Standard Life Irish unit up €6m
THE Irish arm of life insurance giant Standard Life grew new business by 8pc in the first half of the year, as lump sum products continued to attract high levels of revenue.
Sales of investment bonds rose more than 23pc to €37m over the six-month period, with investors favouring the relative safety of life insurance bonds over stock market and property investment.
Standard Life Ireland marketing director Brendan Barr said buy-out bonds -- typically sold to those with redundancy packages -- generated €17m of revenue. "Sales remain strong as a result of the economic downturn," he added.
Sales of Approved Retirement Fund pensions were down for the year, with Mr Barr attributing the fall to "fewer people retiring" than in 2009, when there were "significant threats over taxing pension lump sums".
Figures show the total Irish operation, including domestic business and an overseas sales offshoot, grew half-year profits from £1m to £7m.
Mr Barr said most of the rise came from domestic business, "driven by significant improvement in retained business".
Irish net inflows were £70m for the first half of the year against net outflows of £15m for the same period in 2009.