Standard Life ‘in strong position’
LIFE and pensions giant Standard Life said sales were virtually flat at £12.4billion in the nine months to the end of September, writes Sabuhi Mir.
But the Edinburgh-based company was “still in a strong position due to conservative investment management policies” amid weakening economic conditions.
Group chief executive Sandy Crombie said: “While markets are volatile and may remain that way for some time, we are well positioned to continue to attract institutional and retail assets.”
Some 2million long-term withprofits savers with Standard Life will see bonus payouts reduced due to falls in share prices.
The life insurer is also introducing stricter penalties for policyholders who want to cash in their pensions and investments early.
Finance director David Nish said there was good growth in corporate pensions and in the SIPP product which had been relaunched online.
Analysts remain cautious in their outlook because of conditions “remaining difficult” across all markets”.
The shares rose 13p to 213p.