Standard Life sales pass €1bn landmark

Standard Life Ireland’s sales grew by a third last year, passing the landmark of more than a €1bn in 12 months for the first time in the company’s history.

Sales grew as low interest rates resulting in meagre returns pushed investors to find a better return.

The head of Standard Life Ireland, Nigel Dunne, said: “The sharp falls in retail deposit interest rates in 2013 led to a surge in lump sum investment bond sales as customers moved money off deposits seeking higher yielding, long-term investments. We expect this trend to continue in 2014 with roughly €100bn on deposit.”

Standard Life has captured 20% of the markets they compete in and has €7bn in assets for Irish pension and investment customers.

Standard Life’s corporate pension business recorded a 36% rise while the closure of a number of defined benefit schemes boosted sales of pension buy out bonds by 46% to €82m.

Meanwhile, the parent company has begun contingencies to move its business out of Scotland if the country votes to leave the UK.

Standard Life said it was setting up registered companies in England “as a precautionary measure” into which it could transfer operations if Scots ended a 307-year tie to England to ensure its competitiveness and stakeholders’ interests.