Standard Life has reported a strong performance this year. In the 12 months to November 15th, 1999, its annual premium business increased by 40 per cent to £18.2 million (€23.1 million) from £13 million. Annual premium corporate pensions business grew by 45 per cent to £10.3 million. Standard Life's single premium business was down on the previous year, falling to £60 million from £69.9 million.

The group also earned £5 million from sales of its traditional endowment assurance products before its withdrawal from that market in August.

Standard Life general manager Mr Alan Ashe said the company was delighted with the results which were achieved in a fiercely competitive market. Standard Life employs 260 people in the Republic and has assets of more than £70 billion in Europe.