Standard Life sales boosted by pensions

STANDARD Life Ireland recorded a 16% rise in new premium sales in 2002, driven by an increased market share of pensions and with profits products.

The Edinburgh-based company said new business growth in Ireland was strong and market share had increased. It is also planning to launch a Personal Retirement Savings Account in mid-2003 to compete with Irish financial institutions.

The company, unusually, did not give a breakdown of the profitability of its Irish business.