Long-term savings drive Q1 beat at Standard Life

Insurance giant Standard Life has beaten analysts' predictions by delivering strong sales and group assets under administration in its first-quarter interim management statement.

The group recorded a 24% increase in long-term savings sales to £6.3bn and a 26% increase in long-term savings net flows to £1.4bn in the first quarter. This compared to £5.0bn and £1.1bn respectively one year earlier.

The group said that sales benefited from the implementation of auto enrolment for a number of existing clients as well as new schemes in the UK, an increase in UK institutional pensions and higher corporate pensions sales in Canada.

Standard Life Investments also had a strong start to the year, with third party net flows up over 160% to £3.0bn, which, together with positive market movements, helped to drive third party assets under management to £90.4bn.

David Nish, Chief Executive Officer at Standard Life, commented:"Standard Life has made a strong start to 2013, growing sales, net flows and assets. Standard Life Investments reinforced its position as a leading asset manager, delivering a very strong first quarter."

He added: "This included reaching a record level of third party assets, which now represent over 50% of total assets under management, a more diversified asset mix and increased geographic reach."

Standard Life's share price was up 4.06% to 366.80p at 08:22 on Wednesday.

MF