Figures released for the six months to 15 May show Standard Life suffered from uncertainties sparked by moves towards demutualisation, although business overseas helped offset sales falls in the UK.
Overall UK sales on an annual premium equivalent were just 4% down on the same period last year, the interim results show. However, in the life and pensions arena, sales were at times exceptionally poor as the company deliberately took steps that hurt turnover as part of the reorganisation going on to bring about a listing on the stock market. Overall UK life and pensions sales on an APE basis were down 11% on the first half of 2003. Contrast that with the 193% and 22% gains respectively in UK investment and general insurance businesses on the same basis. Sales of individual pensio...
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