Standard Life boosted by UK performance

Standard Life reported a 13% lift in UK sales today as the insurer claimed progress in moves to reposition its business ahead of a summer flotation.

The Edinburgh-based group said the strategy to focus on profitable new business had been rewarded with strong first quarter sales of investment-led single premium business, such as self-invested personal pensions (SIPP).

The strategy has been introduced ahead of its demutualisation in the summer, although the group’s 2.4 million members must first back the move on May 31.

Sandy Crombie, who will lead Standard Life on to the London stock market, said the figures for the first quarter of the year made positive reading.

He said: “Standard Life has made a strong start to 2006. The results for the first quarter demonstrate our repositioning. Coupled with the excellent progress at Standard Life Investments, the group is well positioned for the coming year.”