Standard Life increased its sales in Ireland by 31 per cent to £1.1 billion in the first nine months of this year, the company said yesterday. New business at its Irish branches rose 32 per cent, outperforming a declining market.

Total sales at the Irish branch business amounted to £465 million, up 30 per cent, despite “difficult conditions in the domestic market”, it said.

The Edinburgh-headquartered life assurer also operates a company called Standard Life International out of Ireland, and this business, which administers investment bonds sold mostly to UK investors, achieved sales of £661 million, up 32 per cent.

On a group basis, Standard Life saw growth in its savings business, although net inflows at its investment arm fell back.

“The third quarter saw very challenging conditions in global financial markets,” said chief executive David Nish.