Standard Life new business sales rise 10 per cent
Life insurer Standard Life today reported a smaller-than-expected 10 per cent rise in nine-month sales and said its capital strength had been largely unaffected by financial market turmoil triggered by the eurozone sovereign debt crisis.
Standard Life, Britain’s fifth-biggest life insurer, said it had long-term new business sales of £15.5bn in the first nine months of 2011, up from £14bn in the same period last year.
Analysts had expected sales of £15.8bn, according to a consensus forecast compiled by the company.
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Hide AdEdinburgh-based Standard Life added that its capital position had been “largely insensitive” to sharp falls in stock markets this summer thanks to efforts to de-risk its capital reserves.
“Although the economic backdrop continues to be uncertain the outlook for our business is positive,” chief executive David Nish said in a statement.