Pension giant, Standard Life, in €1.14bn boost

The Irish arm of international pensions and investments giant, Standard Life attracted €1.14bn of new sales last year, with the value of assets it has under management rising by almost 16% to €8bn.

Personal pension sales rose by 41%, while the company also saw a sharp increase in demand for regular savings products, with more customers having the ability to save on a monthly basis.

“The positive returns experienced by investors in recent years has given them greater confidence in placing more money into long-term savings and investments. We’re delighted Standard Life customers, in particular, have benefitted from the strong performance of our funds,” said Standard Life Ireland’s head, Nigel Dunne.

Mr Dunne attributed the company’s latest growth to its “consistent superior long investment performance” which has helped it retain and attract customers.

“We’ve ranked number one over the last five and 10 years in the competitive group pension fund market. We’re continually evolving our products and services, based on customers’ changing needs. Last year saw us complete a significant refresh of our proposition, which is now even more competitive for customers, as well as more flexible for financial advisers, our distribution partners,” he said.

Mr Dunne said the company is optimistic about the outlook for the pensions and investment market in Ireland over the coming year.

“Greater confidence gives customers the freedom for planning and thinking more about their future, particularly important when it comes to long-term investing. This increased confidence, combined with a positive macro-environment of low interest rates and strong asset returns, provides a favourable outlook for the Irish pensions and investments market over the next number of years.”

On a broader footing, the Standard Life group yesterday reported a 14% increase in fee-based revenue, to £1.43bn (€1.94bn), with operating profit, before tax, rising by 19% to £604m.

“Although investment markets are unsettled and may affect the near-term pace of asset and revenue growth, we are very well placed for the future. We have an excellent track record of succeeding in evolving markets and have the products, experience and proven investment performance to help our customers and clients,” said group chief executive, David Nish.