Insurance company reveals new life insurance business

Wed, 08 Nov 2006

Popular insurance company Standard Life today revealed that their life insurance business is on the up.

The former mutual based in Edinburgh, Scotland, announced a 26 per cent growth in worldwide sales for the first part of this year. Largely supported by sales of life insurance and pensions products, Standard Life are said to be delighted by the news.

Standard life was floated on the London Stock Exchange earlier this year, and are already achieving high. Sandy Crombie, the chief executive of the group, said that sales efforts were focused on profit over volume.

Despite roaring success with their SIPP product in the UK, the group cautioned over the long-term health of the pension market. Mr Crombie confirmed the confidence of the group, saying: "Our progress since listing as a public company reaffirms our confidence in our future business prospects."

Besides pensions and life insurance, Standard Life also makes money from asset management, investments, healthcare and the Standard life bank that operates savings and lending.
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