U.S. News

Standard Life's Pensions and Life Sales Rose 40% in First-Quarter


Standard Life, one of Britain's largest insurers, said Tuesday its life and pensions sales rose 40% in the first three months of the year.

Total sales of life insurance and pensions rose to 3.9 billion pounds ($7.8 billion; 5.7 billion euros) in the three months through March 31, compared with 2.8 billion pounds in the same period a year earlier, the company said in a statement.

"The strong momentum in life and pensions sales has continued in the first quarter of the year and our third-party funds under management have increased by 10%," the company said in a statement.

Funds under management rose to 42.2 billion pounds ($84.2 billion; 61.9 billion euros), compared with the fourth quarter of 2006. The company did not provide a comparative figure for the same three months of last year.

British life and pension sales climbed 52% to 3.2 billion pounds ($6.4 billion; 4.7 billion euros) in the first three months.

Standard Life shares dipped 0.7% to 332.35 pence ($6.63; 4.87 euros) on the London Stock Exchange.