Standard Life reported an 11 per cent increase in sales today, but revenues in its key UK market fell as Europe's largest mutual assurer repositions itself ahead of a stock market listing next year.
The Edinburgh-based society said sales for the 13-month period to the end of December were £1.4 billion sterling, an 11 per cent increase on the 12 months to November 15th, 2003.
Standard Life has changed its year-end to December 31st from November 15th to bring it into line with its listed peers.
Total sales in the UK life and pensions market dropped to £939 million from £957 million as Standard Life reduces commissions to distributors, slashes policy payouts and moves out of some lower-margin personal pension and group pension business to cut costs and improve its profitability for prospective investors.
Standard Life shocked rivals and customers last year when it announced it was abandoning its once cherished mutual status as tough new funding rules and declining demand mean it has to turn from policyholders to the stock market for cash.