(December 11 – 16:30 ET) – Standard Life is reaffirming its intention to remain as a mutually owned life insurance company.

In a statement reviewing the company’s results, Scott Bell, group managing director, noted that in June Standard Life’s members voted to support the board’s recommendation to keep the company mutual.

“Carpetbaggers attempting to force the company to convert to a plc attracted only 22% support of the total membership. The board remains unanimous that Standard Life’s mutual status is in the best interests of the company and its ongoing membership,” he said.

“Markets will continue to remain highly competitive but we believe that our innovative approach and quality of service to customers will ensure our success as a financially strong life assurer,” he continued.

Bell also reported that Standard Life’s worldwide new business premiums exceed £5 billion, up 25% from 1999. Total group assets increased by £6 billion to over £85 billion. Effective income rose 12%.

Commenting on the results, Bell said, “As an organization operating in an increasingly competitive market, our results once again represent excellent progress for Standard Life. The last 12 months have been extremely challenging. Despite these pressures, we have launched several innovative products to ensure our continued growth and expansion in the U.K. We remain customer driven, with highly motivated staff and our results confirm that we are listening to our customers and continuing to get it right.”

Total new premium income in the U.K. increased by 21% to £3.5 billion. The individual pensions market saw total sales up 12% ahead at £1.25 billion. Sales of endowments fell by 60% to £21 million.

Total new business in Canada, the company’s largest market outside of the UK, was up 33%.
-IE Staff