Standard Life's Irish sales up by 17% in 2011

SALES AT Standard Life’s Irish-based business rose by 17 per cent in 2011, despite difficult market conditions and a shrinking market.

The company operates two businesses here – a domestic branch business that deals with Irish customers and an international business that is involved predominantly with British residents.

Total sales were €1.76 billion last year, the company said, with the majority of the increase seen in the international business.

Standard Life Ireland sales were 7 per cent higher at €744 million, while Standard Life International rose by 26 per cent to over €1 billion.

“This will lead to an increased share of both markets,” said Nigel Dunne, country head for Standard Life Ireland. “Our international footprint gives us real competitive advantage in Ireland and puts us in a strong place relative to many of our competitors in these uncertain times.”

At a group level, Standard Life reported a better-than-expected 28 per cent increase in its 2011 profit, helped by cost cuts and a strong performance at its Canadian unit. The Edinburgh-based insurer made a pretax operating profit of £544 million last year, it said today, ahead of the £476 million expected by analysts in a company poll.

The improvement was driven in part by £45 million in cuts, and a 70 per cent increase in profit at Standard Life’s Canadian division.

Standard Life, which has been investing heavily in new products and technology, also cut total investment spending to £137 million from £149 million in 2010.

“Today’s results demonstrate that we are well on track to transform the operational and financial performance of Standard Life,” chief executive David Nish said.

Additional reporting: Reuters