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The company said life and pensions sales fell by 15%, blaming this on weaker average financial market levels. Standard Life also confirmed net inflows from life and pensions operations were lower in many areas. In the United Kingdom, the company recorded net inflows of 356 million pounds (394.1 million euros), down from the 1.086 billion pounds the company reported for the first nine months of 2008. Net inflows across Standard Life's worldwide life and pensions operations came to 1.2 billion pounds, down from 2.1 billion pounds from the same period of 2008. According to Standard Life these falls were primarily because of its decision not to renew U.K. bulk investment bond deals, which the company said were written in 2008 at lower margins in order to secure distribution relationships. "Standard Life's recovery looks nearly complete," said Raghu Hariharan, analyst at Citi Investment Research & Analysis, in a statement. "Since the middle of the decade, the group has cut costs and changed its business model effectively. In our view, the company now has one of the most credible strategies in the savings and pensions market centered on a scale corporate pension business, an up-market individual pension offering, each backed by lead-edge technology and strong investment performance. Despite a challenging market background, there are seams to be mined, particularly in the protected rights arena." In the long term, there are concerns over the rationale for holding a disparate portfolio of businesses to address, he said. But the quality of the in-force book is underappreciated, with more positive benefits to reap as costs are cut further. More importantly, the group is re-investing in new business, he said. (By Marc Jones, London news editor: marc.jones@ambest.com) For full details for SLFPF click here.
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