Saturday 18 November 2017

Standard Life grows new sales by 60pc

INSURANCE

Laura Noonan

Laura Noonan

STANDARD Life grew Irish new business sales by more than 60pc in the first half of the year as the introduction of PRSA products and a flight of cash into pension pots yielded a bumper six months.

The figures compare strongly to a 3pc rise in industry-wide life and pensions sales for the first half of the year, based on the industry-benchmark Annual Premium Equivalent (APE).

Single premium pensions, or one-off contributions to pension funds, were the biggest contributor to Standard Life's rapid growth, rising 88pc to €20.5m.

Marketing chief Brendan Barr attributed the surge to the launch of Standard Life's first PRSA product, plus higher flows of cash into Approved Retirement Funds (ARFs).

Irish Independent

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