Sales at Standard Life's Irish operation almost doubled to €375 million in the first half of 2007, up 96 per cent on sales of €190 million recorded in the first half of 2006.
Standard Life Ireland's chief executive, Michael Leahy, said that the "phenomenal" growth had been the result of the success of its new, self-directed Synergy pension and investment products, which allow people to invest their pension in a property. Mr Leahy also cited Standard Life's strong investment performance as a factor behind the surge in sales.
The company has also launched new funds since last year, including a global Real Estate Investment Trust (Reit) fund, which invests in a portfolio of commercial property shares.
The Irish operation's performance was particularly strong in the second quarter of the year, with sales reaching €184 million - more than double that recorded in the same period in 2006.
The sales figures are calculated on a present value of new business premiums (PVNBP) basis, which takes 100 per cent of the present value of single-premium policies and the expected present value of new regular premium business. The boost to sales also follows the demutualisation of the company in May 2006 and its flotation on the London Stock Exchange in July last year.
Unlike the UK operation, Standard Life Ireland has not been affected by the desertion of carpetbaggers taking their demutualisation windfalls and cancelling their business with the company. The Irish sales boosted Standard Life's European sales, which rose 54 per cent in the first half of the year to £513 million (€754 million).
Standard Life's worldwide life and pensions sales increased 31 per cent to almost £8.2 billion, ahead of analysts' expectations.
The former mutual, which has its headquarters in Edinburgh, is now the fifth-largest insurer listed in the UK, where it increased sales 45 per cent to £6.95 billion.
Speculation about consolidation in the UK life industry continued yesterday, with reports that Standard Life could be interested in a smaller rival, Resolution, which is already planning a merger with another insurer, Friends Provident.
