Stan­dard Life ‘in strong po­si­tion’

Daily Express - - CITY&BUSINESS -

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.

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