Standard Life Irish sales exceed €1 billion in 2013

Standard Life’s new business sales rose 33 per cent in 2013, exceeding €1 billion for the first time in a calendar year.

The insurer now holds approximately 20 per cent of the market share in Ireland, managing almost €7 billion in assets for Irish pension and investment customers, it said in a statement today.

Commenting on the results, head of Standard Life Ireland Nigel Dunne said the company's performance in 2013, well ahead of overall market growth of 7 per cent, could be attributed to "consistently superior" investment returns for customers.

Sales of single premium investment bonds more than doubled to €200 million in the year.

“The sharp falls in retail deposit interest rates in 2013 led to a surge in lump sum investment bond sales as customers moved money off deposits seeking higher yielding, long term investments,” Mr Dunne said. “We expect this trend to continue in 2014 with roughly €100 billion on deposit.”

Sales of investment-only pension business for larger companies increased 36 per cent year on year to €378 million.

The closure of more and more defined beInsurance and pensions heavyweight Standard Life became the first majonefit pension schemes boosted sales of pension buy out bonds by 46 per cent to €82 million, the company said.

Meanwhile, Standard Life became the first major company to warn it could move parts of its business out of Scotland if Scots split from the UK, dealing a blow to the independence movement.

The company, which has been based in Scotland for 189 years, announcedtoday that it had a contingency plan to partly move from Scotland if the country votes in September to end its union with England, potentially putting 5,000 jobs at risk.

Chief Executive David Nish said it had started setting up registered companies in England "as a precautionary measure" into which it could transfer operations if Scots voted on Sept. 18 to end a 307-year union with England.