss for Standard Life Healthcare despite annual-premium income in force rising by 7 per cent.

Group chief executive Sandy Crombie says: “There has undoubtedly been some consumer resistance to our products in the first half of the year.

“In order to maximise the value of the group, we have to keep our eye firmly on the ball of running the business so we have set aggressive business targets for each of the bus-iness units and these targets will be pursued vigorously.”

Recommended

Premier Mortgage Management receives MTA letter

Premier Mortgage Management has received its minded to approve letter from the FSA. PMM provides an introducer service for mortgage leads to other advisors. An option which managing director Mark Mountney says is a viable alternative to direct regulation or the appointed representative route. He says: “Both of the latter come at a cost. There […]

Pink launches exclusive self-cert tracker

Pink Home Loans is currently offering an exclusive flexible self-cert tracker as part of its branded lending range funded by Platform. The product tracks the Bank of England base rate plus 0.99 per cent for the full term of the mortgage, offering an initial pay rate of 5.49 per cent. The flexible tracker offers flexible […]

Trustworthy

When Sir Robert Sykes delivered the findings of the Restoring Trust report and said it was the financial services industry&#39s last chance to get its act together, he was sending a strong message to the industry. Rather than take such an alarmist view, I would prefer to look at it along the lines of us […]

Admin services at an all-time low

Like most advisers, I am appalled at the rapidly diminishing service levels both at mortgage lenders and life offices. Just this week, I read about the recent improvements made at Scottish Equitable, whereby additional underwriters, new business processing staff, etc, have supposedly been drafted in to shore up the service to introducers. In reality, the […]

Global energy: positioning for a recovery in the oil price Š

Richard Hulf explains how he and John Dodd have positioned the Artemis Global Energy Fund and where they are finding opportunities. Richard explains how he and John are changing the complexion of the fund to focus on the most efficient oil producers. As he tells journalist Alexis Xydias, in this environment of lower prices, he […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com