Standard Life has said its annuity business has fallen by half following changes to the rules around retirement announced in last month's Budget.
Chancellor George Osborne's decision to allow people to take their pension as a lump sum rather than be effectively forced to buy an annuity sent life companies' share prices realing when the plan was revealed.
Standard Life said these changes have resulted in a reduction in its annuity sales of around 50%, without giving any more figures.
In better news for the company, Standard Life reported that total assets under administration (AUA) on its platform have increased by 25% since last March, as more advisers choose the service.
The number of adviser firms using the platform rose 8% to 1,256, bringing AUA to £20.3bn.
The number of customers using the Standard Life wrap jumped 26% over the period to 142,000.
Standard Life also reported that UK fee retail and corporate net flows increased by 75% to £0.7bn compared to Q1 2013, led by growth in the life company's corporate business which saw a 16% increase in regular premiums.
The life company's investment arm Standard Life Investments reported UK assets under management rose slightly to £69.2bn during the quarter, up from £68.3bn at the start of the year.
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