Life Insurance -
Standard Life profits increase to £4.48 billion - 30/04/2008
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Insurance provider Standard Life, has reported profits of £4.48 billion, overshadowing its forecast of £4.08 billion.
Sales of life insurance and pensions, increased by six per cent in the UK to £3.5 billion, due to a lower number of pension claims and higher savings inflow coming into the firm. However the company did report that there was lower mortgage lending, by 46 per cent, costing the housing market £407 million.
Group chief executive Sandy Crombie said: "We have delivered a solid performance in the first quarter against a backdrop of economic uncertainty and volatile markets. While market conditions ahead appear challenging, particularly in the UK, we remain confident in our ability to outperform in the profitable segments in which we operate."
Standard Life has not only seen growth in the UK, but also internationally. Sales generated by Canadian operations increased by nine per cent in constant currency to £556 million (Canadian $1.12 billion) despite the impact of weak equity markets.
Combined sales from joint ventures in India, China and in Hong Kong operations, increased by 84 per cent on an APE basis despite volatile market conditions.
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