The Standard Life Assurance Company of Canada today reported a 56% jump in net income for the six months ended June 30.

The Montreal-based insurer says the increase was generated by strong underlying sales growth, continued good client retention and an improvement in the profitability of new business.

Net income for the period was $122 million, compared to $79 million for the first six months in 2007.

Premiums and deposits rose 19% to $2.7 billion compared to $2.3 billion for the same period in 2007.

“Growing our business was a primary focus in the first half of 2008,” said Joseph Iannicelli, president and CEO, in a release. “In line with our growth strategy, we significantly increased our visibility in the Canadian marketplace, specifically underscoring our 175th anniversary and our expertise in the retirement market.”

“While we are pleased with our results in the first half, the impact of our increased sales force will begin to be felt in the second half of the year,” he added.