Standard Life recorded a 5% jump in UK life and pensions new business in the first half of the year, with strong IFA take-up and sales on its wrap platform a highlight for the Edinburgh-based insurer.
UK life and pensions new business climbed to £948m (APE) for H1, up on the £902m in the corresponding period last year. The firm’s UK operating profit before tax leapt 70% during the half to £394m (EEV), mainly attributed to a one off £105m UK immediate annuities reinsurance. Overall, the group's before tax operating profit increased by 51% to £534m (EEV). However, Standard Life’s UK net flows dipped to £1.43bn, slightly lower than the £1.47bn recorded in H1 last year. The firm saw a 33% jump in mutual fund sales to £324m, which it attributed to the growing customer base on the wrap...
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