But although net inflows to its UK offshore products over this year’s nine months were down 21% compared with the same period in 2011, from £491m to £386m, this may be better than the market as a whole given that Standard Life secured “a number of large cases” for its offshore bonds.
The India and China joint venture businesses saw net inflows of £195m in the first nine months, down 5.8% from £207m in 2011, with Mumbai-based HDFC Life increasing its share of the private individual market from 15% to 17% and Heng An Standard Life expanding its distribution capability in China.
New business sales for its Asia and emerging markets wholly owned operations grew 14% from £1.1bn to £1.3bn.
By contrast in the UK and Europe new business fell 11% from £12bn to £10bn.
David Nish, Standard Life chief executive, said: “Uncertainty around the future of the Eurozone and difficult economic conditions continue to impact consumer sentiment. However we are confident that the ongoing focus on increasing assets and improving the efficiency and scalability of our business, will continue to drive improved returns for our shareholders.”
Standard Life’s group assets under administration grew to £212bn in the third quarter of this year, up 6.8% from £198.4bn at the end of December last year.
However, the third quarter results also revealed long term savings new business sales down 7%, from £16bn to £14bn over the same period.
