Standard Life has announced strong results in life and pensions for the first six months of 2006 particularly in Sipp and investment bonds.
New business in UK life and pensions up to June 30 2006 amounted to APE sales of £594m, up 25 per cent from £475m in 2005.
Single premiums fared better in the half of the year than regular premiums, up 52 per cent in the first half compared with 3 per cent respectively.
Sipp sales increased by 75 per cent to £105m, compared with £60m in 2005 and funds under management grew by 79 per cent to £2.2bn. Group pensions business fell by 2 per cent to £228m from £233m in 2005. But Standard Life says the second quarter of 2006 saw business up in this area by 17 per cent to £131m, from £112m in the same quarter in 2005.
Group pensions business includes the new group Sipp, launched in November 2005. This had APE sales in the first half of £22m. Sales in investments bonds increased by 121 per cent to £86m from £39m.
Gross mortgage sales in the Bank fell by 16 per cent to £1,216m over the half year, compared with £1,442m in 2005. The Healthcare business also saw a drop in sales from £11m in the first half of 2005 to £10m.