Standard Life’s Irish business has reported a 50 per cent increase in pension and investment sales to €540 million in the first half of the year, compared to the same period last year.

The company said this was a result of increased sales of single premium investment bonds which trebled to €88 million, and a strengthening of its investment offering.

Its latest investment innovation of MyFolio Funds now represents 22 per cent of total fund sales in the first six months of the year. MyFolio now has more than €100 million of retail assets under management.

Sales of investment-only business at Standard Life Investments increased by 54 per cent to €224 million, while sales of buyout-bonds were up 78 per cent, reflecting an increase in defined benefit pension schemes wind-ups.

“The sharp falls in retail deposit interest rates has led to a surge in sales of lump sum investment bonds as customers have started to move money from deposits seeking higher yielding, long-term investments,” a spokesman said.