Standard Life Ireland sales up 29%

Sales at Standard Life Ireland rose 29 per cent during the first nine months of 2009, according to an interim management statement from the company.

The insurer said it experienced strong sales across a number of product lines, most notably Approved Retirement Funds (ARFS), buy out bonds and executive pensions.

Standard Life Ireland recorded sales of £589m for the nine-months to the end of September, compared to £661m for the same period a year earlier.

Domestic sales at the Irish division increased by 29 per cent in constant currency, driven by increased sales of post-retirement products during the second quarter ahead of planned changes to tax legislation. However, offshore bond sales were 42 per cent lower at £252 million due to the impact of the weak economic conditions experienced during the year.

Overall, Standard Life, which is Britain's fourth-biggest insurer by market value, said sales fell 15 per cent in the first nine months of the year.

The group reported life and pension sales which totalled £10.5 billion, compared to £12.4 billion for the same period a year earlier.

Standard Life said the sales decline reflected lower financial markets compared with last year, reducing the value of the assets entrusted to the company by new customers.

Additional reporting: Reuters