Standard Life reported worldwide life and pensions sales were 15% lower at £10.5bn for the first nine months of 2009 compared to the same period last year, as falling markets took their toll.
Even the group’s usually robust individual UK SIPP business was affected by lower market values, which impacted on incoming transfer values. This was reflected in lower net inflows of £1.3bn over the nine months (2008: £1.9bn), and a 25% reduction in new business sales to £2.2bn (2008: £2.9bn). However, the number of customer accounts increased to 79,100 (31 December 2008: 65,900, 30 June 2009: 74,700) and SIPP assets under administration rose to £11bn (31 December 2008: £8.7bn, 30 June 2009: £9.7bn). Within the group’s UK life and pensions business, net inflows of £356m were well dow...
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